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Weekend Roundup - At last, better news on inflation




Returns of selected markets over the last week and since 1st January. This week is sorted by the week. Sorted by the last year can be found at the end of this post.


Last weekend, I said, “Let’s hope the UK can follow suit and post some better-than-expected numbers”. Well, at last, it did. June inflation numbers came in below expectations at 7.9 per cent, and core inflation also fell short of forecasts. The UK reacted enthusiastically to the news, with equities rebounding (the top lines of the table above) and gilt yields falling (the bottom lines of the table above). Sterling dropped as interest rate expectations eased.


There should be further progress in the coming months as energy prices drop and food inflation moderates.


Further interest rate increases are likely in the UK, US and the Eurozone as central banks have painted themselves into a corner.


JIC Portfolio

The JIC Portfolio is down 7.9 per cent in 2023 v +4.9 per cent for the FTSE All-Share (TR) Index.

For the five years to 21 July 2023, it is up 46.2 per cent. Over the same period, the FTSE All-Share TR Index was up 18.4 per cent.


The AIM All-Share is down 6.8 per cent this year, the FTSE 250 is up 3.8 per cent, and FTSE Small Cap is up 2.0 per cent.


JIC Funds' Portfolio

The Funds’ Portfolio is down 2.3 per cent this year v +9.1 per cent for the FTSE All-World (GBP, TR) Index.

It is up 25.2 per cent since its inception in July 2020. Over the same period, the FTSE All-World GBP TR Index is up 36.2 per cent.


Big Movers over the last week


Positives: Howden Joinery +10.9 per cent, Hargreaves Lansdown 10.4 per cent, Harbour Energy +8.8 per cent and Niox +7.7 per cent

Negatives: The worst was Me Group -7.8 per cent.


New Three-Month/All-Time Highs last week

Hargreaves Lansdown, Harbour Energy, Howden Joinery, Bioventix, Niox,

New Three-Month Lows

IG Design, SDI Group, NextEnergy Solar Fund, and Serica Energy.


Trades and News

A fantastic update from Niox, a solid update from Bloomsbury and encouraging updates from Hargreaves Lansdown and Glencore.

IG Group and Howden Joinery posted good results.

No trades in either portfolio.


Ex-dividends and Upcoming Events

Based on last year, there could be updates from Sylvania Platinum and results from SDI Group next week.

On Tuesday, Unilever posts half-year results and on Wednesday, Ecora updates on q2 trading.

Bloomsbury goes ex-dividend 10.34p on Thursday.


Cash Holdings

0.4 per cent in the JIC Portfolio and 0.2 per cent in the Funds' Portfolio.

32.4 per cent of the JIC Portfolio comprises six commodity holdings – up from 31.8 per cent last week.


Enjoy the weekend.


Next week, I will review the Funds' Portfolio.






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