LONDON: Marks and Spencer Group (MKS) is set to regain its place on the FTSE 100 index after four years, following strong share price gains this year.
Highlights:
· M&S’s strong performance this year has been driven by a number of factors, including a recovery in its clothing business and a lift to interim guidance.
· The company has also made a number of changes in recent years, including appointing new co-chief executives Katie Bickerstaffe and Jeremy Townsend.
· Persimmon has been hit by the UK’s souring property sector, with demand for housing stock declining on the back of higher interest rates on mortgages.
· Chemical specialist Johnson Matthey, electronics provider RS Group, and investment firm Abrdn will also be leaving the FTSE 100.
The retailer will replace Abrdn, Johnson Matthey, Persimmon, and RS Group in the September reshuffle, according to FTSE Russell, the index provider.
M&S’s share price has risen 71% since December, helped by a strong first half of the year and a lift to interim guidance earlier this month.
The company has also made a number of changes in recent years, including appointing new co-chief executives Katie Bickerstaffe and Jeremy Townsend.
These changes have helped to improve investor sentiment, and M&S now has a market capitalization of £4.3 billion.
Persimmon, on the other hand, is one of the companies that will be leaving the FTSE 100. The housebuilder has been hit by the UK’s souring property sector, with its share price down over 22% year-to-date.
Other companies that will be leaving the FTSE 100 are Johnson Matthey, RS Group, and Abrdn.
The changes to the FTSE 100 will take effect after markets close on August 30, according to Proactive investors..
Lightyear in collaboration with Black Rock launches high-yield money market funds for Uk retail investors.
LONDON: Investment platform Lightyear has launched three high-yield money-market funds for UK retail investors, in collaboration with BlackRock, according to international-adviser.
Highlights:
· The funds are designed to be a low-risk investment, with a target net asset value of $/€/£ 1 per share.
· The funds are open to all UK retail investors, regardless of their investment experience or size of portfolio.
· The funds are managed by BlackRock, one of the world’s largest asset managers.
· The funds are expected to generate a higher yield than traditional savings accounts or cash ISAs.
The funds are denominated in US dollars, sterling, and euros, and have fees starting at 0.09% and going up to a maximum of 0.3%.
Lightyear said that the funds aim to maintain a net asset value of $/€/£ 1 per share, and that any excess earnings generated through interest on the portfolio holdings will be distributed to investors as dividend payments.
Taavet Hinrikus, co-founder of Lightyear, said: “We’re giving retail investors across major European countries access to a low-risk, high-yield product that’s previously been something only those with $1m or more could get their hands on.”
Martin Sokk, co-founder and chief executive of Lightyear, added: “We wanted to build something low-cost where you have easy access to your money. This is a ‘no-brainer’: a low-cost way for our customers to diversify their portfolio and earn a steady, high yield.”
The platform was founded in 2020 and has offices in London and Estonia. Investors in the company include Sir Richard Branson.