Weekly Client Update – 20th October 2023

Market Update

FTSE 100: Stock prices in London closed firmly in the red last night. The FTSE 100 index closed down 88.47 points, 1.2%, at 7,499.53. The FTSE 250 ended down 190.32 points, 1.1%, at 17,213.14, and the AIM All-Share closed down 1.56 points, 0.2%, at 683.24.

European markets: In European equities last night, the CAC 40 in Paris ended down 0.6%, while the DAX 40 in Frankfurt ended down 0.3%.

US markets: Stocks in New York were lower at the London equities close, with the Dow Jones Industrial Average down 0.3%, meanwhile both the S&P 500 index and the Nasdaq Composite were down 0.4%.

Asian markets: Asian markets finished sharply lower yesterday with shares in Hong Kong leading the region. The Hang Seng is down 2.43% while Japan’s Nikkei 225 is off 1.91% and China’s Shanghai Composite is lower by 1.70%.

Emerging markets: In 2022, Botswana’s GDP amounted to $20.35 billion, displaying consistent growth with a notable 5.6% increase in the second quarter compared to the previous year’s substantial 37.9% surge. As the global demand for minerals fluctuates, Botswana is focusing on economic diversification, moving away from its traditional reliance on diamond reserves.

Emphasising the importance of sustainable growth and reducing dependence on finite resources, the country is directing its efforts towards technology and innovation, aiming to establish itself as a key player in Africa’s tech industry.

Bedbug infestation

Bedbugs are quietly infesting homes and beds in the Island, with reports of a significant rise in Jersey, Guernsey, and the UK. Concerns have been raised about the surge in infestations in France and the UK.

Pest controllers in Jersey have witnessed a notable increase in bedbug cases this year, with one company reporting a 65% jump in the second quarter of 2023 compared to the previous year.

Factors such as increased post-COVID travel and slightly warmer weather due to climate change are believed to be contributing to the spread. The resilience of these pests makes eradication challenging, and professionals are often required for effective removal.

The issue has extended to London’s commuters, who fear encountering bedbugs on the underground. Both the UK and French hoteliers have invested significant resources in locating and eliminating these pests, utilizing specially trained dogs for detection.

Despite concerns, the Jersey Hospitality Association emphasizes the seriousness with which its members approach hygiene and cleanliness to ensure a positive guest experience.

Advice for dealing with bedbugs


  • Wash affected bedding and clothing on a hot wash (60˚C) and tumble dry on a hot setting for at least 30 minutes.
  • Put affected clothing and bedding in a plastic bag and put it in the freezer for three or four days.
  • Clean and vacuum regularly – bedbugs are found in both clean and dirty places, but regular cleaning will help you spot them early.


  • Keep clutter around your bed.
  • Bring second-hand furniture indoors without carefully checking it first.
  • Take luggage or clothing indoors without checking it carefully if you have come from somewhere where you know there were bedbugs.

Church on the market for £1.1 million

St. Simon’s Church, a historic landmark in town for over 150 years, is up for sale at a guide price of £1.1m, managed by Maillard & Co. The property is open for potential redevelopment or a mixed residential/commercial use, subject to planning approval.

A decline in attendance led to discontinued regular services, leaving the church sporadically used for special events. Despite its unique features like a historic church organ and stained-glass depictions, signs of disuse including roof debris, dampness, and chipping paint are evident.

Previous attempts to repurpose the building for a support facility were abandoned due to its listed status and differing heritage opinions. Islanders have suggested various potential uses for the property, including a residential home, auction room, or town youth club. Interested parties are invited to submit offers by Friday, 24th November.

Introducing FREEDA

Jersey Women’s Refuge, the Island’s only independent domestic violence charity, has rebranded as “FREEDA: Free From Domestic Abuse” to be more inclusive and reflect its broad community work. The organization offers support and protection for individuals fleeing domestic abuse while also focusing on prevention and education programs to break the cycle of abuse.

Under the new name, FREEDA has expanded its safehouse facilities to accommodate individuals with disabilities, pets, and older teenage sons, ensuring a more comprehensive approach to support.

The rebranding aims to make the charity more inclusive and encourages participation from all genders in the conversation about domestic abuse, fostering a deeper understanding to enact positive change.

With a strong legacy dating back to 1986, FREEDA employs qualified staff and operates with the same emergency contact number (0800 735 6836) maintaining its commitment to providing 24/7 safehouse access and comprehensive support services.

Further information can be found on their new website, freeda.org.je.

Drone team to assist with missing islanders

The Impact Jersey initiative, managed by Digital Jersey, has introduced an open grant program to fund tech-driven solutions for the Island’s strategic priorities. With the support of government funding amounting to £20 million, the scheme aims to advance the Island’s economy, environmental objectives, and community targets.

The project includes a volunteer-led drone team for locating missing Islanders, among the first beneficiaries of the program.

The grant program, launched during the summer, offers successful applicants up to £75,000 to address strategic priorities, such as climate change, housing, transport, health, supply-chain resilience, skills development, and the expansion of new economic sectors.

The recipients were selected by independent expert judges as part of the initial wave of beneficiaries.

Condor contributes to young Sheep Shed growers

Condor Ferries has contributed to initiatives promoting agricultural education among young Islanders by financing the purchase of a polytunnel at Sheep Shed Jersey, a family farm in St Lawrence.

The polytunnel will be utilised during the farm’s playgroup sessions, providing preschool and older children with hands-on experience in gardening and agriculture, emphasising the benefits of growing their own food and fostering a connection with nature.

Paris Maddocks, the proprietor of Sheep Shed Jersey, expressed gratitude for Condor’s support, highlighting how it enhances the farm’s ability to offer a broader range of activities, benefiting approximately 600 local families monthly.

Condor’s community fund, established in 2019, prioritises supporting community projects that focus on sustainability, local benefits, and promoting enjoyment for other