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15 October 2020
 
 
 
Hello Voornaam,
 

Famous Brands' UK expansion through the 2016 acquisition of Gourmet Burger Kitchen appears to be over. After Sky News broke the news that British businessman Ranjit Boparan was buying the chain of upmarket burger restaurants in a deal that was concluded ahead of it going into administration, Famous Brands confirmed that control of the chain had been passed over to administrators.

The announcement had almost no effect on its share price as it has already written off the investments after closing the funding taps back in April. Still, it's been an expensive exercise.

While Famous Brands ended the day flat, shares of Hulamin, Coronation Fund Managers and Montauk shot up. Hulamin and Coronation benefitted from positive market updates, while Montauk confirmed that it plans to go ahead with a Nasdaq listing next year following a two-year postponement.

Meanwhile, De Beers says sales of its rough diamonds continue to improve, helped by expected year-end holiday demand. However, the group says it's too soon to call it a sustained recovery.

More on all those stories in your newsletter today.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect



The latest from Ingham Analytics

With gold remaining firm at around $1,900/oz and stock markets wobbly, top trader Andrew Kinsey's views on the gold market are worth a read in "Gold a must?" which examines historic and current factors affecting the precious metal. And, with the Sasol share price under pressure again despite a firmer oil price, then "Over a barrel?" provides useful context on developments in energy markets.

 

 
Todays Latest Headlines
 
 
 
 
The end for Famous Brands and GBK
The end for Famous Brands and GBK
Sky News reported that a British businessman reached a deal to buy the upmarket burger chain through a pre-pack administration.
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Hulamin gets off lightly with new US tariffs
Hulamin gets off lightly with new US tariffs
The aluminium products manufacturer says a number of countries have had higher anti-dumping duties imposed on them.
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Cartrack revs up dividend despite Covid
Cartrack revs up dividend despite Covid
The company says continued investment in its business and high barriers to entry should support future earnings.
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Coronation lifts assets and earnings
Coronation lifts assets and earnings
Fund under management have recovered from March, when equity markets toppled due to Covid-19.
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Anglo reports improving sales by De Beers
Anglo reports improving sales by De Beers
With buying increasing ahead of the holiday season, De Beers says it is too early to call a sustained recovery in trading conditions.
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Montauk targets 2021 Nasdaq listing
Montauk targets 2021 Nasdaq listing
The renewable energy company says conditions are now favourable to implement the proposed listing in the US.
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