INVP.L - Investec plc

LSE - LSE Delayed price. Currency in GBp
411.40
-5.60 (-1.34%)
At close: 4:36PM BST
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Previous close417.00
Open416.30
Bid400.00 x 0
Ask420.00 x 0
Day's range410.79 - 421.00
52-week range396.80 - 563.80
Volume1,807,176
Avg. volume1,721,905
Market cap2.864B
Beta (3Y monthly)0.92
PE ratio (TTM)8.08
EPS (TTM)50.90
Earnings date21 Nov 2019
Forward dividend & yield0.24 (5.88%)
Ex-dividend date2019-07-25
1y target est610.50
  • Argentina Default Fear Looms as Traders Dump Assets
    Bloomberg

    Argentina Default Fear Looms as Traders Dump Assets

    (Bloomberg) -- Suddenly, fears of a full-blown financial crisis in Argentina have once again come rushing to the fore.In the wake of President Mauricio Macri’s stunning rout in primary elections over the weekend, investors dumped its stocks, bonds and currency en masse in a selloff that left much of Wall Street wondering whether the crisis-prone country was headed for yet another default.The upset, widely seen as a preview of October’s presidential vote, threw the doors open to the very real possibility a more protectionist government will take power come December and unravel the hard-won gains that Macri made to regain the trust of the international markets. It deepened worries his populist opponent, Alberto Fernandez, and running mate, former president Cristina Fernandez de Kirchner, will try to renegotiate its debts as well as its agreements with the International Monetary Fund. The country has billions in foreign-currency debt due over the coming year.“The market is starting to price in default,” said Edwin Gutierrez, the London-based head of emerging-market sovereign debt at Aberdeen Asset Management. “The market is unwilling to give Fernandez the benefit of the doubt.”Credit-default swaps now show that traders are pricing in a 75% chance that Argentina will suspend debt payments in the next five years. On Friday, the likelihood was just 49%. Its dollar-denominated government bonds lost roughly 25% on average, pushing down prices to as low as 55 cents on the dollar. Yields on shorter-maturity notes soared past 35%.The peso tumbled as much as 25% to a record-low 60 per dollar Monday and the Merval stock index lost the most ever in intraday trading.Expected to trail his opponent by just a few points, Macri was instead pummeled at the polls Sunday, with voters giving Fernandez a 15-point lead. The sudden shift in voter sentiment shocked foreign investors and Argentines alike, who have suffered through years of high inflation, economic malaise and political division.Argentina has a long history of fiscal crises and it was only in 2016, under Macri, that the country put its most recent sovereign default behind it. Argentines still remember the 15-year default saga and deep recessions following a record default in 2001.The government and its subsidiaries currently have $15.9 billion in debt payments denominated in dollars and euros due in 2019, according to data compiled by Bloomberg. There are another $18.6 billion in bond principal, loans and interest payments issued in pesos.Investors are fearing the worst. Fernandez was cabinet chief under former President Nestor Kirchner, while his vice presidential pick, Cristina Kirchner, led the republic for eight years before Macri came to power. During her time in office, Argentina was marked by currency controls, data manipulation and protectionist policies on trade to protect national industry. And, of course, it was also punctuated by another default that made the country an international pariah for years.QuickTake: Why Kirchner’s Comeback Goes Through Argentine Court“It is going to be an extremely tough period for Argentinian assets,” said Marcin Lipka, a senior analyst at brokerage Cinkciarz.pl in Zielona Gora, Poland. “Without moderation of the Fernandez duo and regarding increasing expectations of another fight with the IMF, I would not exclude that peso could hit 100 level to the dollar in the next 12-month period.”Lipka, whose outlook on Latin America currencies has been among the most accurate since the second quarter of 2018, said a rate of 100 pesos per dollar wasn’t his base case, but that he does expect extreme volatility in the coming weeks. There’s a risk the currency will be doubly hit amid liquidity issues, capital outflows and string inflation pressure.Luiz Ribeiro, the lead money manager for Latin American equities at DWS Group in Sao Paulo, said he will probably cut his exposure to Argentina in half. His Latin American equity fund outperformed 92% of rivals in the past year after building up holdings in Argentina amid expectations of political continuity.“What we are pricing right now is radical change in economic policies,” he said in an interview. Still he’s staying overweight relative to the benchmark as “Alberto Fernandez could come up with more moderate speech, which I think is possible given the kind of turmoil we see in the market right now.”It’s also possible, though would be difficult, that Macri could come back as the Oct. 27 election approaches, he said.“If Fernandez comes out with some market friendly comments (especially on the IMF front) and/or a credible economics team, this would certainly help the sentiment,” said Esther Law, senior portfolio manager for emerging-market debt at Amundi Asset Management in London. “There is a chance for this but it is difficult to predict the timing.”In a press conference Monday, Macri said he still has a shot to reverse the trend in October and that his economic team is working on measures to address voter concerns on the economy. He also said that the market and international community lack confidence in Fernandez and the opposition as evidenced by the selloff.While the market was hoping for Fernandez to give some words of encouragement to investors who are desperate to know his government plans, he made no apparent overtures during his victory speech on Sunday.On Monday, he told a local radio network that the securities regulator should look into information shared late last week that prompted a rally ahead of the vote.He suggested that the market look to Macri for answers rather than to him and that the reaction shows how investors react when they feel they’ve been “ripped off.”(Corrects peso’s move in sixth paragraph.)\--With assistance from Tomoko Yamazaki, Alex Nicholson, Ney Hayashi, Felice Maranz and Justin Villamil.To contact the reporters on this story: Sydney Maki in New York at smaki8@bloomberg.net;Aline Oyamada in Sao Paulo at aoyamada3@bloomberg.netTo contact the editors responsible for this story: Julia Leite at jleite3@bloomberg.net, Daniel Cancel, Michael TsangFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • First U.K. Contraction Since Wake of Crisis Raises Brexit Stakes
    Bloomberg

    First U.K. Contraction Since Wake of Crisis Raises Brexit Stakes

    (Bloomberg) -- Follow @Brexit, sign up to our Brexit Bulletin, and tell us your Brexit story. Britain succumbed to its first economic contraction since the aftermath of the financial crisis, raising the stakes for Boris Johnson’s government as it seeks an imminent exit from the European Union.The unexpected 0.2% decline in gross domestic product during the second quarter -- the worst performance since 2012 -- provides a foretaste of the potential damage to growth that most economists are warning of if Brexit happens without any transition. The pound fell after the report, sliding to $1.2117 as of 10:17 a.m. in London.The drop in output means the U.K. is in danger of falling into a technical recession with one more quarterly decline. It also highlights the predicament of the Bank of England, whose central forecasts see the need for gradual interest rate increases. Governor Mark Carney says the reaction to a no-deal Brexit, which would push down the pound and drive up inflation while further denting growth, could go in either direction.“Underlying momentum remains lukewarm, choked by a combination of slower global growth and Brexit uncertainty,” said Alpesh Paleja, lead economist at the Confederation of British Industry. “As a result, business sentiment is dire.”The abrupt drop came as many firms ran down inventories built up ahead of the original March 29 deadline to leave the European Union. Stock levels fell by 4.4 billion pounds ($5.3 billion), knocking 2.15 percentage points off GDP.What Bloomberg’s Economists Say“The U.K.’s GDP figures for the second-quarter made for dismal reading. But they probably exaggerate the loss of growth momentum since the start of the year. Part of the weakness reflects one-time factors that won’t be repeated. Growth is likely to return in 3Q albeit to unspectacular rates.”-- Dan Hanson, Bloomberg EconomicsClick here to read the full note.The economy was also hit by auto factories bringing forward summer maintenance shutdowns to April to avoid the threat of supply disruptions around the original Brexit deadline.Manufacturing, which enjoyed a bumper first quarter, shrank 2.3% in the following three months, the most since 2009.The GDP figures are the first since Johnson became premier last month, vowing to take Britain out of the EU by Oct. 31, with or without a deal to cushion the blow.In a series of television interviews after the release, new Chancellor of the Exchequer Sajid Javid sought to play down the numbers, saying they “were not a surprise in any way,” and that he doesn’t expect a recession “at all.”“What we saw in the first quarter was perhaps sort of higher results than otherwise because businesses were stockpiling for the Brexit that was to be, and now they’re using those stockpiles, so we’re seeing volatility in the figures,” he said.Johnson is pledging a fiscal boost to help the economy cope with Brexit. Investors are currently pricing in a 25-basis-point reduction in BOE interest rates for January 2020. The U.S. Federal Reserve has starting cutting rates and the European Central Bank has pledged more stimulus as soon as September.“The global backdrop is certainly the big drag in terms of growth at the moment, and Brexit uncertainty weighing on business investment,” said George Brown, an economist at Investec Bank Plc. “‘There’s certainly an element of inventory overhang,” but surveys suggest “underlying growth is a lot weaker.”Get More:Household spending rose a stronger-than-forecast 0.5% in the second quarter amid low unemployment and rising wage growth.Business investment resumed its downward trend with a 0.5% decline. It fell 1.6% from a year earlier. Government spending rose 0.7%, possibly boosted by spending on the health service.In June alone, services stagnated for a fourth month; construction fell 0.7% as wet weather put projects on hold; and industrial output fell 0.1%, with manufacturing slipping 0.2%The drag from stockpiling last quarter was offset by net trade, which added 3.5 percentage points to growth as the trade deficit narrowed sharply.The total deficit including services was in surplus, but still in deficit when unspecified goods including non-monetary gold are excluded.(Adds Javid comments in ninth paragraph.)\--With assistance from David Goodman and Jessica Shankleman.To contact the reporters on this story: Andrew Atkinson in London at a.atkinson@bloomberg.net;Jill Ward in London at jward98@bloomberg.netTo contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint, Lucy MeakinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • 2 FTSE 250 dividend champions I’d buy for my retirement today
    Fool.co.uk

    2 FTSE 250 dividend champions I’d buy for my retirement today

    These FTSE 250 (INDEXFTSE: MCX) stocks are volatile in the short term, but I've got my long-term eye on them for boosting my pension.

  • Reuters - UK Focus

    UPDATE 1-S.African tribunal says it can't charge foreign banks in rand-rigging case

    South Africa's antitrust tribunal concluded on Wednesday that it has no powers to charge foreign banks being investigated in an exchange-rate rigging case unless they have a presence in the country. Partly on that basis, the tribunal sent the case back to the country's competition watchdog, giving it 40 days to clarify the charges it plans to bring. In a probe that has rumbled on since 2015, the Competition Commission has been seeking fines against 23 local and foreign banks that it alleges colluded to coordinate activities when giving quotes to customers buying or selling the rand and the dollar.

  • Globe Newswire

    Form 8.5 (EPT/RI) - KCOM Group plc

    FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY1.         KEY INFORMATION(a) Name of exempt principal trader:  Investec Bank plc   (b) Name of offeror/offeree in relation to whose relevant securities this form relates:   Use a separate form for each offeror/offeree  KCOM Group plc (c) Name of the party to the offer with which exempt principal trader is connected:    Investec are Joint Advisor and Joint Broker to KCOM Group plc    d) Date dealing undertaken:  5th June 2019   (e) Has the EPT previously disclosed, or is it today disclosing, in respect of any other party to this offer?No 2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER(a)        Purchases and salesClass of relevant securityPurchases/ sales  Total number of securitiesHighest price per unit paid/received (pence)  Lowest price per unit paid/received (pence)   Ordinary Shares  Purchases  423,444  110  109.88   Ordinary Shares  Sales  450,000    110  110 (b)        Derivatives transactions (other than options)Class of relevant securityProduct description e.g. CFDNature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unit         (c)        Options transactions in respect of existing securities(i)         Writing, selling, purchasing or varyingClass of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType e.g. American, European etc.Expiry dateOption money paid/ received per unit          (ii)        ExercisingClass of relevant securityProduct description e.g. call optionNumber of securitiesExercise price per unit        (d)        Other dealings (including subscribing for new securities)Class of relevant securityNature of dealing e.g. subscription, conversionDetailsPrice per unit (if applicable)        The currency of all prices and other monetary amounts should be stated.Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.3.         OTHER INFORMATION(a)        Indemnity and other dealing arrangementsDetails of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: If there are no such agreements, arrangements or understandings, state “none”   None (b)        Agreements, arrangements or understandings relating to options or derivativesDetails of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)  the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”   None   Date of disclosure: 6th June 2019   Contact name:  Gary Darch   Telephone number:  0207 597 4549

  • Investec shuts robot savings adviser after losses mount
    Evening Standard

    Investec shuts robot savings adviser after losses mount

    The rise of the robots hit a glitch on Thursday after wealth adviser Investec killed off its “robo-advice” service due to sluggish demand.

  • Reuters - UK Focus

    Investec battles Brexit, weak South African economy

    Financial services group Investec said on Thursday a rise in annual earnings showed its resilience in the face of a weak South African economy and Brexit, which has put clients off making big decisions in one of its two major markets. The group, which is reorganising under new leadership, said its adjusted earnings per share rose 3.6 percent in the year to March 31. "We have franchises that are very resilient given how tough the markets that we operate in are," said joint CEO Fani Titi.

  • Nationwide, Investec, Co-Op Bank get cash for small business lending
    Reuters

    Nationwide, Investec, Co-Op Bank get cash for small business lending

    Nationwide Building Society, Investec Bank and The Co-operative Bank have been granted a total of 80 million pounds from a fund set-up to increase competition for lending to small businesses in Britain. The Board of Banking Competition Remedies (BCR) said on Tuesday that it was allocating 50 million pounds to Nationwide, 15 million pounds to Investec and 15 to Co-operative Bank. The BCR was set up with cash from Royal Bank of Scotland as part of a scheme requiring it to help boost competition in business lending - a condition of its bailout during the 2008 financial crisis.

  • Reuters - UK Focus

    Britain's Nationwide, Investec, Co-Op Bank get cash for small business lending

    Nationwide Building Society, Investec Bank and The Co-operative Bank have been granted a total of 80 million pounds from a fund set-up to increase competition for lending to small businesses in Britain. The Board of Banking Competition Remedies (BCR) said on Tuesday that it was allocating 50 million pounds ($64.79 million) to Nationwide, 15 million pounds to Investec and 15 to Co-operative Bank. The BCR was set up with cash from Royal Bank of Scotland as part of a scheme requiring it to help boost competition in business lending - a condition of its bailout during the 2008 financial crisis.

  • Brewin Dolphin denies Irish swoop is a Brexit defence
    The Telegraph

    Brewin Dolphin denies Irish swoop is a Brexit defence

    Brewin Dolphin is to spend £38m snapping up Investec’s Irish wealth business but denied the swoop was a defensive move to counter the impact of Brexit.

  • Reuters

    Brewin Dolphin to buy Investec's Irish wealth business

    Britain's Brewin Dolphin has agreed to buy Investec's Irish wealth business for 44 million euros (38 million pounds) in cash in a deal it said on Friday would make it one of the country's top-three wealth managers. Investec said in a statement that it had decided to sell because of changes to its business model as a result of Britain's planned exit from the European Union, and that its other Irish businesses were unaffected by the sale.

  • Business Wire

    Doc re. Home member state election

    LONDON--(BUSINESSWIRE)-- COMPANY ANNOUNCEMENT   For Immediate Release 30 April 2019   Deva Financing plc (the “Issuer”)   RE: Election of Home Member State The Issuer hereby elects United Kingdom as its ...

  • Reuters

    Britain's Brewin Dolphin in talks to buy Investec's Irish wealth business

    The company said in a statement following a newspaper report that the discussions were ongoing and there was no certainty that they would lead to a deal. Britain's Sunday Times reported that Brewin Dolphin is competing with Allied Irish Banks (AIB) to buy Investec's private client stockbroking business, with a price tag of up to 60 million euros ($68 million).

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