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No Interest Rate Hike Likely As Fears For Economy Keep Bank Of England On Hold
Serco enjoyed its best day of trading in over a year after UBS declared that the embattled sector was nearing the end of a hellish five-year restructuring phase.
The broker said that 2018 will be the first year the sector will return to structural growth with recent profit warnings plaguing Serco, Mitie, Capita and Carillion as long-term contracts “overstretched” outsourcers one by one.
Cherry picking Serco as his star pick of the sector, analyst Rory McKenzie said that the company had now joined G4S on the “return to ascendency”, upgrading it to “buy”.
The sector needed to “rebase activities and execute on turnarounds”, UBS said, adding that Serco had now entered the final stage of the painful process to lift it 9.1p to 117.p, a 8.4pc rise. UBS told clients that
G4S’ recovery had now been sufficiently priced in to send the outsourcer sliding 9.4p to 238.5p.
Elsewhere, French supermarket Carrefour’s 15pc intraday plunge after issuing a profit warning and predicting a tough second half of the year added to fears that London-listed grocers are on the decline.
Tesco suffered most, slipping 1.5p to 180.9p, while rival
J Sainsbury pared early losses to dip just 0.2p to 235.6p.
Manufacturing data in China indicating continued robust demand in the Asian powerhouse lifted the FTSE 100’s mining stocks. Iron ore surging on the Chinese steel purchasing managers’ index pushed
Anglo American 38.5p higher to £14.03 while Chile-focused copper miner
Antofagasta jumped 20p to £10.35 after Jefferies upgraded it to its “buy” list.