After yesterday’s well received interim results, AJ Bell announced that founder Andy Bell would undertake a share placing of around 1.8% of the firm’s existing capital. That was completed at 375p – a meaningful discount against last night’s closing price of 403p - leading the stock lower in Friday’s early trade. Losses were initially in excess of 5%, but some support is now being seen.
Keeping with the investment platforms and Hargreaves Lansdown’s stock was floundering in early trade too. Bid news earlier in the week provided meaningful support to the share price which added more than 20% in late trade on Wednesday and into Thursday morning. However, that level of support has been difficult to maintain and whilst the company may well see itself as undervalued, there’s no certainty that an improved proposition will follow. Shares were down more than 4% in the first hour of trade although remain meaningfully higher on the week.
The commercial passenger leasing group Avation issued a trading statement this morning which critically included an upgrade on full year profits which are now set to be significantly ahead of expectations. Strong passenger growth and a fleet which is fully leased are both providing support for the company, with the stock trading up by more than 10% at 9am.
Headlines we expect on Tuesday
Victorian Plumbing Interim Results
This time last year Revenue £146.8m, profit margin 46%, Interim dividend 0.45p
Xeros Technology Final Results
This time last year Revenue £0.2m, Admin expenses £7.5m
