Last week saw the shares of JD Wetherspoon, the owner and operator of pubs throughout the UK and Ireland, increase by approximately 8.7% after announcing a trading update. The update demonstrated that trading was in line with market expectations and in the last 10 weeks like-for-like sales were 11% higher than 2019 levels. The company also announced a small improvement in expected utility costs, resulting in a one-off uplift to the company’s estimates for 2024...

Stocks featured:

JD Wetherspoon, Experian and Ashmore Group

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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The UK’s FTSE 100 saw a decline of approximately 3.4% last week. The index closed Monday’s sessions at 7,274 as sticky inflation and rising interest rates continue to be an area for concern. Bank of England (“BoE”) Governor, Andrew Bailey, stated in an interview with the BBC his continued commitment to bringing inflation down. Bailey did not provide a timeframe for when rates might peak or begin to decrease as inflation continues to remain too high. This led to market expectations continuing to rise with markets now anticipating rates to reach 6.5% by March 2024. Last week also saw research published by JP Morgan highlighting that the BoE may need to hike rates to 7% in a worst-case scenario. However, their expectation is that rates will peak at 5.75% in November this year....

Stocks featured:

AstraZeneca, Currys and Jet2

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Sage Group, the cloud-based business management solution company, saw JP Morgan analysts upgrade the stock to overweight from neutral. This resulted in its share price increasing by approximately 6% last week. The company is expected to deliver sustainable double-digit organic revenue growth until 2025. JP Morgan believes there is room for further revenue growth between 2026 and 2030 with the company having a strong track record and a high free cash flow conversion...

Stocks featured:

Sage Group, Aston Martin and Serco Group

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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The beginning of last week saw investors and some sell-side economists speculating that market estimates for the Bank of England (“BoE”) rate outlook may have been too aggressive. At the start of the week, markets were pricing a peak rate close to 5.75% based on forecasts for inflation figures on Wednesday to decelerate to 8.4% from 8.7% in May. However, when Wednesday arrived, inflation figures unexpectedly rose to 8.7%. Inflation has now registered 22 months above the 2% target with expectations for any meaningful slowdown in inflation unlikely to arrive before July. This led gilts to come under pressure as the yield on two-year gilts increased by approximately 0.2%, firmly above 5%. The ten-year benchmark was more than 0.1% higher, just short of 4.5%, close to its highest levels since last October. This has resulted in the spread between two-year and ten-year gilts to be the most inverted it has been since 2000. Markets therefore anticipated an increased likelihood of more aggressive rate tightening, increasing the risk of a recession...

Stocks featured:

Anglo American, Ocado and Persimmon

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Smith & Nephew, the British multinational medical equipment manufacturer, saw its share price increase by approximately 5% last week. The increase in share price was triggered as a result of Smith & Nephew receiving Food and Drug Administration ("FDA") clearance for its AETOS Shoulder System. This is the latest solution in Smith & Nephew’s expanding Upper Extremity portfolio and is designed to maximise stability, preserve bone and maintain patient anatomy. The company also noted that total shoulder arthroplasty is one of the fastest growing segments in Orthopaedics with an estimated 250,000 procedures in the US by 2025...

Stocks featured:

Smith & Nephew, Glencore and 888 Holdings

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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The UK housing market was one of the key areas of focus this week as UK Halifax house price data was announced. The data showed a flat reading in May, but on an annual basis prices fell 1% versus consensus for a 0.9% drop. This was the first annual decline in prices since December 2012. Halifax did highlight that given the flat monthly reading, the annual decline reflects strong house price growth this time last year. This has shown a shift from the brief upturn in prices seen at the beginning of the year as the impact of higher interest rates feeds through into the market. This is largely impacting those with expiring fixed rate mortgage deals as they need to refinance at higher rates...

Stocks featured:

Croda International, Boohoo and Indivior

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Dechra Pharmaceuticals, a business involved in the development and marketing of veterinary products, saw its share price increase approximately 15% last week. This was after a cash offer made by Freya Bidco Limited for the entire issued, and to be issued, ordinary share capital of Dechra for 3,875p per share. This represented a 44% premium to the closing price of 2,690 pence on the 12th April, the last business day before the commencement of the Offer Period...

Stocks featured:

Dechra Pharmaceuticals, B&M and Greencore

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Nvidia, the American multinational technology company, announced first quarter results last week which beat expectations and sent the share price soaring approximately 24.6% last week. Nvidia issued guidance for substantial sequential revenue growth in the second quarter as demand for content-creating artificial intelligence bolsters its data centre platform. The company said that revenue has been largely flat at $11 billion, plus or minus 2%, for the July quarter. The consensus among analysts was for revenue of $7.13 billion before the outlook was given, and later raised to $11.09 billion. In the first quarter, revenue declined 13% year over year to $7.19 billion, but surpassed expectations for $6.52 billion. Generative artificial intelligence drove significant upside for Nvidia’s products, and has created significant opportunities for broad-based global growth which provides an exciting outlook for the company...

Stocks featured:

Nvidia, Marks and Spencer and Pets at Home

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Informa shares increased approximately 4% last week as it was announced the company had reached an agreement to acquire Winsight for $380 million and that its acquisition of Tarsus completed ahead of schedule. The acquisition of Winsight is expected to accelerate Informa’s growth by offering expansion within the business-to-business foodservice market. Informa’s acquisition is also expected to deliver strong financial returns with earnings accretion from the outset and a post-tax return ahead of Informa’s long-term weighted average cost of capital in the first full year of ownership. The deal has been fully funded by in-year cash flow growth and Informa’s balance sheet, with the expectation to further grow revenues, margins, earnings and cash flow..

Stocks featured:

Informa, YouGov and BT Group

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

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Beazley is a UK-based global specialist risk insurance and reinsurance company. Last week the company issued a trading statement announcing its net income at $104 million for the quarter ended 31 March 2023, marking a recovery from a loss of $92 million in the prior-year period. Management also remained confident in its growth guidance of mid teens gross premium written and mid 20s net premium written for 2023 full year. The positive trading statement resulted in Beazley’s share price rising approximately 3.87% for the week...

Stocks featured:

Beazley, Vertu Motors and ASOS

To find out more about the investment management services offered by Walker Crips, please visit our website:

https://www.walkercrips.co.uk/

This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

Hosted on Acast. See acast.com/privacy for more information.