Three important things you need to know from across the markets this morning from investment writer, Tony Cross.
Wealth manager St James Place has been left propping up the FTSE-100 on Thursday following the publication of a market update. Despite noting record funds under management, the rate at which deposits are being made has slowed dramatically and there was also a caveat that some clients seen to be favouring short term cash holdings. Deposits here had risen by almost 60% year on year – itself accounting for around one third of net inflows – and critically this is going to be lower margin business. Shares are down 8% mid-morning.
The AIM-listed Helium miner Helium One saw its shares charging higher today after updating the market that a drilling rig in Tanzania had reached its target depth. Management also noted in the update that initial results have been positive with elevated helium shows, although wire logging is still required for further evaluation. The stock may be up by more than 50%, but after a shocking run into the end of last year, investors can probably be excused for reining in the excitement.
Pub and hotel operator Fullers published a trading update this morning covering the festive season, but despite some bumper revenues being reported – sales for the five week Christmas and New Year period were up 21% on the 2022 figure – the share price reaction was rather more muted. Late morning and the stock is essentially flat on the day, despite the buoyant narrative in the statement. Ultimately there’s no denying the macroeconomic challenges faced by the leisure industry, even if they do have a well defined niche like Fullers.
