BIG BOOST FOR COVID-HIT INDUSTRY

BY TRICIA PHILLIPS NEW UK car registrations went up in July for the first time this year, according to the motor industry.

Figures from the Society of Motor Manufacturers and Traders show an 11.3 per cent rise compared with the same month in 2019. The last time there was an increase in new car sales was December last year.

It follows four months of dramatic declines due to the effects of the pandemic with dealerships closed and factories shut down.

There were 174,887 new car registrations in July, the first full month dealerships have been trading since February, and offers some welcome relief to an industry hit hard during the crisis.

Mike Hawes, chief executive at the SMMT, said: “July’s figures are positive, with a boost from demand pent up from earlier in the year and some very good deals to be had. We must be cautious, however, as showrooms have only just

GOLD has smashed the £1527-an-ounce ceiling for the first time as traders look for havens. Investors have moved cash into precious metal as Covid cases rise in the US and money is pumped into the global economy. Giles Coghlan, chief currency analyst at HYCM, said: “Gold’s price has increased by 32 per cent since the start of 2020. This is astonishing.” fully reopened nationwide and there is still much uncertainty about the future. “By the end of September, we should have a clearer picture of whether or not this is a long-term trend.” Overall registrations are still down by 41.9 per cent, or 598,054 vehicles, to now, and the SMMT outlook for the full year is a 30 per cent decline in sales, representing more than £20billion of lost sales. James Fairclough, chief executive at AA Cars, said: “This significant rebound in new car sales will deliver vital optimism into the UK car industry. “After months of falling sales, this uptick suggests two important trends in consumer attitudes. Firstly, that there was pent-up demand during lockdown and drivers are now acting on their desire or need for a new car. “Secondly, it allays some fears that consumers would hold on to their cash and stay reluctant to spend, particularly on big ticket items such as cars.”

CAR insurer Hastings has agreed to a £1.7billion takeover by a consortium that includes its largest shareholder, South Africa’s Rand Merchant International, and Finnish insurer Sampo. The cash offer will hand shareholders 250p per share as well as an interim dividend of 4.5p per share. Hastings confirmed the offer as it reported a 31 per cent jump in adjusted operating profits for the first half of 2020 to £78.3million. It said the improvement was driven by strong policy growth. up 68.7 at 6104.7

Imperial Brands 1290.0 +10.0 International Airlines Grp. 193.8 +18.4 ITV 60.9 +1.5 Kingfisher 262.0 +11.1 Land Securities 610.0 +11.8 Legal & General 223.0 +2.9 Lloyds 28.2 0.0 Marks & Spencer 102.6 +4.4 Morrison 192.5 +0.6 National Grid 907.4 -15.6 NatWest Group 112.0 -0.5 Next 5626.0 +124.0 Ocado 2195.0 +49.0 Pearson 561.0 +15.0 Prudential 1198.5 +31.5 Reckitt Benckiser 7710.0 -94.0 RELX 1670.0 +36.5 Rentokil Initial 537.6 +0.8 Rio Tinto 4958.0+186.0 Rolls-Royce 258.5 +13.2 Royal Dutch Shell B 1158.2 +16.8 Royal Mail 184.5 +3.4 RSA 452.2 +5.2 J Sainsbury 191.3 +0.4 SSE 1325.0 +7.0 Severn Trent 2441.0 -15.0 Serco 169.4 +4.1 Smith & Nephew 1549.0 +16.0

Oil = $45.69

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