Ecclesiastl.8fe Discussion Threads

[joey52] 17/8/2023 12:10

As it is a Non-cum preference share, have they misses any payments.
I can't see any.

[davebowler] 17/8/2023 10:54

Bargain at 7.19% yield!

[cwa1] 25/5/2023 08:11

XD today, pay day 30/6

[jonwig] 17/3/2023 07:18

Annual esults:



They say:

Despite the challenging external environment, our businesses performed strongly in 2022. Gross Written Premiums (GWP) grew 15% from £486m to £559m, driven by new business wins, strong retention and rate strengthening, along with the impacts from the inflationary environment.

Strong underwriting profit of £27.4m, a significant increase on the previous year of £8.8m.

Bottom line is a loss owing to falling investment values. Back to sleep for another six months? But will CBs be forced to end tightening early in order to rescue banks?

[rik shaw] 28/9/2022 07:55

Thanks for posting these. I first bought in 2012 and they've give me a steady dividend over the years with a couple of trades out and back in to enhance the yield.

[jonwig] 28/9/2022 07:39

HY results:



Loss caused by fair value reduction in investments. Prefs dividend for HY (£4.6m) well covered by cashflows after prior charges.

Yield about 6.8%.

[jonwig] 30/7/2022 07:08

There is a new factor: insurance risk.

In their last results (to 31 Dec) they had an excellent year of underwriting profits and investment returns. In the meantime, underwriting losses and inflation claims have sppoked the general insurance sector, whilst we all know that H1 2022 has been lousy for both bonds and equities.

I can see the HY results to 30 June (in September) reflecting this. The prefs account for £9,181,000 pa in dividends, compared with around £25m in charitable donations (plus a special profit-related donation of £5m last year).

This is, for the present, something to be aware of rather than react to.

[skyship] 29/7/2022 21:09

Posted this on the GACA thread today:
===================================

Some strong buying today:

# 417k bought between 122.5p - 123.7p
# 80k sold ~ c122.0p
Yld @ 123.7p = 7.17%

ELLA had a very strong day closing at 134p-136p. Yld = a mere 6.34%

Time for a rise in GACA methinks...

[rhino col] 29/7/2022 19:16

Nice steady rise, as jonwig said, don't panic !! Fixed income seeems to have bottomed out( at least in what I'm watching) Seems to be some good yields out there.

[badtime] 29/7/2022 16:35

Quite a bit of strength in these today

[jonwig] 22/6/2022 14:59

Bailey incompetent at BoE? "It's too early to say". The press need a daily fix, the gov't need a scapegoat. We don't know how this will pan out. (Nor do Bailey, Sunak.)

Supply-driven inflation (covid, China lockdown, Ukraine) isn't cured by monetary means (ie BoE rate hikes), it's more like a tax on consumers anyway. Government needs to tighten fiscal policies, in particular to restrain wage demands which are driven by dinosaur muscle power, but give moderate pay rises where they are the employer and they're deserved.

Who knows that the Fed has it right? Maybe they have overdone it already and recession looms? Here in UK, if price rises don't become parabolic after October, RPI/CPI will fall back (do the math) and maybe to 2%.

[essentialinvestor] 22/6/2022 14:21

I am usually polite!.

Perhaps the BOE sees a more gradual approach inflicting less collateral damage.

[my retirement fund] 22/6/2022 14:05

engender confidence ?- that's putting it mildly. Bailey has got to be one of the worst governors they have had since it was given independence, the guy only has to make a public appearance and sterling crashes further against the dollar. A utterly clueless civil servant by nature, inept to the core.

With future governments, its quite likely his legacy will pave the way to the BOE being brought under the treasuries direct control.

[essentialinvestor] 22/6/2022 14:00

Interesting to contrast the FED's far more aggressive monetary response with the BOE's
gradual approach. Bailey does not engender much confidence - highly subjective view to be fair.

[cc2014] 22/6/2022 13:49

Who knows where the bottom is? All I see is that inflation has to be squashed and the BOE aren't acting fast enough, which means the eventual peak is likely to be higher than it might have been.

Still at least we have choices now. All the prefs, bonds and bond funds are much cheaper than they were.

[jonwig] 22/6/2022 12:56

Compared with most fixed rate annuities, this must be a splendid hold. (Just don't panic!)

And when the tightening stops, a strong buy. (Neither the Fed, the BoE nor any of us has that one figured out yet.)

[my retirement fund] 22/6/2022 12:40

every day a down day

[rhino col] 21/6/2022 14:17

Stand corrected xd is 26/5/22. We need the divi to partially compensate these falls in the share price !!!

[cwa1] 21/6/2022 09:44

FWIW my notes say XD 26/5/22 and pay day being 30/6/22

[rhino col] 21/6/2022 09:19

Think it went xd 20/5. pays 30/6

[my retirement fund] 21/6/2022 08:59

when did they go ex ?

[jonwig] 30/4/2022 07:37

tournesol - all of what you say is correct, and even more correct when SETS (AT trades) is in operation. But with O trades through MMs (as here with ELLA), the ADVFN algorithm fails to pick up what is actually going on.

Over the past few days, the "quote" was something like 138-144 whereas two-way trading was in reality between 138 and 138.5. Yesterday trades were mostly at the higher figure suggesting that the trades by now are mostly buys from MMs. My own trade seemed to confirm this. It made me feel a bit more comfortable!

I would guess it's likely there are only two MMs at work here, and they have been happy to sow confusion for some reason.

[tournesol] 29/4/2022 22:04

Rhino

"...I bought a few earlier in the week and they were recorded as a sell….

No they really weren't.

They were recorded as a transaction in which one party sold and the counter-party bought. So they were both a buy and a sell.

When people refer to transactions being buys or sells, they generally consider only the side of the transaction that is not the market maker. So they mean it's a buy from the MM (who is selling) or it's a sell to the market maker (who is buying).

The problem is that transactions are not recorded in a manner which makes it explicit and unambiguous whether its a buy from a MM or a sell to an MM. All that is published is the quantity and the price and the amount (ie qty x price) AND the time the transaction is recorded.

Services like ADVFN make a guess as to the buy/sell nature of the transaction by comparing the deal price with the bid/offer spread at the time the tx was recorded. If the price was close to the bid, the tx is presumed to be a sell. If it's close to the offer, the presumption is a buy. BUT those presumptions are fallible. Delays in reporting/recording mean the tx price is often not being compared to the contemporaneous bid/offer price. Orders which are worked in chunks through the day will have inconsistent bid/offer prices. Wide spreads might result in buys near the sell price or vice versa. All of which means the often referenced buy/sell statistics are worth diddly squat.

The best way of figuring out if investors are selling to MM's or buying from them is the share price. If the price goes up, there are more buys than sells. If the price goes down then the reverse is true.

HTH

[cousin jack] 29/4/2022 20:08

That's a good price Jonwig. I bought a few days ago at a shade over 142 and thought I'd done well until you posted !

If they are available again around 137 on Tuesday I will probably add. Given that other prefs are holding steady I'm puzzled at Ella's drift , but as Rhino indicates there doesn't appear to be any obvious reason.

[rhino col] 29/4/2022 20:00

Yeah, I bought a few earlier in the week and they were recorded as a sell.Keeping a close eye on these but to date can't find anything untoward. Maybe it's the intrest rate hikes.