ii view monthly round-up: November 2024

Monthly round-up for November

November saw UK larger cap companies making progress. The FTSE 350 index gained 2.1%, taking its year-to-date gain to 6.9%.  

During the month, Prudential (LSE:PRU) detailed 2024 profit hopes that beat City forecasts. All 24 of the savings and life assurer’s Asia and Africa focused markets grew sales during the latest quarter. Pru’s estimated full-year new business profit growth of 9% to 13% to $3.4-or-$3.5 billion topped analyst forecasts of $3.2 billion.

Office and shop owner Land Securities Group (LSE:LAND) reported a return to profit, helped by stabilised property values, increased rent takes and cost saving initiatives. The owner of MediaCity and a two-thirds stake in Kent shopping centre Bluewater detailed a net asset value of 873p per share, up from 863p a year ago. A 2.2% increase in the interim dividend to 18.6p per share leaves the stock on a historic income yield of over 6%.

UK tech titan Sage Group (The) (LSE:SGE) alleviated fears regarding slowing growth. The accounting software provider outlined quarterly sales stripped of acquisitions up 9.2% compared to 8.9% in the prior quarter. A boost to shareholder returns came via a new £400 million share buyback programme. Sage has upped its dividend payment for more than 20 years running. 

Specialist engineer Smiths Group (LSE:SMIN) summarised trading over its start to the new 2025 financial year as ‘outstanding.’ Sales grew across all four group divisions. The FTSE 100 company supplies niche products to industries including oil and gas, chemical makers, pulp & paper makers as well as aircraft manufacturers. Smiths now expects full-year organic revenue growth of 5-7%, up from a previous 4-6%. 

Elsewhere, shares in energy sector focused engineer and consultant John Wood Group (LSE:WG.) plunged. That followed news that a review of the company’s accounts is to be carried out by Deloitte. Shares for the FTSE 250l company more than halved during November on the uncertainty despite maintaining full-year profit expectations. 

Drugs giant AstraZeneca (LSE:AZN) suffered too. Investigations in China into former and current employees over allegations of medical insurance fraud, illegal drug importation and personal information breaches remained ongoing. News of an 11% rise in nine-month earnings to $6.12 per share was aided by a 22% jump in cancer treatment sales. 

Housebuilder Vistry Group (LSE:VTY) remains in the news. A second profit warning within a month came as the affordable homes builder outlined more details regarding previously flagged build cost discrepancies. The relatively newly promoted FTSE 100 company is now in danger of demotion back to the FTSE 250 index. 

Over in the US, shares in retailer and data hosting provider Amazon.com Inc (NASDAQ:AMZN) outpaced AI darling NVIDIA Corp (NASDAQ:NVDA). Amazon sales and earnings beat Wall Street forecasts, helped by an ongoing streamlining of its international retailing operations. 

Computer chip maker Nvidia missed the very highest of analyst next quarter sales projections despite having detailed a doubling in earnings for the quarter just gone. Amazon shares rose 10% in November – Nvidia by 1.9%. 

Finally, and away from technology, US retailing mammoth Walmart Inc (NYSE:WMT) upped 2024 sales and profit hopes. That came as US consumers lent on the Dow Jones company’s size and firepower to offer product value in tough economic times. Walmart shares gained 12% in November.