Maitland/AMO Morning Monitor – Monday 26 July 2021

26th July 2021

In the news

  • The number of people testing positive for Covid-19 has continued to fall in the UK for the fifth day in a row for the first time since February.
  • UK GDP is set to grow by 7.6% this year, according to forecasts from the EY Item Club.
  • The British government is exploring ways to remove China’s state-owned nuclear energy company, CGN, from all future power projects in the UK.
  • European banks are set to cautiously pare back debt provisions as they report earnings this week.
  • G20 environment ministers pledged to adopt new climate targets within the next three months following a summit in Naples.

Politics today

  • Parliament is in recess today.

Stock market moves

  • In US, the S&P 500 rose 1% and the Nasdaq 100 climbed 1.2%.
  • Asian stocks fell with Hong Kong’s Hang Seng index sliding 2.9% and China’s Shanghai Composite index dropping 2.2%.
  • In Europe, the FTSE 100 is down 0.36% and the STOXX 600 is down 0.42%.

Corporate announcements

* Maitland Client

F&C Investment Trust PLC Half-year Report
  • The NAV per share was 927.41p representing a NAV total return of 12.3%.
  • Share price of 846.0p, representing a total return of 8.3%.
  • Private equity exposure gained 14.2%.
  • Beatrice Hollond, Chairman, said: “Our revenue reserves have enabled us to withstand both the Global Financial Crisis and recent pandemic-induced restrictions on dividend pay-outs. Increases in our dividend income can be expected in the years ahead as corporates recover from the pandemic. The Board is therefore committed to a further rise in our dividend this year, which will be the 51st consecutive rise in dividends for shareholders.”
Cranswick PLC First quarter trading statement
  • Revenue in the 13 weeks to 26 June 2021 was 9.6% ahead of the same period last year.
  • Volumes were up 7.7%.
  • The outlook for the current financial year remains in line with the Board’s expectations.
  • Adam Couch, CEO, said: “We have made a positive start to the year.  Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our Group-wide ‘Second Nature’ sustainability strategy.  We also continue to support our customers by delivering excellent service levels to ensure full availability of our products.
Anglo American PLC Anglo American Platinum interim results
  • EBITDA of R63.3bn, increasing 385%.
  • Total PGM production up 28%.
  • Refined production up 128%.
  • Natascha Viljoen, CEO, said: “Anglo American Platinum delivered a strong safety, operational and financial performance in H1 2021. Such a performance directly benefits our wide range of stakeholders and translates into a larger contribution in taxes, royalties, and procuring from local and doorstep community suppliers, amongst others, of close to R40 billion in the first half of the year. This again demonstrates our commitment to being a good corporate citizen.