BeBeez Trading Floor roundup with eToro support about the performances of private capital firms listed on global exchanges.
Given the Iran war, Investors adjusted their expectations regarding interest rates to current levels and abandoned hopes of further cuts. Despite the current turmoil, the US economy provided further signs of resilience even though the price of petrol rose to nearly 4 US Dollars a gallon.
Stable interest rates and a consistently healthy economy reassured traders regarding BDCs and private capital giants. NYSE-listed firms FS KKR Capital Corp (+6%), a subsidiary of KKR, and New Mountain Finance Corporation (+5.9%) recovered after the stock market participants expressed concerns about the quality of their loan portfolios (see here a previous post by BeBeez).
Since 30 March, Monday, London-listed 3i plc (+13.9%) recovered a relevant part of the losses that generated after the negative outlook of Action, a discount grocery chain, that weighs for 75% on the firm’s private equity portfolio. Investors appreciated the solid financials that Action released with its last investors presentation. The company’s net sales amount to 3.7 billion euros (+14.5% annual growth) with a strong expansion out of France (+5.8%).
Paris-listed Eurazeo (+6.4%) benefited from technical factors such as the substantial price discount relative to NAV per share, which reached 60% on 24 March, Tuesday. Further positive factors included the continuation of the share buyback programme (the group aims to repurchase 13% of its equity by 2027) and the announcement of a dividend of 2.90 euros per share partly due to disposals worth 1.5 billion euros (in the region of 20% of the portfolio) that prove the liquidity and attractiveness of its assets.
Investors also rewarded London-listed Intermediate Capital Group (+6.4%) for its buyback programme and the directors announcement about the capability of the private credit fund ICG Enterprise Trust to generate consistently above 5% returns.
The market capitalization of Frankfurt-listed Mutares dropped (-9.4%) after the firm announced on 1 April, Wednesday, the launch of a capital increase of 105 million euros to finance sustained growth in investments in USA.
To follow each week’s prices of private capital stocks
listed on the world’s major stock exchanges,
check out the BeBeez Trading Floor page
and read the market commentary every Monday.
To follow stock trends in real time, open a free eToro account
