March was relatively subdued on the markets compared to Jan and Feb. But the 2.3% rise in the FTSE SCS Index means a rise of nearly 15% YTD. That’s a bit lower than NASDAQ (up nearly 19% YTD) and the 17% rise for the FTSE Fixed Line Telecomms Index. The latter was almost entirely due to BT which has stormed ahead this year by 18.6%. Good news for BT’s CEO Ian Livingston who is ‘in line for a £5m windfall” as a result according to the Sunday Times. 1000 of BT’s other executives could share “a £300m windfall over the coming years” as well. Worth remembering that BT’s shares are now only back to where they were in mid 2008 and, at today’s 226p, a long way from their 340p highs in 2007.
‘Buy and Build’ SaaS company Access Intelligence was the biggest riser this month – up 30.5%. That is despite our rather critical review – See Cobert costs pull down group performance at Access. GP system provider EMIS also did well with a 29.5% rise. Not surprising if you read our EMIS delivers healthy full year report. K3 wasn’t far behind with a 27.1% rise as it put itself up for sale (see here). Amongst the UK ‘Big Boys’, Logica advanced another 15.7% - that’s a rise of 61% YTD. But before you get too carried away, Logica was trading nearly 50% higher a year ago and even higher than that when Andy Green was appointed as CEO over 4 years ago. Indeed our Anthony Miller was dead right in his critical reports. For an update, read his Logica Margin Challenge post this month.
News that Apple was to pay a dividend sent their stock up still higher. A 10% gain this month making that a gain of 48% YTD. I still get more mail on Apple than any other stock. Most of it warning that a correction (or crash) is about to happen. The ‘problem’ I have with those comments is 1) you have been sending me similar emails for at least 5 years now and obviously have been wrong so far and 2) I accept your forecasts will be correct one day! Having declared that I have been an Apple shareholder since 2004 all I can say is that I still am and intend to be so for the foreseeable future.
There were few mega fallers this month. The Wooden Spoon goes to Mouchel with a 30% dive. Mind you they have now received so many wooden spoons from us they could open a kitchen shop. See Mouchel’s downward spiral continues is you want to depress yourself with the latest instalment of this sorry tale.