Share Name Share Symbol Market Type Share ISIN Share Description
Norcros LSE:NXR London Ordinary Share GB00BYYJL418 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 170.00p 170.00p 174.75p 170.00p 170.00p 170.00p 37,866 14:15:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 271.2 11.5 13.9 12.2 104.77

Norcros Share Discussion Threads

Showing 3026 to 3050 of 3050 messages
Chat Pages: 122  121  120  119  118  117  116  115  114  113  112  111  Older
DateSubjectAuthorDiscuss
11/7/2017
17:36
Already been tempted at this level, and have a decent holding; I will look again if it dips further.
edmundshaw
11/7/2017
10:00
Morning All Decided to have a nibble at a few as they look "sensible" value at these levels to me. No doubt they will go lower still but, hopefully, in the fullness of time, etc....... Anyone else remotely tempted?
cwa1
06/7/2017
16:39
Don't mention it Andrew, it's great to hear some good news...
edmundshaw
06/7/2017
13:29
I'm sorry to go on about bond yields, but the yield on 30 year UK bonds is up 0.122% today, so that's potentially almost another £8 million off the pension fund deficit.
andrewbyles
06/7/2017
13:16
id be happy to reach 217p! ?
death by donut
06/7/2017
13:11
Canaccord ups target price here from 217p to 315p telling clients it is potentially the most undervalued stock in its sector. Let's hope for a good tick up.
nigelmoat
04/7/2017
23:26
Thanks for looking that up jg. I must confess that I'm surprised they have (or had maybe) such a high exposure to bonds. But then not all bonds are equal (for eg. as I understand it short dated bonds are much less volatile) and one has to take a degree of faith that the fund managers know their business! Your last point though about hedging is interesting (in a potentially depressing sort of way). I don't know when they set up these hedges, but it strikes me that it might be one of those behavioural traits that come back to hurt you. It would be unfortunate if after been hurt by 'volatility' they used hedges to neutralise the effect just at the time that the volatility would swing in their favour. Anyway that's probably toooo much speculation on my part, I think it's fair to say that increasing bond yields will be beneficial to some degree. Personally I'm quite sanguine about pension deficits - have been for some considerable time and surely one day I'll be eventually correct!?!
kazoom
03/7/2017
20:36
Hi Kazoom Your post spurred me to have a look at the latest annual report (esp note 22). This confirmed a couple of points: 1. there is a large exposure to bonds, and 2. the liabilities and assets do move in value together to some extent, but the annual report does not quantify this. Ie, they show sensitivity for movements in the value of the liabilities (eg, discount rate), but not for movements in the value of the assets (eg, interest rates). Further info. re: 1. 157m of the 404m pd worth of scheme assets was in bonds at March 2017 (and there's 199m in equities and absolute return funds). re: 2. "Interest rate risk – a reduction in corporate bond yields would result in a lower discount rate being used to value the scheme liabilities and consequently result an increase in scheme liabilities. Additionally, an increase in inflation would increase the scheme liabilities as the majority of the pension payments increase in line with inflation, although there are a number of caps in place to ensure that the impact of high inflation is minimised. To mitigate some of the investment volatility a proportion of the scheme assets are held in liability-driven investments which involve hedging some of the Plan’s exposure to changes in interest rates and inflation by investing in assets that match the sensitivity of its liabilities. This means that if interest rates or inflation expectations change, assets and liabilities rise or fall together, and the funding level of the Plan should be less volatile."
jg88721
03/7/2017
10:33
Yes AB thanks for that - confirmation of what I think we all know is happening anyway. jg - going back to your earlier point (missed it before), I would doubt that any pension fund has much of it's assets in bonds right now, there really doesn't seem to be a credible case for buying / holding them right now. The increase in inflation though is the negative side of the coin with regards the net pension deficits - overall though we will be seeing positive movements, but it could be a while before they are reflected in published numbers.
kazoom
03/7/2017
10:20
good spot AndrewByles. On further reflection, I guess part of the answer to my earlier comment is that there is a deficit. Ie, the liabilties are smaller than the assets. Even if both assets and liabilites fall in value by the same amount, because the liabilities were bigger to start with, then the deficit (gap between them) has still reduced. (and vice versa if interest rates are falling).
jg88721
03/7/2017
08:09
More news on pension funds: www.bloomberg.com/news/articles/2017-07-02/pension-deficits-fall-as-boe-hints-at-future-interest-rate-hikes Bloomberg reckon that pension decificts fell by 10% last month.
andrewbyles
30/6/2017
09:55
Asset returns were strong over 2016, but did not keep up with the liability measure for the large majority of UK pension schemes, Norcros presumably included, due to interest rate falls having a greater effect. Most pension funds do not hedge the change in yield of bond rates, so when these rates go down, the IAS19 pension deficits increase. Conversely, if interest rates rise, bond assets will fall, but generally this has a much smaller effect on the total liabilities.
edmundshaw
29/6/2017
21:14
It you're right jg about the overall effect (and I can't say for certain whether you are or not), the information in the accounts is wrong - the accounts say that the deficit has largely been caused by historic low interest rates and that the deficit will reduce by about £6 million for each 0.1% increase in interest rates. I hope the accounts are right!
andrewbyles
29/6/2017
21:05
thanks AndrewByles But does an increase in yields also suggest the value of the bonds held as pension assets has fallen? I would have thought so. Ie, the yield has increased because the price to buy the bond has reduced - hence the yield increases. And if interest rates keep rising, we might expect shares to decline in value (as the discount rate used to present value the expected cash flows from investing in shares has increased). I think - and am very happy to be hold I'm wrong - that an increase in yield has both a positive and negative impact on the pension deficit. The direct and positive impact from reducing the future value of pension payments (as the discount rate has increased); and an indirect and negative impact from a reduction in the value of most of the assets held in the pension scheme.
jg88721
29/6/2017
16:45
Interesting article on the FT's website today about interest rates: www.ft.com/content/6959bcda-5c1a-11e7-b553-e2df1b0c3220 Note that according to the article the "10-year gilt yield has risen by more than 12 basis points" since yesterday as the prospect of the Bank of England raising interest rates increases in response to the economy performing better than expected. According to the interim report, "It is estimated that a 0.1% increase [which I understand is ten basis points] in bond yields would reduce the deficit by circa £6.0m." So it looks as though the pension deficit may have decreased by about £7.2 million since yesterday. A better performing economy is good for us to.
andrewbyles
22/6/2017
22:13
Only 73% upside? Well add in a a year or two of few dividends it's over 80%. Sounds a good deal to me.
edmundshaw
22/6/2017
19:28
Yes, just received weekly tips from Alliance Trust with NXR tipped in Shares Mag...Numis price target 300p
batham1
20/6/2017
19:22
Also could be rising before the ex-div date of 22 June.
grahamburn
20/6/2017
16:47
FredFishcake, the share price always seems to rise strongly the week after results are announced.
andrewbyles
20/6/2017
16:33
Anyone seen any tips? It's the only reason I can think of for a sudden leap....
fredfishcake
20/6/2017
16:28
Will we close at 1.80 or will Mr UT come along, as he often does, and knock us back into the 1.70s?
andrewbyles
20/6/2017
12:23
So the doughnut index is up? Frabjous day...
edmundshaw
20/6/2017
11:11
Relax, i got 180 ish houses to tile using Johnson stuff soon. :-) Should move the price :-) DbD
death by donut
20/6/2017
11:03
Are we allowed to get freaked by a 5p rise?
kazoom
20/6/2017
10:45
Ex div in 2 days, so don't get freaked by a 5p drop!
edmundshaw
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