TO NEW BREXIT REALITY

18 MARKETS MONDAY 16 JANUARY 2017
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FTSE 100 set for
busy week as May
makes key speech
PRIME Minister Theresa May’s
speech tomorrow outlining
her gameplan for Britain’s
exit from the European
Union is expected to have an
impact on both sterling and the FTSE
100 this week.
Today will be dominated by
trading updates from brick
manufacturers Ibstock, investment
manager Ashmore Group and
fashion giant H&M.
Tomorrow will be a busy day for
the market with trading updates
from Greggs, Rio Tinto, Cairn
Energy and Quantum
Pharmaceutical among others.
Trading updates from Game
Digital, Burberry Group, Premier
Foods, JD Wetherspoon and
Ladbrokes will be highlights for
Wednesday.
Thursday will be a big day for
many FTSE firms including
Chemring Group which reveals its
full-year earnings while Royal Mail
Pets at Home, British Land,
Moneysupermarket.com, Halfords,
Alliance Pharma, Pearson, Evraz
and Acacia Mining will publish their
trading updates.
FTSE
7,340
7,300
7,260
7,220
7,337.81
13 Jan
9 Jan 10 Jan 11 Jan 12 Jan 13 Jan
CITY MOVES WHO’S SWITCHING JOBS
LADBROKES CORAL GROUP
123
122
121
120
119
118
P
9 Jan
10 Jan 11 Jan
121
13 Jan
12 Jan 13 Jan
The UK didn’t seem to fancy a flutter over the holiday season, and analysts at Peel
Hunt are predicting that will show up when Ladbrokes Coral releases its trading
statement on Wednesday. However, Peel Hunt would have a wager, reiterating its
“buy” recommendation and 200p target price, while noting that Cheltenham would
be the make or break moment for the newly merged company.
DUNELM GROUP
820
800
780
760
740
720
700
P
13Jan
698
9 Jan
10 Jan 11 Jan 12 Jan 13 Jan
Dunelm’s trading statement last week left analysts at Canaccord Genuity feeling
mixed. Although they revised their 2017 forecast profit for the retailer down by 12 per
cent, they feel the risks are short-term and the firm still has plenty of chance to take
up more residence in the homewares market. Canaccord has maintained its “buy”
recommendation but lowered its target price from 875p to 820p.
Banks await
Trump arrival
US BANK stocks will stay in favour
with traders as long as earnings
reports this week show an
improving profit outlook while
investors wait to see if US Presidentelect
Donald Trump lives up to his
campaign promises.
Among banks reporting this week
Morgan Stanley is expected to post
results tomorrow followed by
Citibank on Wednesday. BB&T Corp,
KeyCorp and Bank of New York
Mellon all report on Thursday.
Results and guidance from the big
banks scheduled to report this week
ahead could boost the sector,
according to John Praveen, chief
investment strategist at Prudential
International Investments Advisers.
“Results are likely to be good and the
outlook is going to be positive so
there's room for further gains,”
Praveen told Reuters.
The S&P banks index has traded
recently at 13.6 times earnings
estimates for the next 12 months
compared with its five-year average
multiple of about 11 but in line with
the 10-year average of 13.1.
MITSUBISHI UFJ FINANCIAL
GROUP
Mitsubishi UFJ Financial Group
has appointed Nauman Ansari
as an executive director of the
bank’s healthcare finance
business in EMEA. Nauman,
who joins from Morgan
Stanley, brings a wealth of
healthcare and leveraged and
acquisition finance experience
to MUFG. He played a
significant role in a number of transformative
transactions for Shire on the acquisitions of Baxalta,
Dyax Corporation, and Viropharma. Nauman’s
appointment forms a key part of MUFG’s ongoing
strategy to bolster the healthcare finance business as
opportunities in the market grow, with another new
team member due to join over the next few months.
Reporting to Ian Wootton, managing director of the
healthcare division, Nauman’s role will focus on
consolidating and strengthening MUFG’s current
healthcare clients, and building new relationships to
expand the bank’s global network. Prior to his time at
Morgan Stanley, Nauman held senior roles at Bank of
America Merrill Lynch and Lehman Brothers in the UK
and the US. Nauman will be based in London.
BREWIN DOLPHIN
Brewin Dolphin, one of the UK’s largest private client
wealth managers, has appointed Godfrey Cromwell as
a divisional director in the London office. He will be
responsible for developing and maintaining client
relationships, advising on strategic initiatives and
supporting the development of our emerging talent.
Godfrey joins from Barclays Wealth where he was a
private banker for eight years. With a background in
developing UK and international businesses, he will
maintain his role as the chief executive of the British
East-West Centre. He will also maintain his role as a
cross-bench (independent) peer in the House of Lords.
Godfrey’s appointment follows Laura Robin’s
appointment as divisional director in September last
year and Patrick Lance as divisional director in
August – both from JP Morgan.
BNY MELLON
BNY Mellon has appointed Jeff McCarthy as chief
executive officer, exchange traded funds and will
report to Frank LaSalla, chief executive officer of BNY
Mellon’s global structured products and alternative
investment services business. In his new role, Jeff will
lead and execute the long-term strategy to drive
growth in BNY Mellon’s ETF business. He joins from
Nasdaq, where he was vice president and head of
exchange traded product listings and trading. Prior to
this, he was head of global ETF products and co-head
of ETF trading and investor services in Asia Pacific for
Citigroup. Earlier in his career, he was global ETF
product head for Brown Brothers Harriman & Co,
where he created the firm’s global ETF service model.
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