UK smallcap opening - Just Retirement down as FY new business value below hopes |
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Published
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Tue, 08 Jan 2008 08:52
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LONDON (Thomson Financial) - Shares in Just Retirement fell 14-1/2 pence to 133-1/2 pence early on, as the UK specialist life assurer said its full-year new business value will be below its own forecasts, held back by weaker demand for equity release mortgages, as it unveiled an 18 pct increase in second quarter sales.In a trading statement, Just Retirement said its total post-tax new business value for the year to June 30, 2008 will be 'moderately below' its earlier forecasts.The company, which offers annuities and housing equity release schemes topeople approaching retirement, blamed a slowdown in the equity release market with the credit crunch taking its toll on house prices.Also down was Frontline, dropping 150 pence to 2,225 pence, as the Norwegian oil services group was hit by concerns about long-haul shippingprices, according to dealers.Carnegie said Frontline, which it rates as 'outperform', had been hurt bynegative news as Saudi Arabia raised the official selling price of its oil to US customers compared to January, but cut the price to Europe.Carnegie said that this should be seen as negative for tanker shares as theincentive to buy crude for long-haul voyages declines.tf.TFN-Europe_newsdesk@thomson.comhmb/ejbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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