Henderson, Stanley Gibbons and James Halstead

“Equities opened on the front foot following gains on Wall Street and in Asia and despite Chancellor Philip Hammond warning that Brexit uncertainty could hit jobs,” says AJ Bell Investment Director Russ Mould.

“The agreed merger of Anglo-American investment giant Henderson Global with Janus Capital fulfils the aspirations of both groups with the two complementary businesses set to create a leading global active asset manager of significant scale.  Janus brings a strong platform in the US and Japanese markets, which is complemented by Henderson's strength in the UK and European markets with a combined $320bn of assets under management.

“Stamp collecting specialist Stanley Gibbons’s shares tumbled in early trading after the group plunged into the red and scrapped its full-year dividend. The group has come unstuck through a combination of inadequately integrated and managed acquisitions and internet development activities in recent years. There was also the more pervasive impact of the reinvestment profile of its investment contracts which had an element of contractual buy-back. These contracts were sold between 2005 and 2013 and have resulted in a restatement of prior year earnings. But the market for rare collectibles and fine art remains buoyant and in a low interest rate environment continues to offer an attractive alternative. The company’s shares were down by more than 11.3% in early trading.

“Export markets underpinned international flooring group James Halstead’s profitability in the year to the end of June.  The average exchange rate for the year had an adverse impact on turnover and revenues were down by 0.5% at £226.1m but as exports represent 67% of its business the fall in sterling since the EU referendum offers opportunity for further progress.”

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