Continued outperformance in 1H Interim dividend up 35% Shares trading at premium Valued-focused investment trust Temple Bar (TMPL) delivered another period of outperformance for the six months to 30 June,with the total return in net asset value increasing 14.2% against 9.1% for the benchmark. The trust continued its strong absolute and relative performance with three-year share price total...

New-build and RMI markets sluggishPrice deflation blamed for downgrade Brickmaker Forterra also warnsFTSE 250 builders' merchant Travis Perkins (TPK) issued a downbeat third quarter trading update and warned profit for the full year would be below its previous guidance.The shares, which had already lost 14% of their value this year as of yesterday's close, dropped as much as 15% to 685p at the...

Brickmaker sees first-half sales down sharplySecond-half recovery weaker than expectedShares make new post-Covid lowsLess than a week after insulation and building products firm SIG (SHI) cut its full-year profit forecast due to 'challenging and variable' market conditions, brickmaker Forterra (FORT) has posted an equally downbeat trading update blaming 'challenging conditions' for an 18% drop...

Investors are looking hard at the stocks held in funds managed by Odey Asset Management for fear they will be dumped on the market as the hedge fund tries to raise cash. While some positions have already been cut, there remain plenty of stocks where its position has not changed (yet?).The firm is restructuring following a Financial Times investigation into alleged misconduct by founder Crispin...

UK stocks recovered their poise on Tuesday as US and Asian markets rose overnight and one of Europe's biggest banks, Switzerland's UBS, announced fourth-quarter earnings which were double market estimates.The pound dropped 0.3% to $1.3635, helping to lift the shares of exporters, while Brent crude oil prices gave back 0.9% to trade at $55.40 per barrel.At 8.30am the FTSE 100 index of leading...

Yesterday saw the latest FTSE Russell quarterly index review, resulting in significant changes to the composition of both the FTSE 100 large-cap index and the FTSE 250 mid-cap index.Four stocks left the FTSE 100 - cruise ship operator Carnival (CCL), utility group Centrica (CNA), low-cost airline EasyJet (EZJ) and aerospace firm Meggitt (MGGT).Travel related stocks bore the brunt of the...

There were mixed share price fortunes for two of the UK's listed brick makers as both announced job cuts but also pointed to hopes of returning demand as the building and construction sector gets back to work.Northampton's Forterra (FORT) was up 5.4% to 219.8p on its announcement while Leicestershire's Ibstock (IBST) slipped 1.3% to 198p on its own news.Both firms have reported a plunge in...

Investors seeking exposure to a wide range of UK companies still paying dividends should snap up BMO Capital & Income Investment Trust (BCI) as its portfolio contains many ofthese prized names.This trust could be an easier and more convenient way for income investors to back the dividend payers as it only requires buying a single product rather than lots of individual shares.Among the names in...

UK stocks inched higher on Tuesday, helped by gains in Asian markets and growing optimism that more countries would allow businesses to re-open in a phased relaxation of the global lockdown.The FTSE 100 index of leading stocks rose 0.2% to 5,856, with gains in industrial stocks and insurers helping to offset losses in heavyweight banks, oils and retailers.Shares in global bank HSBC (HSBA) gave...

Travel operator TUI (TUI) is to lose its place in the FTSE 100 after its recent share price slump made it too small to qualify for the blue chip index.Index provider FTSE Russell reshuffles the FTSE 100 basket every quarter, ejecting any stock whose ranking drops below 110, and promoting into the index any that ranks 90 or higher.TUI shares have fallen by 42% year-to-date as investors worry...

Shares rebounded slightly from yesterday's sell-off with the FTSE 100 index gaining 14 points or 0.2% to 7,625 in early trade led by domestic sectors including house-builders and financial stocks.Shares in house-builder Berkeley Group (BKG) were 5% higher at £54.58 after it announced that it would return £1 billion of cash to shareholders over the next two years, an increase of £455 million...

Ibstock (IBST) is the UK's leading clay brick manufacturer and we think it could be a useful building block in any balanced investment portfolio.With close to 80% of new buildings using brick in their construction, you might reasonably be concerned about suppliers, like Ibstock, on signs of a slowing housebuilding market. However, we believe those concerns are misplaced.There are fundamental...

Ibstock(IBST) 245.2pLoss to date: 18.1% Original entry point: Buy at 299.4p, 10 May 2018The market already knew brick maker Ibstock (IBST) was a victim of delays associated with an exceptionally cool winter and early spring in the UK.However a 30 July trading update reveals that now demand has recovered, the company is unable to fully service its customer base thanks to issues in its...

Ibstock (IBST) 287.4pLoss to date: 4%Original entry point: Buy at 299.4p, 10 May 2018We recently updated on Ibstock (IBST) after a downbeat trading update on 24 May where it blamed cold weather for a subdued start to 2018.However, investment bank Berenberg notes a key item of news in rival brickmaker Forterra's (FORT) 22 May update which has positive implications for the sector over the...

UK construction output contracted for the first time in six months as 'The Beast from the East' hit business activity and civil engineering work.IHS Markit's Purchasing Managers' Index dropped sharply from 51.4 in February to 47 in March. A reading of over 50 suggests growth while one under 50 implies contraction.Unusually bad weather in the form of 'The Beast from the East' and 'Storm Emma'...

Demand for new homes continues apace but the investment case for the housebuilders is muddied by legitimate concern their margins may have peaked. We believe a better way to participate in new housing growth is through the brickmakers.The most attractive of the three UK-listed outfits, which encompasses Forterra (FORT), Ibstock (IBST) and Michelmersh Brick (MBH:AIM), is the third...

'Most investors' results will be determined more by how many losers they have, and how bad they are, than by the greatness of their winners.'Readers would do well to heed the wise words of the legendary Howard Marks, co-chairman of US-based Oaktree Capital Management.Indeed, the recent global equity markets sell-off has served to remind investors that equities can go down as well as...

Investment trust shares can trade either at a discount or a premium to their underlying assets or net asset value (NAV), depending on factors such as current market appetite for the strategy or the performance track record of the manager.While share prices that trade at a discount to NAV are quite common for closed-ended funds, sometimes these discounts become unduly wide or narrow and do not...

The UK's second-biggest brick maker Forterra (FORT) looks undervalued as its debt reduction plans progress ahead of schedule and demand from the housebuilding sector remains robust.We recently added its peer Ibstock (IBST) to our Great Ideas portfolio and Forterra trades at a significant discount to its larger rival. While Ibstock is on a 2017 price-to earnings (PE) ratio of 11.3 times,...

Leading UK brick manufacturer Ibstock (IBST) is a worthy building block for any ISA or SIPP (self-invested personal pension) ahead its full year results on 7 March 2017.We believe there are positive signs in the UK brick market not reflected in its undemanding equity valuation.Based on consensus forecasts the stock trades on a 2017 price-to-earnings ratio of 10.4 and yields more than...