Optimism at Gerrard & National lifts shares
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Your support makes all the difference.SHARES in Gerrard & National Holdings, the City discount house, rose 26p to 306p as the group indicated that it was doing well against a recessionary background.
Gerrard & National said that its market-making subsidiaries in the first six months to the end of July 'faced turbulent conditions in the money and bond markets but made profits in both quarters.
Analysts reckon that the discount house and market-making in British government stocks - the gilt-edged market - made more than pounds 3m after tax.
In uncertain currency markets, the group had a successful six months in the futures and options market and profits continued 'an upward trend.'
Profits for the six months at Gerrard Vivian Gray, the stockbroking division, were higher than those for the same period last year because of increased growth in institutional investments.
At LM (Moneybrokers) lower overheads helped to boost profits as trading conditions in stock borrowing and lending improved.
The dividend for the half year has been maintained at 6p a share.
For the full year, analysts are expecting net profits of pounds 13.2m compared with pounds 12.13m, and a dividend payout of 22p a share compared with 20.5p.
Announcing the results yesterday, Brian Williamson, group chairman, said: 'The directors believe this improvement in the quality of earnings of the group will continue in the second half.'
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