Market update (PM): Schroders manages its way to the top

9 Nov 2010 | News - Comment now

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Market update (PM): Schroders manages its way to the top

Asset manager Schroders emerged as the biggest riser at the close of trading, following a bullish trading statement for the third quarter.

The firm saw share price rise by 5.5 per cent to 1,667p, while its non-voting share class also benefited from the uplift in investor sentiment.

The non-voting share class increased by 4.4 per cent to 1,307p after the firm reported pre-tax profit had grown to £282.7 million during the first nine months of the year, compared with £79.9 million during the prior-year period.

It also reported net inflows of £21.5 billion during the nine-month period to 30 September and total funds under management rise to £181.5 billion.

Gold mining group Randgold Resources saw its share price lifted by 4.6 per cent to 6,256p after reporting increased levels of production during the third quarter.

The miner reported a profit of £17.5 million ($28.2 million) for the third quarter, more than double that of the third quarter in 2009 of £8.4 million ($13.5 million).

Barclays also reported an increase in share price of 4 per cent to 297p after reporting pre-tax profits of £4.3 billion for the first nine months of the year.

Intercontinental Hotels Group was the biggest faller dropping 5.2 per cent to 1,114p, despite reporting revenue growth of 5 per cent to £260.6 million ($421 million) in the third quarter of 2010, compared with £248.2 million ($401 million) during the same period last year.

Security contractor G4S slipped 2.1 per cent to 253.6p after earlier this week revealing that it had come to an agreement with the UK government over potential savings to be made. Insurer Prudential also shed 1.9 per cent from its share price dropping to 630.5p.

Related topics: Schroders

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