Gold winner | Fishing delight | Veterinary vexation
The latest positive trading update from a beneficiary of the soaring gold price strangely saw the shares sell-off, despite the upgrade. We reflect on the merits of this excellent business here, which certainly has plenty of other strings to its bow. Elsewhere, full year results from a large veterinary group were well received by the market as were interim results from a specialist fishing tackle and equipment retailer. Read on here for our thoughts on this and other news.
Impax: outflows continue, but management is confident Impax Asset Management (AIM:IPX), the specialist investor focused on the transition to a more sustainable economy, set a bullish tone in the latest quarterly update on its Assets under Management (‘AUM’). On 30 September 2025, the Company's AUM totalled £26.1 billion which was broadly flat for the fourth quarter and slightly higher than the start of the second half of its financial year (£25.3 billion). While Impax continued to register net outflows, market performance helped level things up and management spoke of “solid evidence that flows are stabilising”. The quarter saw material inflows…