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London Shares Flat as Investors Eye England Reopening

07/05/2021 | 05:19am EDT

FTSE 100 Flat as Investors Eye England Reopening

The FTSE 100 is flat as investors digest a sharp slowdown in Chinese services activity growth and await an expected announcement on the final easing of England's coronavirus lockdown. The Caixin/Markit services purchasing managers' index fell to 50.3 in June from 55.1 in May, with a level above 50 indicating growth. The final Markit/CIPS U.K. services PMI for June will be released at 0830 GMT. Meanwhile, the U.K. government is expected to set out the details of England's lockdown exit later. Supermarket shares rally following news of a potential bidding war for Morrison Supermarkets. Taylor Wimpey shares drop 1.2% after reports the housebuilder opposed government plans to slash carbon dioxide emissions from new homes.

 
Companies News: 

Apollo Global Management Mulls Bid for Morrison

Apollo Global Management Inc. said on Monday that it is in the preliminary stages of making a possible offer for Wm. Morrison Supermarkets PLC.

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UK Oil & Gas PLC Raises GBP5.0 Mln to Fund Basur-3 Well in Turkey

UK Oil & Gas PLC said Monday that it has raised 5.0 million pounds ($6.9 million) via share issue to fund its remaining share of the Basur-3 appraisal well onshore Turkey.

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Ultra Electronics to Review Full-Year Guidance After Robust 1H Revenue Growth

Ultra Electronics Holdings PLC said on Monday that revenue growth in the six months ended July 2 has been robust, and that it expects orders for the full year to rise considerably.

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JD Sports' Transfer of DTLR Villa to Genesis Topco

JD Sports Fashion PLC said Monday that it has completed the transfer of DTLR Villa LLC to Genesis Topco Inc. for $504.4 million.

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Lukoil to Buy 50% Stake in Mexican Oil Project for $435 Mln

Lukoil PJSC said Monday that it has entered into an agreement to acquire a 50% operated interest in the Area 4 oil project offshore Mexico for $435 million plus expenditures.

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Porvair 1H 2021 Pretax Profit Rose

Porvair PLC said Monday that pretax profit rose for the first half of fiscal 2021 after booking lower costs and that the order book for the second half looked healthy.

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Dev Clever 1H FY 2021 Pretax Loss Narrowed on Rising Revenue

Dev Clever Holdings PLC said that its pretax loss narrowed as revenue rose for the first half of fiscal 2021, and that the board believes the company is very well placed to exceed management expectations for the year ending Oct. 31.

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Restore Says 2Q Performance Beat Expectations, Plans to Resume Dividends

Restore PLC said Monday that its second-quarter performance was ahead of its board's previous expectations and that it plans to resume dividend payments, reflecting its confidence in the outlook.

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Kavango Resources Raises GBP1.9 Mln Ahead of Increased Drilling Activity

Kavango Resources PLC said Monday that it has raised 1.9 million pounds ($2.6 million) via share issue in anticipation of increasing drilling activities.

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Cobra Resources Appoints Rupert Verco as CEO

U.K. mining company Cobra Resources PLC said Monday that it has appointed Rupert Verco as chief executive officer, effective July 12.

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IG Design Appoints new Chairman

IG Design Group PLC said Monday that Stewart Gilliland will become its non-executive chairman once John Charlton steps down in September.

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Panoply Holdings' FY Pretax Loss Narrowed; Trading Stronger

Panoply Holdings PLC reported Monday a significantly narrowed pretax loss for fiscal 2021, meeting its financial expectations for the year, and said its trading momentum has accelerated into the current year.

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Forward Partners to Float on London Stock Exchange

Forward Partners Group PLC said Monday that it intends to seek admission for its shares on the London Stock Exchange's market AIM.

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Taylor Maritime Investments Says Charter Rates Have Risen 30% Since May

Taylor Maritime Investments Ltd. said on Monday that charter rates since May 7 have increased by 30%, and that the executive team continues to conduct due diligence on a pipeline of vessel acquisition opportunities at attractive prices.

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HydrogenOne Capital Growth Plans London IPO

HydrogenOne Capital Growth PLC said Monday that it intends to get listed on the London Stock Exchange via an initial public offering.

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Block Energy Shareholder Requests Meeting to Oust Chairman

Block Energy PLC said Monday that shareholder Forest Nominees Ltd. has requested a general meeting to oust Chairman Philip Dimmock.

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Nanoco Group Signs Development Agreement With Asian Chemical Company

Nanoco Group PLC said Monday that it has signed an agreement for a project to develop a new nanomaterial to be used in electronic devices with an undisclosed Asian chemical company, which has lifted its fiscal 2021 revenue expectations.

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Eco Atlantic Oil & Gas Abandons Well in Guyana's Canje Block, Shares Fall

Shares in Eco Atlantic Oil & Gas Ltd. fell Monday after the company said that its Jabillo-1 well located in Guyana's Canje block didn't show evidence of commercial hydrocarbons despite reaching its planned target depth.

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Character Group Confirms Intention to Launch Share Buyback Program

Character Group PLC on Monday confirmed its intention to launch a share buyback program, and said it anticipates that a tender offer will be made in September.

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Transense Technologies FY 2021 Performance Was In Line With Market Views

Transense Technologies PLC said Monday that its performance for fiscal 2021 was in line with market expectations, adding that the board is satisfied with the company's progress.

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Intercede Group Says Connect Partner Programme Has Secured Six New Customers in 1Q

Intercede Group PLC said Monday that it has signed up six new customers in the quarter to June for its Connect Partner Programme, with orders totaling more than 600,000 pounds ($829,800).

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Diversified Energy, Oaktree Capital to Buy Tanos Energy Assets for $308 Mln

Diversified Energy Co. said Monday that together with Oaktree Capital Management, LP, it will acquire certain natural gas assets in Louisiana and Texas from Tanos Energy Holdings III LLC in a deal worth $308 million.

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Real Estate Investors Says 1H Rent Collection Was Strong

Real Estate Investors PLC said Monday that its rent collection for the first half of 2021 was strong, adding that it expects to see some recovery in its property valuations over 2021 and 2022, which will reduce its gearing.

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Lok 'N Store Performance Remains Strong

Lok 'n Store Group PLC said Monday that its performance has continued to be strong since it reported first-half results for fiscal 2021 in April, adding that it is opening three new stores due to open late in 2021 and early in 2022.

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Lithium Miner Bradda Head Seeks to Raise GBP6.2 Mln in London IPO

Bradda Head Holdings Ltd. said Monday that it intends to float in London and raise 6.2 million pounds ($8.6 million) to fund its lithium-exploration projects in the U.S.

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Wameja 2Q Average Transaction Value Improved

Wameja Ltd. said Monday that its average transaction value increased in the second quarter when compared with the previous quarter.

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ULS Technology Appoints Commercial and Technology Chiefs

ULS Technology PLC said Monday that it has appointed Simon McCulloch as chief commercial and growth officer, and Ed Mardell as chief technology officer.

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Saietta Group Plans to Raise GBP37.5 Mln at London IPO

Saietta Group PLC, a U.K. electric-motor engineering company, said on Monday that it expects to raise 37.5 million pounds ($51.9 million) at its initial public offering on London's AIM.

 
Market Talk: 

Morrisons May Get More Bids as Private Equity Circles

0850 GMT - Shares in William Morrison Supermarkets surge 11% after the U.K. grocer attracted interest from a third potential buyer. Apollo Global Management said it was considering a possible offer, following a recommended $8.7 billion bid from investors led by SoftBank Group Corp's Fortress Investment Group, and a rejected $7.7bn proposal from U.S. private-equity group Clayton Dubilier & Rice. "Fear of missing out could attract further interest from private-equity or trade buyers," says AJ Bell investment director Russ Mould. "Perhaps interested parties only made their move once they could see that U.K. assets were becoming more attractive to overseas investors. Private-equity firms have been sitting on piles of cash for a long time and they now look intent on going on a spending spree."

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Pound May Shrug Off England's Final Lockdown Easing

0717 GMT - Sterling may show little reaction to an expected announcement on the full easing of England's coronavirus measures, ING says. "There will be much focus this week on what the U.K. government says about fully opening up the economy on July 19--although as the Bank of England admits, this final stage of the re-opening will have little impact on activity," ING analysts say. Given a quiet start to the week on the U.K. news front, EUR/GBP is likely to trade in a range of 0.8565 to 0.8615, they say. EUR/GBP is last flat at 0.8571.

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Bidding War for Morrisons Can't Be Ruled Out

0605 GMT - U.K. grocer Wm. Morrison Supermarkets has agreed to a 254 pence-a-share offer from a group of investors led by SoftBank Group's Fortress Investment Group, but a rival bid could come, Berenberg says. Morrisons last month rejected a proposal from U.S. private-equity group Clayton Dubilier & Rice of 230 pence a share, but another bid from CD&R can't be ruled out at this stage, Berenberg says. "While there is potential for another bid from another company, Morrisons management has indicated its preference, with the directors recommending unanimously that shareholders vote in favor of the 254p offer," the brokerage says. That preference is due to the fact that the consortium will support the company's existing strategy, Berenberg says.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-05-21 0518ET

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