Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Aston Martin Lagonda
Sweeping board changes have been announced at Aston Martin Lagonda [LON:AML] this morning. Dr Andy Palmer, President and Group CEO is to leave with immediate effect, with Tobias Moers taking up the CEO post from August 1st. Tobias is currently Chairman and CEO of Mercedes-AMG. Three other directors, who had already said they did not intend to seek re-election in next week’s AGM, also stood down from the board on Friday.
Foxtons [LON:FOXT] has announced this morning that it is in the process of reopening its branches, with all outlets expected to be operating by June 1st. There’s also a top line update over business performance during the lockdown, with the 8 weeks to May 15th seeing a 44% decline in commissions and a 2% fall in mortgage broking. However last month’s successful share placing has helped bolster the company’s cash position, so even if the exit from the COVID-19 pandemic is uncertain, there’s something of a runway available as the company looks to return to BAU.
There’s a short note out from Stagecoach [LON:SGC] this morning, highlighting the government’s initiative to support transport operators as the country attempts to get back to work. The detail is however rather lacking and there’s little indication as to how any share of the money Stagecoach may receive would create a new and sustainable model. With the mantra being that the rampant overcrowding needs to end, it’s difficult to see how one-off grants can tackle this in the long term. A case of more questions than answers…
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