Taking Stock on Monday 23rd October 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
What's the chances of a Santa Rally on AIM?
Since 1950, the S&P 500 has gained an average of 1.3% during the seven-day “Santa Rally” period in which it takes place, and it’s gained in 34 of the past 45 years.
In the UK from 1985 to 2015, the FTSE has made an average gain of 2.26% in the last month of the year, rising in value 83% of the time.
But what about AIM?
In the last 10 years, it has risen 70% of the time in Q4 and 80% of the time in December.
So just based on historical stats, I'd say there's a high probability of a rally on AIM this year.
MOST FOLLOWED
Silver Bullet Data Services Group
MOST READ RNS
Companies discussed on “Taking Stock” today:
Vistry #VTY 05:25 & 25:14
Persimmon #PSN 06:00
Taylor Wimpey #TW. 06:20
Upland Resources #UPL 07:50 & 17:50 & 26:10 & 31:40
AFC Energy #AFC 09:40 & 18:00
The Mission Group #TMG 12:30
Velocys #VLS 13:00
Audioboom #BOOM 18:50
One Health #OHGR 20:45
Metals One #MET1 23:20
Horizonte Minerals #HZM 24:00 & 32:45
Tirupati Graphite #TGR 25:15
BT #BT.A 27:15
Ocado #OCDO 27:20 & 30:15 & 32:35
iShares UK Dividend ETF #IUKD 29:30
Smartech247 #S247 33:27
Time Finance #TIME 34:19
Good Energy #GOOD 35:45
Hvivo #HVO 36:20
TOP BUSINESS STORIES
Autumn statement: Government considers help for first-time buyers
The government is considering extending its mortgage guarantee scheme as part of measures to help first-time buyers in the upcoming Autumn Statement.
It is understood the Treasury is looking at making the scheme, which helps people take out a mortgage with a 5% deposit, available for another year.
Chancellor Jeremy Hunt will announce the Autumn Statement on 22 November, weeks after the Tories lost two by-elections to Labour.
The Treasury declined to comment.
The scheme, first introduced in March 2021 by the then Chancellor Rishi Sunak, was designed to encourage lenders to give mortgages to borrowers with a smaller deposit.
Since December that year, the interest rate has risen from a historic low to the current 5.25% as the Bank of England has sought to curb high inflation.
It has meant that mortgages have become more expensive for borrowers while many grapple with the higher cost of living.
Recent figures from financial information service Moneyfacts show that the typical rate for a five-year fixed mortgage have dipped to 5.99%. But a two-year fixed mortgage has a rate of 6.5%.
Vistry to cut 200 jobs and take £40m hit to profits as demand for housing slows
UK housebuilder Vistry is to cut 200 jobs and make £40m less profit than previously thought after a slump in demand.
High interest rates and cost of living pressures resulted in a slowdown in property purchases, it said in a trading update.
"We have not seen the seasonal increase in private sales since September that we had expected," Vistry added.
Roughly 200 jobs are going to be cut as a result of a business restructuring that will reduce the number of regional Vistry units from 32 to 27. Cost savings of £25m are expected as a result.
Despite reiterating profit expectations of £450m last month, the trading update revised the sum downwards by £40m to £410m in adjusted profit before tax for 2023.
Santas wanted: Christmas job vacancies jump 25 per cent
Christmas hiring is in full swing, with demand for temporary roles including elves, Santas and even mince pie quality auditors having surged this year, according to a recruitment platform.
Vacancies for temporary festive roles have jumped 25 per cent since last year, with 26,000 jobs currently being advertised, according to figures cited by PA from jobs site Adzuna.
The figures mark the busiest start to the Christmas hiring season since the job site began collecting data in 2016.
Along with demand for gift wrappers and snow clearers, Adzuna also noted big grocers such as Asda, Lidl and Tesco had accelerated their seasonal hiring.
Earlier this month, Tesco announced it was looking to hire 30,000 seasonal workers to meet increased demand this Christmas.