Key Announcement on Management Changes Lifted Barclays on Monday
Barclays rose by 0.9%
The stock of Barclays (BCS) rose after the company announced that its new deputy chairman and senior independent director was to be Sir Gerry Grimstone, formerly the chairman of Standard Life, an insurance company. Before this appointment, Barclays had also confirmed former JPMorgan Chase (JPM) banker Jes Staley as its new chief executive. These key appointments were welcomed by investors and traders, boosting the company’s stock.
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Financial banks gained on the day when global financial regulators issued new rules with the objective of preventing banks from becoming “too big to fail.” Hence, stocks of the above banks, as well as HSBC Holdings (HSBC), rose on the day. HSBC rose 0.3% on November 9.
On November 9, the stocks at the top of the iShares MSCI United Kingdom Index ETF (EWU) were Tullow Oil (TLW-LON), Aggreko (AGK-LON), and Aberdeen Asset Management (ADN-LON). These stocks rose 4.5%, 3.5%, and 1.8%, respectively, on the day.
The stocks at the bottom of the EWU ETF on November 9 were Glencore (GLEN), Intercontinental Hotels (IHG-LON), and Intu Properties (INTU-LON). These stocks yielded -5.3%, -4.8%, and -3.7%, respectively, on the day.
The utility sector weighed heavily on the EWU ETF as the stocks were downgraded and their respective price target lowered. United Utilities Group (UU-LON), Centrica (CNA-LON), and Severn Trent (SVT-LON) fell by 2.3%, 3.7%, and 2.6%, respectively, on November 9. However, National Grid (NGG) rose 0.2% on the day as Deutsche Bank (DB) reiterated a “Hold” rating on the stock.
Intercontinental Hotels (IHG-LON) denied press reports that stated that the company was considering a merger and acquisition.
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