It has been a week many at Vistry will want to forget following the admission of significant accounting errors but at least some institutional investors are seeing value. A note published this morning revealed that a US investment firm had topped up its holding in the company to just over 9%, clearly sensing value down at these levels and able to look beyond the paper loss they have picked up this week. The Vistry share price was as much as 3% higher shortly after the open, although gave back much of those gains in the first hour of trade.
A trading update from Hays offered some cheer for the recruiter which is operating in a sector that has been feeling the brunt of the economic downturn of late. Whilst fees were down in line with expectations, cost control and improved productivity evidently provided some cause for cheer. The uptick has been sufficient to drag the Hays share price off what appear to have been 10+ year lows, adding around 2% shortly after the start of trade.
The lifestyle and insurance business SAGA released interim results today which highlighted string underlying profit growth and significant deleveraging. The cruise and travel divisions performed best, whilst insurance remained challenging but the company also added that it was in exclusive talks with Ageas over an insurance partnership and the possible sale of SAGA’s underwriting business. Such a deal would include material cash payments being made to SAGA and the share price advanced by as much as 12% in early trade.
Most read news this morning
