10 The Sunday Times July 30, 2017 BUSINESS

BRIEFING ALPHABET () TECH BUBBLE DANNY FORTUSON

Facebook’s stratospheric last week, are able to do so to be the go-to place for average price per ad unit rose THE ISSUE THE ANALYST growth is confounding until means that many advertising people to chat with customer by 25% in the latest quarter. COSTLY TRAFFIC WILL HEFFERNAN, CANTOR We’re the you stop and think about it. rivals are rapidly heading service bots. There is another factor at How is it that the company towards zero, from magazines Facebook, however, is play here: the more people Alphabet, parent of Google, released This was the third consecutive quarter that runs ads for Coca-Cola and newspapers to television significantly more powerful Facebook brings into the fold, second-quarter results last week that that traffic acquisition costs rose free fuel and Ford and Walmart is ads. (Google’s profits took a than those old services the smarter its algorithms get were generally solid but highlighted a as a percentage of ad revenue. This worth more than the three of hit, though, because of the because no matter where you at predicting what individuals significant increase in costs. implies a trend of rising traffic them combined? €2.4bn antitrust fine imposed are, it can find you — and want and when, making it Earnings per share for the quarter acquisition costs, which may Because all the old-guard by EU regulators.) send targeted ads. Businesses harder for other companies came in at $5.01, comfortably ahead of ultimately lead to pressure on margin powering companies are stuck trying to Last year the duopoly of don’t lose sight of you when to compete. And when market estimates of $4.45. Clicks on and average ad prices. However, the sell their stuff to us, and have Google and Facebook took you move home, for example. potential rivals do crop up, its ads were up 52% but the average results were still strong. to spend mightily to do so. 99% of the growth in For advertisers, the ability Zuckerberg simply buys price paid for ads declined by 23%. Earnings had a substantial beat and Facebook Facebook has flipped that advertising spending in to sink their claws into us no them, as he did with Traffic acquisition costs, the the monetisation potential from dynamic on its head: you and America. You can understand matter where we are or what Instagram and Whatsapp. percentage of ad revenue paid to YouTube’s 1.5m user base is huge. I are the product, and why. Facebook has become we are doing — nearly 90% of He need have little concern third-party partners that direct users It also won three times as many Facebook is selling us — or like the Yellow Pages — the Facebook’s turnover comes about Washington stopping to Google websites or ads, rose from cloud-based enterprise systems deals more specifically, rich, place where you can find just from mobile ads — is him. The Federal Trade 21% to 22% of revenue. This has as it did last year. targetable data about us — to about anyone, as well as cat irresistible. Which is why Commission, America’s increased as people move We believe YouTube’s potential, the fusty companies named videos and political screeds. Facebook can get away with antitrust watchdog, is missing increasingly to mobile browsing. The cloud momentum and mobile search above. Best of all: we’re free. Its Messenger platform aims jacking up its prices. The three of its five chiefs. And, other big negative was the European growth should be enough to offset It is an amazing model that just to be safe, Facebook is on Commission fine of $2.7bn (€2.3bn) headwinds from increased costs and has allowed the 13-year-old course to break its record for for an alleged abuse of its dominance declining ad prices. company to steamroll spending on lobbyists, forking in the search engine market. business maxims, such as the out $5.6m so far this year. Google law of large numbers, which All this has Wall Street very states that the bigger you get, excited. Morgan Stanley last THE BOSS $1,000 the harder it is to move the week upped its price target needle. Growth slows. for the company from $175 a 950 Not in Facebook’s case. share to $190, despite Sundar Pichai has been chief Last week, Mark Zuckerberg’s Facebook saying that revenue executive of Google since October 900 empire posted another set of may slow due to its declining 2015. Previously, he led the product dazzling figures: in the three desktop business. Shares management and innovation efforts 850 months to June 30 turnover closed at $172.45 on Friday. for a suite of Google’s search and rose to $9.3bn (€7.9bn), up Morgan Stanley is excited consumer products, including 800 45% year on year, while because, in its words: iGoogle, , Google profits surged 71% to $3.9bn. “Facebook’s ad rev growth Desktop, Google Pack and Google 750 Its core Facebook domain has and incremental margins . notched up 2bn users, while highlight how early it is in the Jan Feb Mar Apr May Jun Pichai has more than 15 years of its Whatsapp messaging platform’s monetisation and experience in developing hi-tech Source: Yahoo platform has 1bn daily users. potential earnings power.” consumer and enterprise products. Share price: $941.53; Market cap: The business’s market value Which comes back to you He received a BTech from the Indian $653bn (€556bn); EPS: $40.51; has ballooned to $494bn. and me. Like steel for Ford or Institute of Technology and holds an DPS: N/A; Top five shareholders: Companies this big aren’t corn syrup for Coke, we are MS in engineering and materials Vanguard, 6.68%, Blackrock, 6.06%, supposed to be capable of the commodity that the science from Stanford University, as Fidelity, 5.8%%, State Street, 4.01%, growing so fast. The fact that whole empire runs on. well as an MBA from the Wharton Capital Group, 2.8% Facebook and even larger Except, unlike those School of Pennsylvania University. tech giant Google, which feedstocks, we’re free. posted a 21% rise in turnover Zuckerberg: size no obstacle to growth for Facebook empire @dannyfortson

ISEQ FTSE 100 42 84.54 0.62% 1.13% H:7,157.43 H:7,599 DATABANK 6,663.49L:5,711.5 7,368.37 L:6,615.8 IRISH SHARES THE WEEK IN THE MARKETS THE ECONOMY

change Mkt cap change Mkt cap RISERS Consumer price index current rate annual change Rank by Mkt Cap € on wk high low yield P/E (€M) Rank by Mkt Cap € on wk high low yield P/E (€M) 7,250 DOLLAR Zamano: 6c, U 44.7% EUR > USD 0.1% -0.4% 1 Abbey 14.28 –0.14 15 11.85 1.27 7.8 306.2 31 Kennedy Wilson Europe (£) 11.53 +0.52 11.57 9.14 4.16 14.7 1454.3 Tullow Oil: £1.72, U 14.25% 6,750 Independent News & Media: 11c, U 6.8% Residential property price index current rate annual change 2 Allied Irish Banks 4.94 +2.68 9.5 4.4 2.95 12.55 13406.3 32 Kerry Group 75.45 –1.1 81.59 61.03 0.86 20.72 13287.8 2.2% 11.9% 33 Kingspan Group 28.38 –1.29 33.1 20.55 1.38 17.31 5082.3 3 Aminex 0.03 –6.06 0.09 0.01 0 62.09 112.9 6,250 FALLERS $1.17 Vehicles licensed for the first time June 2017 annual change 4 Amryt Pharma (£) 0.22 +2.3 0.3 0.13 0 – 46.4 34 Mainstay Medical International 16 +0 16 14.2 – – 105.8 Great Western Mining: 2c, V 25% U 0.01 5,856 -10.5% Permanent TSB Group: €2.13, V 13.5% 12-month high: $1.17 Average earnings per week prev. quarter qoq change 5 Applegreen 5.35 –1.65 5.44 4.02 0.35 21.13 432.4 35 Malin Corporation 12.5 +2.88 14.4 9.61 – – 529.1 5,750 Hostelworld: €3.24, V 6.1% low: $1.03 €717 €714 0.4% 6 Aryzta 27.2 –2.33 42.9 24.62 1.43 11.5 2414.2 36 Mincon Group 1 –0.99 1.1 0.59 2 20.51 210.5 POUND 5,250 Unemployment on last month annual change 7 Bank of Ireland 6.96 +0.59 8.04 4.74 3.08 11.09 7509.7 37 Origin Enterprises 6.65 –1.34 7.58 4.92 3.16 14.23 835.1 EUR > GBP MFJDNOSA J JMA 139,400/6.3% -4,800 -46,928 8 C&C Group 3.03 –4.42 4.2 2.99 5 13.01 938 38 Ormonde Mining 0.02 +1.25 0.04 0.01 – – 7.7 Source: Yahoo Manufacturing output current rate annual change 39 Ovoca Gold 0.1 +0 0.21 0.08 – – 7.7 9 Cairn Homes (£) 1.63 +2.03 1.67 0.93 0 34.49 1178.5 £0.89 2.4% 6% 10 CPL Resources 5.9 +0.85 6.3 4.8 2.15 10.89 182.2 40 Paddy Power Betfair (£) 75.85 +0.6 100.29 73.4 2.79 18.08 6398.3 DOW JONES CAC 40 Retail sales current rate annual change 21,830.31 5,131.39 W 0.00 11 CRH 29.73 –1.88 34.87 26 2.34 15.47 24847.6 41 Permanent TSB Group 2.13 –13.56 2.96 1.81 0 9.52 968 12-month high: £0.90 4.8% 4.1% 250.24 H:21,841.2 13.73 H:5,442.1 low: £0.82 12 Dalata Hotel Group 4.92 –0.69 5.35 3.75 0 14.23 903 42 Petroneft Resources (£) 0.02 +1.2 0.04 0.02 0 – 14.9 1.16% L:17,883.6 0.27% L:4,293.3 Irish trade latest month prev. month annual change YEN balance 13 Datalex 3.8 +1.36 4.15 3.2 1.48 44.38 281.4 43 Providence Resources 0.18 –3.74 0.24 0.1 0 – 107.6 €4.3bn €3.13bn 18.1% NASDAQ DAX YEN > USD Gross domestic Q1 2017 Q4 2016 annual change 14 DCC (£) 66.95 –3.53 80.3 57.8 1.89 20.49 5963.4 44 Ryanair Holdings 18.26 +1.16 19.61 10.97 0 14.05 21880.4 6,374.68 12,162.70 product -2.6% 2.5% 6.1% 15 Donegal Investment Group 6.15 +0 6.25 4.9 2.6 14.78 60.1 45 Smurfit Kappa Group 25.6 –0.81 27.7 19 3.37 11.71 6063 13.08 H:6,460.8 77.36 H:12,951.5 Budget surplus latest month prev. month of GDP 2016 0.63% L:10,092.5 16 FBD Holdings 8.5 +1.19 8.54 5.62 1.7 14.03 294.7 46 Total Produce 2.17 +1.59 2.23 1.42 1.51 16.62 693.2 0.20% L:5,034.4 ¥110.65 €2.48bn €383m 0.9% V 0.45 17 First Derivatives 33.6 +5.66 37 20.5 0.78 43.77 841.5 47 Tullow Oil (£) 1.72 +14.25 3 1.42 0 26.95 2373.5 S&P 500 FTSE EUROFIRST 12-month high: ¥118.66 18 GAN (£) 0.24 –4.08 0.44 0.23 0 – 16.5 48 UDG Healthcare (£) 8.43 +0.48 8.87 5.69 1.31 28.09 2093.4 2,472.10 1,486.32 low: ¥99.53 19 Glanbia 17.36 –0.54 19.6 14 0.89 17.97 5137.9 49 Zamano 0.06 +44.74 0.14 0.03 – – 5.5 0.44 H:2,484.0 6.06 H:1,559.7 0.02% L:2,083.8 0.41% L:1,292.2 OIL 20 Grafton Group (£) 7.43 +0.54 7.98 4.62 2.08 14.3 1760.7 DOLLARS/BARREL 21 Great Western Mining 0.02 –25 0.03 0 – – 8.9 NIKKEI SENSEX 22 Green REIT 1.46 +3.62 1.5 1.19 3.69 14.73 1008.6 19,959.84 32,309.88 139.91 H:20,318.1 280.99 H:32,672.7 $48.06 23 Greencore Group (£) 2.28 –2.19 3.04 2.15 2.61 13.3 1607 AIM IRISH COMPANIES 0.70% L:15,921.0 0.88% L:25,717.9 V 0.85 10-YEAR BOND YIELDS % 24 Hibernia REIT 1.42 +3.13 1.46 1.14 2.43 31.35 981.7 12-month high: $58.37 HANG SENG ALL ORDS low: $41.51 25 Hostelworld 3.24 –6.09 4.3 1.65 – – 309.6 change Mkt cap variation 12 months Rank by Mkt Cap € on wk high low yield P/E (€M) 26,979.39 5,755.24 GOLD high low 26 IFG Group (£) 1.52 +6.47 1.88 1.27 3.51 17.48 160.5 1 Connemara Mining Co 0.02 –1.41 0.03 0.01 – – 1.3 273.30 H:27,169.2 15.95 H:5,983.2 DOLLARS/TROY OZ IRELAND 0.85 U0.004 1.24 0.30 27 Independent News & Media 0.11 +6.86 0.15 0.09 0 5.08 151.1 2 Conroy Gold & Natural Resources 0.27 –4.46 0.38 0.12 – – 117 1.02% L:21,488.8 0.28% L:5,138.9 UK 28 Irish Continental Group 5.45 –0.07 5.66 4.02 2.3 16.8 1027.6 3 Karelian Diamonds Resources 0 –13.64 0.01 0 – – 2.8 SHANGHAI S&P TSX 1.21 U0.04 1.56 0.50 29 Irish Residential Properties REIT 1.36 –0.44 1.42 1.11 3.99 9.02 567.1 4 Minco 0.03 +16.13 0.03 0.01 – – 12.9 $1,267.82 3,253.24 15,128.65 US 2.29 U0.05 2.64 1.45 30 Kenmare Resources (£) 2.5 +0 3.66 2.05 0 7.46 274 5 Petrel Resources 0.04 +0 0.08 0.03 – – 3.7 15.26 H:3,301.2 54.48 H:15,943.1 U 16.16 12-month high: $1,367.38 0.47% L:2,932.0 0.36% L:14,319.1 low: $1,126.52 GERMANY 0.54 U0.03 0.59 -0.18

TOP 200 COMPANIES

Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Rank by Market cap Price Change 52-week Mkt Cap Yield P/E Yield P/E Yield P/E Yield P/E Price on week high low (£m) Price on week high low (£m) Price on week high low (£m) Price on week high low (£m) 48 3i Group 925.0 –9.5 944.5 604.5 2.8 - 8996.6 7 Diageo 2442.0 +156.5 2442.0 1956.5 2.4 25.6 61476.0 53 Land Securities 1015.0 –8.0 1133.0 939.0 3.7 71.0 8026.1 59 Sage 677.0 –14.5 756.0 599.0 2.1 29.9 7317.5 187 3i Infrastructure 194.3 –0.9 200.0 183.0 4.0 - 1998.6 92 Direct Line Insurance 371.2 –4.5 399.9 333.8 3.8 18.4 5104.0 34 Legal & General 265.1 +1.4 267.1 205.3 5.3 12.6 15787.6 87 Sainsbury, J 246.7 –0.3 281.7 222.3 4.7 14.9 5401.9 105 Aberdeen Asset Management 327.5 +8.8 348.6 248.3 5.9 24.6 4316.2 135 Dixons Carphone 268.3 +0.6 389.0 260.0 - 12.7 3094.3 13 Lloyds Banking Group 66.5 –1.6 73.1 52.0 3.8 31.7 47720.4 47 Schroders 3447.0 +103.0 3474.0 2580.0 2.5 19.8 9187.0 77 Admiral 2042.0 –11.0 2260.0 1732.0 3.5 26.0 5815.3 94 EasyJet 1275.0 –37.0 1431.0 873.5 4.2 20.4 5064.4 38 London Stock Exchange 3761.0 –25.0 3825.0 2621.0 1.0 60.2 13042.5 81 Scottish Mortgage 403.6 –4.4 418.0 292.8 0.7 - 5606.0 175 Aggreko 855.5 +15.0 1286.0 765.0 3.2 17.5 2191.2 148 Electrocomponents 619.5 –3.0 626.5 288.2 1.9 29.8 2735.4 156 Man 155.3 +1.3 161.2 108.3 4.9 - 2572.5 89 Segro 526.5 +16.0 531.0 403.3 3.1 7.5 5256.6 160 Alliance Trust 715.5 –3.5 721.5 553.0 1.8 - 2508.8 125 Evraz 236.2 +12.0 273.0 125.8 - - 3382.5 90 Marks & Spencer 323.4 –5.1 395.5 309.9 5.8 44.9 5254.4 93 Severn Trent 2152.0 –93.0 2553.0 2073.0 3.8 15.4 5080.0 31 Anglo American 1232.0 +140.5 1409.5 779.8 - 12.4 17304.7 36 Experian 1507.0 –10.0 1705.0 1383.0 2.2 22.0 14081.6 82 Mediclinic International 760.0 +28.0 1119.0 679.0 1.1 24.5 5601.2 149 Shaftesbury 978.0 –4.0 994.5 872.5 1.5 22.5 2728.7 46 Antofagasta 938.5 +52.0 951.0 480.7 0.3 95.8 9252.3 130 Foreign & Colonial 598.5 –4.0 604.5 477.9 1.7 - 3253.2 113 Meggitt 504.5 +9.7 509.5 406.7 2.9 23.1 3913.6 16 Shire 4262.5 +106.0 5323.0 4080.5 0.6 113.4 38692.4 161 Ashmore 352.9 –8.4 375.5 274.1 4.7 13.8 2496.3 42 Fresnillo 1516.0 –3.0 1983.0 1091.0 0.6 32.3 11171.3 102 Melrose 232.3 +0.9 786.0 138.0 0.3 - 4509.4 33 Sky 963.0 –7.5 1007.0 750.5 3.5 26.4 16554.1 52 Ashtead 1632.0 –56.0 1751.0 1152.0 1.4 16.3 8147.4 95 G4S 325.7 –4.3 341.1 179.8 2.9 25.0 5053.5 98 Merlin Entertainments 464.6 –7.3 537.0 425.9 1.4 22.4 4719.5 100 Smith (DS) 482.1 –0.8 490.2 380.1 2.8 21.9 4587.8 26 Associated British Foods 2962.0 +19.0 3172.0 2361.0 1.2 21.3 23449.4 83 GKN 322.2 –3.9 376.5 286.4 2.7 23.0 5533.5 140 Metro Bank 3729.0 +231.0 3834.0 2032.0 - - 2997.9 40 Smith & Nephew 1324.0 –1.0 1382.0 1067.0 2.0 18.6 11584.6 9 Astra Zeneca 4481.5 –670.5 5508.0 4007.0 4.8 19.1 56724.4 6 Glaxo Smith Kline 1518.5 –96.5 1722.5 1459.0 5.3 38.5 74677.6 91 Micro Focus International 2253.0 +58.0 2660.0 1892.0 2.4 38.7 5174.7 73 Smiths 1536.0 –32.0 1684.0 1242.0 2.7 14.2 6074.5 119 Auto Trader 378.5 –1.5 435.9 362.5 0.7 24.3 3681.8 14 Glencore 331.2 +17.7 344.7 174.1 - - 47682.6 58 Mondi 2003.0 –50.0 2116.0 1511.0 2.4 17.8 7355.8 190 Smith WH 1749.0 +44.0 1825.0 1447.0 2.5 17.8 1941.7 28 Aviva 534.0 +4.0 544.0 385.0 4.0 35.4 21600.6 200 Grafton Group Units 747.5 +8.5 794.5 469.0 1.7 19.0 1771.3 198 Moneysupermarket 332.0 –9.3 361.3 261.9 3.0 23.9 1798.8 86 Smurfit Kappa 2283.0 –32.0 2419.0 1683.0 2.6 14.8 5406.6 106 Babcock International 844.5 –12.5 1105.0 844.5 3.1 13.7 4269.8 182 Greene King 675.5 –3.5 840.0 649.5 4.7 10.7 2093.8 80 Morrison Supermarkets 240.6 –8.7 249.5 179.1 2.1 18.6 5619.6 181 Sophos 455.1 –8.1 484.5 224.9 0.4 - 2097.4 30 BAE Systems 605.0 –1.5 677.0 519.5 3.5 21.1 19263.1 189 Great Portland Estates 594.5 –26.0 739.0 587.5 1.6 - 1942.4 194 National Express 362.4 +2.1 380.0 334.7 3.4 15.8 1854.5 144 Spectris 2470.0 –106.0 2834.0 1847.0 2.1 265.6 2944.6 197 Balfour Beatty 263.3 –3.6 298.4 220.5 0.3 - 1816.1 171 GVC Holdings 770.0 –0.5 819.5 594.0 - - 2315.1 19 National Grid 934.7 –19.3 1206.6 922.5 5.1 17.9 32053.2 108 Spirax-Sarco 5555.0 –90.0 5760.0 3949.0 1.3 33.8 4085.2 17 Barclays 205.1 +0.1 239.2 146.0 1.5 15.7 34933.2 107 Halma 1094.0 –11.0 1178.0 886.5 1.2 31.9 4148.3 157 Nex Group 664.0 –7.0 848.8 464.5 5.8 25.9 2521.4 184 Sports Direct International 368.0 +14.9 369.0 268.3 - 9.8 2032.7 37 SSE 1379.0 –94.0 1599.0 1379.0 6.5 8.7 13905.9 71 Barratt Developments 613.0 +0.5 615.0 422.0 3.0 10.9 6172.9 101 Hammerson 573.5 –22.0 609.5 530.5 4.0 14.3 4549.1 79 Next 3865.0 +38.0 5680.0 3617.0 4.1 8.8 5683.7 69 Hargreaves Lansdown 1342.0 –11.0 1447.0 1148.0 1.8 32.4 6365.4 166 SSP 506.5 +12.3 506.5 315.0 1.1 31.9 2407.0 137 BBA Aviation 297.8 –8.2 323.7 235.0 3.4 - 3072.6 99 NMC Health 2260.0 +30.0 2371.0 1102.0 0.3 39.5 4616.8 186 Hastings 304.5 –5.3 323.5 190.4 1.8 25.6 2001.2 49 Standard Life 432.7 +8.9 434.3 297.9 4.3 23.3 8565.1 151 Beazley 510.0 –1.0 514.0 361.9 2.0 13.9 2681.1 192 Ocado 300.0 +5.8 325.0 238.5 - 167.6 1890.2 164 Hays 167.8 +0.5 174.6 115.6 1.7 18.8 2421.3 24 Standard Chartered 827.1 +13.4 841.2 589.6 - - 27219.9 114 Bellway 3155.0 +29.0 3157.0 2012.0 3.4 9.2 3874.2 45 Old Mutual 194.8 –4.9 229.1 184.9 4.6 19.3 9603.6 146 HICL Infrastructure 159.6 –0.4 185.1 159.5 4.9 - 2852.3 67 St James’s Place Capital 1211.0 –8.0 1238.0 907.5 2.4 56.8 6401.2 176 Berendsen 1267.0 –21.0 1292.0 733.0 2.5 23.8 2187.2 145 Paysafe 589.0 +10.0 589.0 305.7 - 26.0 2854.6 126 Hikma Pharmaceuticals 1399.0 –20.0 2676.0 1353.0 1.8 26.1 3365.2 199 TalkTalk 188.3 +2.7 235.6 152.5 8.4 31.4 1798.3 97 Berkeley 3472.0 +55.0 3472.0 2330.0 5.8 10.6 4782.3 84 Pearson 667.0 +23.5 896.5 573.0 7.8 - 5486.6 115 Hiscox 1353.0 –4.0 1364.0 982.0 1.8 11.7 3866.0 134 Tate & Lyle 669.5 –15.0 807.0 659.0 4.2 12.4 3111.1 23 BHP Billiton 1364.0 +58.5 1480.5 937.4 1.8 36.2 28807.7 128 Pennon 791.5 –32.5 944.0 768.0 4.3 20.0 3296.2 174 Homeserve 722.5 +12.5 787.5 523.0 1.8 30.6 2244.9 72 Taylor Wimpey 186.9 +2.0 203.3 138.9 0.9 10.4 6115.3 120 B&M European 359.4 +18.5 370.4 232.5 1.4 25.1 3594.0 155 Pershing Square 1080.0 +1.0 1250.0 1066.0 - - 2593.4 150 Howden Joinery 427.8 –2.1 475.7 356.0 2.4 14.6 2692.6 188 Templeton Emerging Markets 716.0 –3.0 720.5 550.0 1.2 - 1991.4 124 Booker 192.8 –0.8 212.3 168.0 2.4 22.5 3436.9 54 Persimmon 2483.0 +22.0 2496.0 1636.0 4.4 12.6 7663.1 1 HSBC 743.6 +8.5 756.3 482.8 5.6 310.0 149092.8 35 Tesco 173.3 –1.9 218.7 154.0 - 213.9 14189.3 4 BP 443.6 –2.7 519.3 413.9 7.2 49.8 87308.3 142 Phoenix Group Holdings 760.0 +2.0 893.5 697.5 6.0 - 2985.7 173 IG Group 614.5 –32.5 959.5 450.7 5.1 13.3 2255.1 152 TP Icap 481.6 –1.4 493.3 325.8 5.8 28.0 2668.7 3 British American Tobacco 4960.0 –525.0 5643.0 4258.5 3.1 19.9 92476.7 138 Playtech 957.0 –11.5 1016.0 767.0 2.7 19.1 3037.0 129 IMI 1208.0 –91.0 1319.0 911.0 3.2 25.2 3285.5 117 Travis Perkins 1503.0 +39.0 1702.0 1331.0 3.0 300.6 3773.7 70 British Land 607.0 –14.5 674.0 578.0 4.8 41.3 6251.0 112 Polymetal International 911.0 +9.0 1190.0 731.5 2.0 12.1 3918.3 20 Imperial Brands 3315.5 –181.5 4139.0 3315.5 4.7 31.2 31786.1 61 Tui 1197.0 +3.0 1218.0 964.0 4.5 17.9 7026.9 193 Britvic 708.0 –2.0 725.5 523.5 3.5 16.6 1866.7 68 Paddy Power Betfair 7570.0 +30.0 9950.0 7410.0 1.7 - 6375.9 127 Inchcape 801.5 +21.0 859.5 590.5 2.6 18.8 3342.8 167 Tullow Oil 172.2 +22.0 333.6 145.6 - - 2381.7 21 BT 310.4 +2.0 413.4 282.0 4.7 16.2 30917.6 153 Indivior 368.2 +51.8 372.8 279.3 2.6 19.7 2654.7 136 Provident 2086.0 –280.0 3320.0 2086.0 6.4 14.8 3091.8 147 UBM 705.5 +14.0 764.5 661.0 3.4 35.1 2779.1 158 BTG 652.5 –16.0 730.0 534.5 - 75.9 2517.0 78 Informa 697.0 +22.0 733.5 629.5 2.8 27.9 5743.3 15 Prudential 1809.5 +9.5 1834.0 1304.5 2.2 24.1 46790.5 183 UDG Healthcare 841.0 +2.0 866.5 581.5 1.2 35.2 2088.4 55 Bunzl 2272.0 –6.0 2465.0 1988.0 1.7 28.5 7630.7 121 Inmarsat 779.5 –4.5 870.0 603.0 5.4 23.2 3554.8 65 Randgold Resources 7050.0 +95.0 9025.0 5470.0 1.1 31.8 6626.6 10 Unilever 4327.0 –51.0 4389.0 3092.0 2.7 24.3 55390.7 56 Burberry 1716.0 +73.0 1818.0 1247.0 2.2 26.4 7522.6 51 Intercontinental Hotels 4294.0 –23.0 4468.0 3148.0 2.0 26.2 8158.2 11 Reckitt Benckiser 7351.0 –530.0 8108.0 6514.0 2.1 24.6 51673.4 76 United Utilities 871.5 –20.0 1056.0 854.5 4.4 13.7 5942.7 165 Capital & Counties Properties 285.3 –15.9 324.8 263.1 0.5 98.4 2418.7 159 Intermediate Capital 897.0 –11.5 920.0 564.0 2.8 12.0 2516.4 177 Redrow 588.0 –3.0 593.0 322.9 1.7 9.3 2174.4 180 Vedanta Resources 768.0 +57.5 1102.0 489.4 5.0 - 2128.1 103 Capita 665.0 –9.0 1061.0 452.4 4.9 119.8 4437.5 63 Intertek 4304.0 –16.0 4441.0 3038.0 1.3 27.5 6946.2 18 Relx 1651.0 +7.0 1717.0 1282.0 2.0 29.6 33787.4 8 Vodafone 220.3 –5.7 239.7 190.5 5.5 - 58652.5 44 Carnival 5075.0 –95.0 5245.0 3349.0 2.2 17.5 10829.5 39 International Airlines Group 593.5 +3.5 633.5 362.7 3.0 8.2 12450.7 139 Renishaw 4157.0 +161.0 4168.0 2416.0 1.1 40.2 3025.8 109 Weir 1863.0 –36.0 2083.0 1408.0 2.4 93.2 4066.0 191 Centamin 165.6 +4.2 190.5 114.9 8.4 12.8 1907.9 178 International Public Partnerships 160.6 –0.1 162.6 151.5 4.1 9.4 2167.8 88 Rentokil Initial 286.7 +8.9 290.8 206.0 1.2 7.7 5267.6 60 Whitbread 3854.0 –65.0 4307.0 3408.0 2.4 16.7 7068.0 43 Centrica 201.4 –4.1 241.1 192.2 6.0 6.5 11062.6 122 Intu Properties 259.4 –19.1 317.0 259.4 5.3 23.2 3515.0 110 Rightmove 4305.0 +3.0 4346.0 3631.0 1.1 31.6 3982.3 179 William Hill 251.4 +1.9 333.7 246.6 5.0 13.4 2156.5 195 Cineworld 683.0 –14.0 740.0 534.5 2.6 22.5 1849.8 116 Investec 579.5 –13.5 627.5 444.2 3.7 11.9 3807.9 12 Rio Tinto 3504.0 +151.0 3679.5 2257.0 3.4 17.0 48275.8 196 Witan Investment Trust 1027.0 –4.0 1035.0 796.0 1.9 - 1833.6 172 Close Brothers 1513.0 –13.0 1715.0 1242.0 3.8 11.6 2295.3 62 ITV 173.7 –3.5 219.6 165.0 3.7 15.6 6992.1 141 RIT Capital Partners 1934.0 nc 1952.0 1700.0 - - 2985.8 41 Wolseley 4500.0 nc 5145.0 4142.0 2.2 25.4 11388.5 131 Cobham 133.4 +0.4 175.4 110.7 5.8 - 3189.6 143 IWG 324.5 +2.5 365.2 237.8 1.4 22.1 2967.1 32 Rolls-Royce 929.0 +7.0 942.0 639.5 1.3 - 17094.9 169 Wood 615.5 +3.5 894.5 601.0 4.2 104.2 2358.4 50 Coca Cola HBC 2285.0 +35.0 2397.0 1519.0 1.5 28.2 8325.1 154 Jardine Lloyd Thompson 1186.0 –5.0 1224.0 947.5 2.7 22.0 2597.8 185 Rotork 233.1 –19.9 267.4 194.6 2.2 30.3 2028.3 57 Worldpay 375.0 –4.5 408.0 256.6 0.2 56.8 7500.0 25 Compass 1604.0 –6.0 1757.6 1370.7 2.1 22.9 26379.2 123 JD Sports 359.0 +0.7 456.0 251.6 0.4 19.5 3493.9 22 Royal Bank Of Scotland 246.8 +0.2 269.0 170.4 - - 29310.1 29 WPP 1551.0 –49.0 1921.0 1536.0 3.1 14.4 19767.0 74 Convatec 310.7 –2.5 344.0 225.0 - - 6063.2 85 Johnson Matthey 2797.0 –83.0 3540.0 2774.0 2.6 13.9 5413.1 2 Royal Dutch Shell A 2115.5 +36.5 2282.5 1798.5 7.1 28.1 94704.5 27 CRH 2667.0 –50.0 2920.0 2230.0 2.0 21.0 22303.7 162 Jupiter Fund Management 532.5 –11.0 546.5 393.4 2.8 17.2 2437.2 5 Royal Dutch Shell B 2131.5 +45.0 2377.5 1882.5 7.1 28.4 79835.0 Price/earnings ratios are based on historic data, with yield and p/e values 96 Croda 3691.0 –189.0 4020.0 3072.0 2.0 25.1 4987.4 104 Just Eat 636.5 –65.0 715.0 496.0 - 60.6 4323.8 111 Royal Mail 396.7 +2.2 525.0 391.8 5.7 14.5 3967.0 calculated from the most recent reported dividends and earnings per share, 168 CYBG 267.7 –4.0 302.2 249.4 - - 2363.3 132 Kaz Minerals 699.0 +60.0 707.0 157.6 - 21.6 3122.6 118 RPC 899.5 +12.0 1079.0 720.5 2.0 24.4 3732.3 using trailing 12-month figures. 52-week highs and lows are end of day. 75 DCC 6685.0 –255.0 7540.0 5860.0 1.5 29.7 5954.5 66 Kingfisher 298.9 –2.9 386.2 293.6 3.4 11.1 6571.4 64 RSA Insurance 651.0 +7.5 654.0 493.2 1.8 147.9 6657.1 nc = no change Data provided by Morningstar. Any enquiries please contact: 133 Derwent London 2800.0 –27.0 3007.0 2359.0 1.6 53.2 3120.6 163 Ladbrokes Coral 126.7 +8.0 162.0 111.3 2.4 - 2425.9 170 Saga 207.9 –0.6 225.9 182.7 3.7 14.9 2324.3 [email protected]