Share Name Share Symbol Market Type Share ISIN Share Description
M&g Plc LSE:MNG London Ordinary Share GB00BKFB1C65 ORD �0.05
  Price Change % Change Share Price Shares Traded Last Trade
  4.15 2.26% 188.10 2,595,271 13:04:15
Bid Price Offer Price High Price Low Price Open Price
188.05 188.20 191.20 185.60 186.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 17,772.00 707.00 3.30 57.0 4,890
Last Trade Time Trade Type Trade Size Trade Price Currency
13:04:22 O 26,445 188.10 GBX

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06/7/202213:16M&G 2,330
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M&g Daily Update: M&g Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker MNG. The last closing price for M&g was 183.95p.
M&g Plc has a 4 week average price of 182.90p and a 12 week average price of 182.90p.
The 1 year high share price is 240.40p while the 1 year low share price is currently 168.85p.
There are currently 2,599,906,866 shares in issue and the average daily traded volume is 10,447,799 shares. The market capitalisation of M&g Plc is £4,924,223,604.20.
anhar: ...MNG should take advantage of this drop and start buying large quantities to take out a larger percentage effectively increasing earnings per share and capital available for dividend If they spend money on buybacks, how does that increase the capital available for dividends? It reduces it. Also some investors don't get that MNG and fund management in general is just not a quality business. What I mean is that in a bear market they will suffer disproportionately because the value of funds managed will fall for two reasons, first because of the fall in market prices and second because many investors tend to withdraw their funds as they become disillusioned with equities. Similarly bond funds fall as interest rates rise so again, not exactly a desirable place to invest. FMs may do okay in rising markets but can get creamed in falling ones, particularly if the fall is protracted over an extended period of years. That hits profits and may cause them to slash divis. This situation is why FMs rarely get high ratings from the market, though MNG has been treated even worse than the poor ratings usually afforded to this industry. Dunno why exactly but it could be its short track record perhaps. I still hold because this share is only a very small fraction of my large income port so I can take the risk that I am wrong, but I certainly wouldn't invest big in MNG.
gary1966: Share price was quite resilient with the general market falls on Friday. Looking like a second day of heavy falls, I am wondering how the share price will hold up today. I am cancelling my buy orders at 210p as I want to get a feel for the share price first thing. If ever there was a backdrop for filling that gap at 205p this is probably it but will depend on how GS play it. GLA
al101uk: Isn't a stock overhang where there is a large willing seller at a certain price that then prevents the stock from progressing? Isn't that exactly what Anhar exaplains happens with a share buy back? Rather than a seller dripping out their equity and capping the share price for an indefinite period of time, a buy back allows them to unload at their target price quickly and the market can then price the stock. In that situation the liquidity is removed from the market, while this is happening the share likely won't move much, but the position of the equity will be improved and the share price should be more resilient in the future.
martyre: The share price has now risen so no point you looking at the share price only when it is down.The buyback brings stability to the share price.It is not a coincidence that the share price increased by 3% on the day the share buyback started and has stayed positive ever since.Although there was similar negative comments about the Aviva buyback the share price has certainly benefited from the buybacks.
anhar: al101uk: Yes but I wasn't discussing the merits of BBs to the internal finances of the company, like the effect on eps etc., that's been done to death here and elsewhere and it was not my intention to prolong it. I was just commenting on the apparent view of some here that BBs will push up the share price due to a stock shortage at the point of the buys. It won't, the price will do whatever it does over the BB period in the normal way, regardless of the BB. I see that as a seperate issue from the whether BBs are beneficial, or not, to the actual business. In other words some here think that MNG is attractive just because the share price will rise due to the demand for stock created by the BB. It's this particular point I was contesting.
al101uk: Anhar, Good point, but it doesn't contradict anything that has been said about buy backs here. The key part of your explanation is: "...over the period of the BB." I think people look at this in two completely different ways, the bullish case is that the buyback generates a better ROI than investing in the business directly if the business can be bought cheaply. The bear case is: There's never any momentum generated from a buy back and you don't see the share price reflect the amount of money spent. These two views are not at odds with each other. I always imagine intrinsic value as the centre point of a peice of elastic. The share price can stretch the elastic up or down based on momentum, liquidity etc. That is where value is created. A buy back stretches the elastic, assuming MNG is cheap, it creates more value. That value should eventually be reflected in the share price, but just as anything else you invest in, it could be today, it could be in a year, it could be longer. You may also see that value reflected in "margin of safety", dividend cover, increases in dividends etc.
anhar: Few here seem to get it. A buyback makes no difference to the share price, it's just wishful thinking by naive small investors with little knowledge of the market to believe it does. Here's why: Buybacks are arranged by agreement with the adviser bank running it, Goldman Sachs in this case, and the major shareholders which includes those insts. that are happy to sell some MNG stock at a slightly favourable price due to the BB. It's all known in advance and is therefore in the price. So there is unlikely to be a stock shortage to drive up the price upon a BB purchase, due to those insts ready and waiting to sell into it. Just look at today, in a rising market MNG, as I write, has fallen despite a tranche of BB this morning. A share price depends on a variety of influences at any point, but BBs are not one of them. If MNG rises over the period of the BB, it won't have anything to do with that at all, but just the market rerating the stock. It could just as easily fall or go nowhere, either way the BB is irrelevant.
fenners66: al101uk - To an extent yes. Look at a company , it makes cash / profits does not over extend its balance sheet and the share price seems to us to be a bargain, so we buy. Then the shares go up , they go down , they stay the same. Some large shareholder wants out, "there's a share overhang" Some large buyer wants in "there's a share squeeze" Track a company from one year to the next between finals announcements - share price goes up and down... With this company it makes no products , its not unique , it can be well managed and expect to make a return every year , but the share price will go up and down because of lots of outside influences. In the long run if the management don't screw it up it should be fine - but management do screw up - or someone can come and disrupt their market and the share price craters. That's why I don't like really high earnings multiples - it just gives the opposition years to come up with something else.
fenners66: Pierre - look at where the prospective yield has been Sure there was room for share price growth - but that is out of a, my hands , b, the company's hands. But a sustainable dividend and that yield I will take my chances on, Now the share price goes up a few pence due to artificial demand and so what ? Does me no good. Costs more to buy more for a lower yield. Anyone could sell and then what ? Trade it ? Or try and find another company with similar prospects on a lower yield ? And when the buyback stops and the share price falls again - what did I get for the £500m ?
1jat: Agree fenners, the recent acquisitions plug gaps in MNG UK capabilities Ascentric - MNG Wealth platform Sandringham - IFA service TCF - discretionary fund management These enhance UK wealth propositions and have potential to increase MNG share of wallet from IFAs. Plus two distribution deals for Europe moneyfarm online sales Intesa SanPaolo bank distribution of a Prufund range for Europe. These last two can be replicated in many markets. Overall these deals show MNG management preparing/ positioning the business for growth. Growth is he spark that can send the share price higher. If these deliver and core fund management performance improvement is sustained we can expect a re-raring of the shares over the next 24months. Slow and steady progress will win the race here.
M&g share price data is direct from the London Stock Exchange
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