No London-listed infrastructure funds have any exposure to ISG, the construction company and UK government contractor that went into administration last Friday.
The failure highlights the importance of sub-contractors to the PFI projects, said analyst Iain Scouller at Stifel, who took the opportunity to run the rule over the various exposures of funds with sizeable PFI projects.
Raspberry Pi Holdings PLC (LSE:RPI) appeared to have impressed most investors with its first results as a listed company, though the report is not likely to have dispelled the sort of concerns that have led JP Morgan to maintain a sizeable short position on the shares.
Debut half-year numbers from the maker of single-board computers (SBC) were broadly in line with City expectations, despite some of the underlying moving parts differing from expectations, and the full-year outlook was kept unchanged.
Tui’s update trading statement today was good news for the UK’s other airlines according to Panmure Liberum.
Though now listed in Frankfurt, UK-focused subsidiary Thomson Holidays is still a major part of the TUI business and overall there was some positive read-through from the numbers, said the broker.
The revision follows concerns over Burberry’s ongoing strategy and a challenging outlook for the company’s recovery.
The fashion retailer is set to release its half-year results in mid-November, alongside a strategic update from its new CEO, Joshua Schulman.
Panmure Liberum has reacted to the Communication Workers Union (CWU) speech at the Labour Party conference, reiterating its 'sell' recommendation for International Distributions Services PLC (LSE:IDS), owner of Royal Mail, with a target price of 200p.
The CWU called for new governance or ownership models for Royal Mail, although nationalisation was not mentioned.
Shell PLC (LSE:SHEL, NYSE:SHEL) looks a more resilient bet than BP PLC (LSE:BP.) if the crude price remains at around US$70 a barrel, suggests US bank JP Morgan.
Under that scenario, the sector’s free cash yield is 10.2% scenario, which is down on 2022/23 but still comfortably ahead of historical averages, says the bank.