GVC closer to Bwin.party takeover
London open
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16:59 26/04/24
Bwin.party Digital Entertainment
124.00p
16:49 28/01/16
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16:59 26/04/24
Costain Group
83.60p
16:49 26/04/24
Entain
784.20p
16:40 26/04/24
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17:09 26/04/24
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16:59 26/04/24
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17:14 26/04/24
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City sources predict the FTSE 100 will open 217 points lower than Friday’s close of 6,187.65.
Stocks to watch
Online gambling operator GVC Holdings claims it has made "significant progress" in bid talks with larger rival Bwin.party after making a larger proposal for the company last week. Bwin confirmed that discussions on "certain aspects" of the proposal were ongoing but said until these were resolved its previous unanimous recommendation of a second offer from 888 Holdings remained in place.
Engineer Costain has won a £605m joint-venture contract to carry out construction of the major Thames Tideway Tunnel sewer in London. Costain has a 40% share of the joint venture and the project will begin immediately and was expected to complete in 2023.
Aerospace, defence and engineering company Meggitt has been awarded a $25m contract to provide in-service support to the Canadian armed forces. The contract, which was awarded by Public Works Government Services Canada on behalf of the Department of National Defence is for three years and was won by Meggitt Training Systems (Quebec) Inc. It began last month and includes operator and maintenance support for related training activities, incorporating onsite support for health, usage and equipment monitoring at major bases across Canada.
In the press
The Government’s “business tsar” has backed an emphatic call from the nation’s retailers for a fundamental reform of business rates to boost Britain’s productivity. Sir Charlie Mayfield, chairman of the John Lewis Partnership and president of the British Retail Consortium (BRC), has thrown his weight behind a chorus of complaints from the bosses of Britain’s high street traders that the hefty business rates tax is hampering investment in the sector. - The Daily Telegraph
The boss of Clydesdale Bank has denied suggestions that its £2.5 billion stock market listing could be in trouble as he confirmed that the Australian-owned lender had already held talks with more than 20 key investors. David Duffy, the chief executive of Clydesdale and Yorkshire banks, said that he was confident the lender was safely on course to complete its IPO by January at the latest, amid speculation that some fund managers had balked at the potential price of shares in the bank. -The Times
In its latest health check of the economy, and in advance of the chancellor’s spending review in November, the Confederation of British Industry upgraded its estimate for growth this year from 2.4 per cent to 2.6 per cent, and from 2.5 per cent to 2.8 per cent for next year. If these figures materialise, it will mean that growth will average 0.7 per cent a quarter until the end of next year and will beat the Office for Budget Responsibility’s forecast for growth of 2.4 per cent and 2.3 per cent respectively for this year and next. - The Times
US close
Worse-than-expected manufacturing data sent US stocks into negative territory at Friday’s close. The Dow finished down 3.12% while the Nasdaq dropped 3.52% and the S&P 500 fell 3.18%.
Weak Chinese manufacturing data fuelled concerns of a slowdown in the world’s second largest economy. The flash Caixin/Markit manufacturing PMI reading of 47.1 was well down on the 48.2 expected and the 47.8 final reading in July. A reading below 50 signals a contraction in the sector while a level above that indicates an expansion.
In company news, software provider Salesforce.com jumped after lifting its full-year outlook late on Thursday. The group also posted earnings that topped analysts’ expectations.