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Scottish Mortgage boosts FTSE as Tesla surges

Scottish Mortgage boosts FTSE as Tesla surges
 

Global investment trust Scottish Mortgage (SMT) has risen towards the top of the FTSE 100 after shares in major holding Tesla (TLSA.O) surged on chief executive Elon Musk's tweet that he was 'considering taking Tesla private'.

Musk yesterday said on Twitter he had 'funding secured' for a deal to take his electric car maker company private at $420 a share. That sent the shares surging 11% to $379.57 yesterday.

Tesla is the fifth largest holding in the £7.9 billion Scottish Mortgage investment trust, representing 5.7% of the portfolio. The news sent shares in the trust 1.4% higher to 559p.

The FTSE 100 was up 19 points, or 0.2%, at 7,737. Joining Scottish Mortgage at the top of the index were Standard Life Aberdeen (SLA), up 1.9% at 327.4p as yesterday's news of an accelerated share buyback continued to buoy the stock.

Hargreaves Lansdown (HRGV) recovered some ground from yesterday's dip on a slight profit miss, rising 1.5% to £20.61.

Paddy Power Betfair (PPB) meanwhile fell to the bottom of the index, down 3.2% at £78.75 after the bookmaker cut its full-year revenue outlook.

On the FTSE 250, Hill & Smith (HILS) tumbled 21% to £11.62 as the infrastructure products maker reported a 12% slump in first-half profits, blaming project delays in the UK's roads programme and utilities market.

That will be a blow to Fraser Mackersie and Simon Moon, who are among the biggest fund manager backers of the stock. The pair hold 3.6% of their £671 million Unicorn UK Income fund in the shares, while Moon holds 3.9% of his £58 million Unicorn UK Smaller Companies fund in Hill & Smith.

Citywire AAA-rated Harry Nimmo is also a backer, with 2.4% of his £385 million Standard Life UK Smaller Companies (SLS) investment trust held in Hill & Smith.

Among 'small-cap' stocks, TT Electronics (TTG) surged 13.2% to 250p as the electronics engineer unveiled a 47% jump in first-half profits.

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Harry Nimmo
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21/52 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 37.80%
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