|Bid||1,250.00 x 0|
|Ask||1,365.00 x 0|
|Day's range||1,306.50 - 1,325.50|
|52-week range||12.37 - 1,795.00|
|Beta (3Y monthly)||1.04|
|PE ratio (TTM)||10.66|
|Earnings date||14 Aug 2019|
|Forward dividend & yield||0.50 (3.85%)|
|1y target est||2,079.18|
Nov.19 -- Nic Nicandrou, chief executive officer for Asia at Prudential Plc, talks about his growth strategy for the region. Last month Prudential shareholders approved the spinoff will allow Prudential to concentrate on its businesses in the U.S. as well as in Africa and Asia. Nicandrou speaks with Juliette Saly and Rishaad Salamat on "Bloomberg Markets: Asia."
M&G's life and pensions arm said it has suspended a 164 million pound property fund, days after the British fund manager froze dealing in its 2.5 billion pound ($3.21 billion) flagship UK property fund. The ban impacts the Prudential M&G Property Portfolio Fund, a fund fully invested in M&G's Property Portfolio which was suspended on Dec. 4, an M&G spokesman said in an emailed statement on Saturday. M&G suspended dealing in its flagship UK property fund on Wednesday, blaming Brexit uncertainty and weakness in the retail sector for a surge in investor requests to cash out.
JOHANNESBURG/LONDON, Nov 29 (Reuters) - Anglo-South African financial services group Investec expects to raise about 189 million pounds ($242 million) from the sale of around 10% of its asset management business, which will be renamed Ninety One when it is spun off in March. Investec, which manages more than 119 billion pounds ($154 billion) in assets, announced plans for the split last year and said the asset manager would be better able to focus on creating long term value away from Investec's banking and wealth operations. The demerger follows similar moves by Prudential, Old Mutual and Deutsche Bank as fees fall and costs rise in the fund management sector.
Britain's FTSE 100 rose on Monday on renewed hopes an initial Sino-U.S. trade deal may be clinched this year while further signs the Conservatives are set to win an election next month drove mid-caps to their highest since September 2018. The main index climbed 1%, boosted by miners and Asia-focused financial stocks HSBC and Prudential after the U.S. national security adviser said a preliminary trade deal was possible this year. The index, which jumped more than 1% in the previous session, was also supported by a 3% gain in Burberry after rival LVMH agreed to buy U.S. jeweller Tiffany for $16.2 billion.
Shares in Aviva slid on Wednesday after the British insurer announced it would reorganise into five divisions and sell its stake in its Hong Kong business, falling short of investor expectations for a broader change in strategy. Analysts had speculated Aviva might announce that it would sell smaller European operations such as France or Italy to focus on the UK, or offload books of life insurance closed to new customers. Aviva is folding Aviva Investors, its fund management arm, into a broader investments, savings and retirement division.
London's FTSE 100 shed most of its earlier gains but still managed to close higher on Tuesday, as sentiment was supported by a surge in safety equipment maker Halma and hopes of more stimulus from economic powerhouse China. The FTSE 250, which had jumped over 1% earlier, ended with a 0.4% gain, still hovering at a 14-month high. Markets are viewing a prospective Tory victory as a positive on hopes that Prime Minister Boris Johnson, with a majority in parliament, will be able to reduce uncertainty by delivering Brexit on or before the Jan. 31 deadline.
(Bloomberg Opinion) -- Two- and-a-half years after the Indian central bank took the highly unusual step of directing banks to put 12 large corporate debtors into bankruptcy, the most closely watched of the “distressed dozen” cases has finally been resolved.With the Supreme Court in New Delhi clearing the decks for the sale of Essar Steel India Ltd., the Ruia family has accepted defeat. Control of the 10 million-tons-a-year integrated plant in western India will pass to ArcelorMittal, which will pay banks 420 billion rupees ($5.9 billion), or 90% of their claims.This final episode of a drawn-out legal saga, in which the Ruias made multiple attempts to hold on to their prized asset, was a nail-biter. At the last moment, the bankruptcy tribunal’s appellate authority had inexplicably jumped into the fray and ordered that more of ArcelorMittal’s money be given out to unsecured operational creditors and less to secured financial lenders.India’s $200-billion-plus bad debt mess is starting to attract serious global capital from pension and sovereign funds. Had expected recovery rates of 90% shriveled to 60%, private equity funds assembling this stock of patient money to take over secured lenders’ exposure would have fled. Thankfully, the court restored the power of the creditors’ committee to decide who gets what.It’s been a costly delay. When the Reserve Bank of India referred large cases to new bankruptcy tribunals, it was hoping to solve 25% of the country’s bad-loan problem in 270 days. There was interest among potential buyers, particularly for steel plants, because global metals demand was stabilizing. But with missed deadlines, lengthy litigation and suspected fraud holding back asset sales, liquidation has emerged as the default option, with only 15% of closed insolvency cases ending in a resolution plan. A lot has changed in India’s corporate distress landscape between 2016, when India promulgated its bankruptcy law, and now. For one thing, global demand for steel — and steel assets — is starting to sag. That isn’t all. With practically all sectors of India’s economy facing a demand funk, there’s trouble everywhere from real estate and roads to power and telecom.Each industry comes with its own unique challenges. In residential real estate, it’s the homeowners’ interest that makes creditor coordination difficult. In telecom, the difficulty comes from exorbitant government demands for spectrum fees. The danger of a voluntary bankruptcy filing by Vodafone Idea Ltd. has everyone from investors to the government worried. The mobile operator posted a $7.1 billion quarterly loss, the worst in India’s corporate history. A new complexity is that creditor institutions themselves — from shadow lenders to small deposit-taking banks — are becoming insolvent, prompting India to extend the bankruptcy law to nonbank lenders as well. This quick fix would further weigh on a system creaking under its case load. A steel plant can preserve value through a lengthy in-court bankruptcy by utilizing its fixed capacity. A lender has to continuously make new loans to stay in business. Without the trust of the financial markets, its enterprise value very rapidly falls to zero. Early liquidation is the best possible outcome for an insolvent lender’s creditors seeking to extract value, but it’s also the scenario that poses the biggest risk to stability of the existing financial system.The current law can’t solve this dichotomy. Rather than overburdening it, India must keep the bankruptcy tribunal focused on what it can actually handle. A recent example of overreach is the start of an insolvency petition against Aviva Plc’s local life insurance joint venture for not paying its landlord. Such things used to happen in Indonesia, where a Jakarta commercial court declared Canadian insurance firm Manulife Financial Corp.'s Indonesian unit bankrupt in 2002, and followed it up two years later by holding Prudential Plc’s local business insolvent. A higher court had to reverse those rulings. By setting right the balance between secured and unsecured lenders, the Essar judgment has scored a win above all for common sense. The verdict will rekindle hope in the integrity of India’s bankruptcy process, but it will take a lot more work to allay concerns about its effectiveness.To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Falls for mining stocks and a 4% drop in Asia-exposed luxury brand Burberry led London's FTSE 100 lower on Friday, as doubts about a U.S.-China trade deal halted a five-day winning streak for European markets. The main index was down 0.6%, while the FTSE 250 , which hit a three-week high on Thursday after two Bank of England policymakers unexpectedly voted for lower interest rates, shed 0.5%.
Insurer Phoenix Group Holdings Plc Chief Executive Officer Clive Bannister will retire next March after nine years in charge, and will be replaced by former Aviva Plc executive Andy Briggs, the company said on Friday. Briggs will join Phoenix as CEO-designate and board member on Jan. 1, 2020 and will be tasked with continuing the insurer's growth, led by the takeover of many closed pension schemes from UK companies anxious to offload the long-term risks. Bannister has steered the FTSE 100 company through a number of acquisitions, including the buyout of Standard Life Assurance last year.
The Bank of England warned on Tuesday it will crack down on insurers that are overly optimistic about how much capital they need to cover growing risks from the United States and elsewhere. Gareth Truran, acting director for insurance supervision at the Bank's Prudential Regulation Authority, said the risk of reserving "deficiencies" was increasing in a sector that may be "optimistic" about its outlook. "For Lloyd's managing agents, we will continue to work closely with Lloyd's, taking into account in particular the work of Lloyd's Performance Management Directorate in approving and monitoring syndicate business plans," Truran said.
London's FTSE 100 surged nearly 1% to a more than one-month high on Monday as heavyweight banks, miners and oil stocks were driven higher by hopes of a trade deal between the United States and China. The FTSE 100 added 0.9%, its best day in almost two weeks, boosted by BP and Shell as well as Asia-focussed HSBC and Prudential. Updates on Sino-U.S. trade talks have been a major source of volatility for the FTSE 100 this year.
Looking for bargains on the FTSE 100? This particular income hero is a terrific buy for any Stocks and Shares ISA, says Royston Wild.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll show how you can...
Harvey Jones picks out two FTSE 100 (INDEXFTSE:UKX) stocks give you direct exposure to action in Asia.
The closing share price gives M&G a market value big enough to be eligible for the FTSE 100. Photograph: Chris J Ratcliffe/Getty ImagesThe fund management and UK arm of Prudential has been valued at £5.7bn on its first day of trading on the London Stock Exchange, following a demerger from the 171-year-old insurance group.M&G formally became a separate listed firm on Monday, focusing on what were Prudential’s UK and Europe operations. Prudential will now focus on the US, Africa and Asia.Shares in M&G closed the day slightly below the 220p opening price at 218p, giving it a market value big enough to be eligible for the FTSE 100 index.The decision to split Prudential, which was founded in 1848, was first announced last year, and came after the group combined its UK life insurance arm with its fund management division in 2017.M&G made its market debut with £341bn in assets under management, and with 6,331 staff worldwide. The company serves about 5.5 million retail customers and 800 institutional clients through 20 global office operating across 28 markets.Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDeskBoth Prudential and M&G remain headquartered in London.The chief executive of M&G, John Foley, said the split was a significant milestone for his company.He said: “Our independence and unique business mix means we are well-positioned to benefit from long-term economic and social trends that offer growth opportunities for many years to come.”
* European shares close higher * Wall Street rises * Pound stable after Brexit vote denied * FTSE 100 and FTSE 250 lock gains Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: email@example.com CLOSING SNAPSHOT: BREXIT BLISS (1550 GMT) Markets seem to have found some kind of serenity in the belief that whatever happens with Brexit, it won't be a chaotic exit anytime soon which makes it somehow all is good. Here's your closing snapshot: (Julien Ponthus) ***** NO BREXIT VOTE: THE BIG MOMENT THAT WASN'T (1515 GMT) This was supposed to be one of the highlight of the trading session, an intra day cliff-hanger of sorts but it ended out to be, well, nothing really.
* European shares higher * Wall Street opens higher * Pound edges stable after Brexit vote denied Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Speaker Bercow denied Johnson a meaningful vote on his Brexit deal and the pound barely budged, hovering quite comfortably close to the $1.30 benchmark as if not much happened. The assumption of course is that Bercow's decision was expected, priced in and that real price action will come tomorrow when the Brexit deal continues its legislative path with opponents plotting to wreck with amendments.
* European shares higher * Wall Street opens higher * Pound edges stable after Brexit vote denied Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. The spat between the U.S. and China has been the single biggest source of uncertainty for the global economy over the past 18 months, says Morgan Stanley.
* European shares higher * Wall Street opens higher * Pound edges as Brexit vote looms Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. The spat between the U.S. and China has been the single biggest source of uncertainty for the global economy over the past 18 months, says Morgan Stanley. Despite the efforts of 20 central banks across the world to take a central stage on the growth outlook scene with more accommodating monetary policy, trade tensions will determine if the global economy can recorver from 1Q20, adds Morgan Stanley.
* European shares higher in morning trading * Pound edges as Brexit vote looms * U.S. futures trade on the upside Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: firstname.lastname@example.org BREXIT: WELCOME TO GROUNDHOG YEAR (1139 GMT) Pound's up, FTSE's up, FTSE 250's up: all is hunky dory as we wait to see whether we'll get a meaningful Brexit vote this afternoon. There is indeed fresh speculation of another extension deadline to February or even June 2020 should Boris Johnson not have his way.