Transatlantic's hot property
Tuesday 08 August 1995
Those moves made interim figures announced yesterday largely academic. For the record, they showed an underlying rise in pre-tax profits from pounds 40.5m to pounds 49.4m at Transatlantic and pre-tax profits for Capital's first interim period of pounds 22.3m. Transatlantic's shares, unchanged at 322p, and Capital's, 4p higher at 214p, confirmed that the market learnt little yesterday that it did not already know.
The problem with assessing Transatlantic is that its prospects depend on how it spends a war chest of up to pounds 700m. Chairman Donny Gordon has made it clear that he remains committed to the long-term insurance industry but the market is wisely waiting to see what that actually means.
Easier to judge is the future of Capital Shopping Centres. Out of town shopping centres are far and away the most buoyant area of the property industry as John Gummer's late conversion to green policies fails to stem the flow of shoppers away from town centres. The value of those centres that have already slipped through the planning net has only been boosted.
Against that tightening regime, buying the Metro Centre was a major coup and shareholders will eventually benefit. Having floated at 230p on an ambitious 13 per cent premium to net assets in March 1994, the shares have gone nowhere but they remain a good long-term bet.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Gamers confess the worst things they've done in The Sims
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...