Investment manager Schroders saw its share price move up this morning after announcing pre-tax profits of £200.2 million, ahead of market expectations.

The news sent its share price up by around 3.5 per cent to 1279.0 pence (0930 hrs), netting gains for those investors heeding analyst ‘strong buy’ recommendations over the past six weeks.

Michael Dobson, chief executive of Schroders, said 2010 has started well with high levels of inflows into institutional and intermediary funds.

He added, ‘We see further significant organic growth opportunities longer term, based on strong investment performance for clients, a broad product range, a proven distribution capability and a geographically diversified business.’

The board approved a second interim dividend of 21 pence per share in lieu of a final dividend. The second interim dividend will be payable to investors on 29 March 2010 for those that were invested as at 12 March. The total dividend to the year now stands at 31 pence per share – unchanged from 2008.

Dobson added, ‘Our focus on the organic growth opportunities, through delivering superior investment performance, maintaining a range that meets demand across market cycles and developing distribution partnerships was well rewarded in 2009.’

Elsewhere, insurance group Aviva tumbled after failing to meet market expectations despite reporting a full year profit. As a result Aviva cut its dividend by 3 pence to 24 pence per share. Its share price reacted accordingly to the news, dropping by 1.7 per cent to 383.7 pence. 

Barclays Stockbrokers
 Top ten trades
Wednesday 3 March 2010

Buy
1. Prudential, 9.4 per cent
2. Lloyds Banking Group, 3.4 per cent
3. Desire Petroleum, 3.4 per cent
4. Royal Bank of Scotland, 2.2 per cent
5. Taylor Wimpey, 2.1 per cent
6. Barclays, 2.0 per cent
7. HSBC Holdings, 1.9 per cent
8. Pace, 1.4 per cent
9. Aviva, 1.2 per cent
10. Xstrata, 1.2 per cent

Sell
1. Barclays, 13.6 per cent
2. Lloyds Banking Group, 5.1 per cent
3. Xstrata, 4.6 per cent
4. Standard Chartered, 2.6 per cent
5. Royal Bank of Scotland, 2.4 per cent
6. Rio Tinto, 2.4 per cent
7. Vodafone Group, 2.1 per cent
8. Prudential, 1.9 per cent
9. Kazakhmys, 1.9 per cent
10. BP, 1.4 per cent