Emerging markets focused asset management group Ashmore has been vying for top spot on on the FTSE 100 leader board for much of the early afternoon after a flurry of analyst notes confirming the business had done a good deal to calm investors fears that the strong performing stock my be about to falter.
Assets under management were up 2.5% over the second quarter, the company revealed this morning, rising to $60.4bn after net inflows of $500m. Analysts at Killik & Co were among those to suggest the figures were "slightly better than expected given the ongoing market uncertainty".
Stuart Duncan at Peel Hunt said agreed. "Despite being subject to short-term volatility, the stock remains uniquely exposed to structural growth in emerging market debt, an attribute the current rating is not acknowledging."
The stock had lost a little ground last week after some analysts expressed nervousness about the volatility of the markets in which it operates. Duncan yesterday said: "Ashmore remains well positioned for what we see as the long-term structural growth of EM debt as an asset class. There is a compelling argument that EM is actually less risky than many investors perceive, and that this will drive increased allocations to investors who can deliver long-term superior investment performance."
Shares were leading the FTSE 100 list of climbers at 3pm, up 18.4p at 344.3p.
