Big banks and their behaviour was once again a big topic.
Yesterday, the UK central bank cut interest rates, albeit minimally, for the first time in seven years, which left many mortgage holders expecting a cut to monthly payments.
But it has emerged that UK taxpayer funded banks have so far reportedly refused to pass this on. Lloyds (LON:LLOY) and Natwest, owned by RBS, which is in turn owned 72% by the British taxpayer, have admitted they have yet to decide on their next moves.
Ironic consequences of #Brexit no. 45, metropolitan Remainers with crippling mortgages benefit from rate cut, leave voting pensioners don't
— Andy Conway Morris (@andymoz78) 5 August 2016
It was a big trending story online, and almost as big as the woeful set of numbers released by the latter - Royal Bank of Scotland (LON:RBS). It was top laggard on Footsie as the usual array of culprits continued to weigh heavy on the bank - PPI provisions, litigation activity, and legacy issues.
In a double whammy, the group also said it was scrapping the planned spin-off of Williams & Glyn.
It was one of the most read-online business stories.
Speaking of mortgages, the UK housing market is coming increasingly under pressure after the Brexit vote, with a new Halifax survey saying prices fell by 1% last month.
The big builders brushed this aside however with shares in Taylor Wimpey (LON:TW., Persimmon (LON:PSON), and Bellway (LON :BWY) all higher - the latter seeing a12.5% increase in completions in the year to end July, the figure totalling 8,721 versus 7,752 the year before.
A runway winner today was Petro Matad PLC (LON:MATD), the Mongolia focused oil group, which added over 107% as it said supermajor Shell (LON:RDSB) had agreed to pay it US$10mln after the latter exited the Block IV and V production sharing contracts. It will also make a further US$5mln payment.
Avanti Communications Group plc (LON:AVN) also added almost 50% on the day and shares have almost doubled in value over the last five trading days - movement which appears at odds with the news flow of late.
Less than a month ago the satellite communications firm said it would need to raise around US$50mln as part of a broader refinancing of the business. Four days later it effectively hoisted the ‘for sale’ sign.
Then on Monday Inmarsat, a potential buyer of the business, ruled itself out of the running purchase the company, which is currently valued at £73mln.
Yet, buyers are nibbling away with traded volumes increasing significantly towards the end of Thursday’s session, picking up again at the open today.
Does this suggest there is another potential bidder waiting in the wings? Time will tell.
There was a report on the FT’s Alphaville market blog that might sketch in some of the missing detail.
It suggests that before withdrawing from the Avanti auction, Inmarsat had, after making a low ball offer, wanted to table around 140p a share for the business. At that point the stock was trading below 30p.
Tech giant Apple (NASDAQ:AAPL) was also getting hits on the day, with news it would offer rewards of up to US$200,000 to those who find security holes in its products. Other firms offer this butyl so far Apple hasn't.
However, this will initially only be limited to about two dozen researchers who Apple will invite to help identify hard-to-uncover security bugs in five specific categories.
Follows of oiler Cairn Energy plc (LON:CNE) were also cheering today after Swissz bank UBS stamped a 'buy' recommendation on the share.
There’s a new ‘buy’ in the “notoriously volatile” exploration and production sector, said the broker.
"Following recent underperformance, several potential sources are emerging in Cairn," said analyst Daniel Ekstein as shares rose over 8% on the day.”
For those who enjoy a gin and tonic, whilst browsing through a Telegraph after climbing out of Heathrow, think again!
From today, airline firm Jet2.com will not serve passengers early-morning alcohol on all of its flights, in a bid to “crackdown on disruptive behaviour”.
It is reportedly the first European carrier to introduce such a sanction – and is also calling on other airlines and airports to follow suit.