LAFDI market report - Friday 9th October

The LAFDI boomed last week and also clawed back some of last week’s under-performance. 

* Returns are calculated for the week to local market close on Thursday.

Lending Club, the world's largest online marketplace connecting borrowers and investors, was one of a number of stocks that bounced hard, after last weeks falls, in the absence of any obvious new news.  The company did however confirm plans to issue its earnings release for the third quarter ended September 30, 2015, on Thursday, October 29, 2015, after the market close. 

Paragon Group rallied hard assisted by news that the chairman of an influential committee of British lawmakers has asked the country's financial regulator for assurance that a new banking tax will not damage competition within the industry.In July’s budget British finance minister George Osborne announced plans to introduce an 8% surcharge on banks' profits above £25million from next year. The move has been criticised by so-called challenger banks who say it will hit them disproportionately. It appears that they have support from Andrew Tyrie MP. In his role as chairman of parliament's Treasury Committee, he has written to the chief executive of the Prudential Regulation Authority (PRA), Andrew Bailey, saying the committee wanted an assurance from the regulator that it has assessed the effect of the new tax on competition in the retail banking sector.  The shares remain firmly in an uptrend having more than doubled since late 2013.

Please note – The LAFDI is now available on Bloomberg.  Tickers:

LAFDITR GO for the Total Return Index

LAFDIPR GO for the Price Return Index