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London Shares to Open Flat as Traders Digest Chinese PMI Data

07/05/2021 | 01:05am EDT

FTSE 100 Seen Opening Flat as Traders Digest Chinese PMI Data

The FTSE 100 is seen having a muted start following a mixed session in Asia after data showed growth in Chinese services activity slowed sharply in June. Spread betting firm IG expects the London blue-chip index to open flat. The Caixin/Markit Chinese 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 0930 GMT. Meanwhile, the U.S. financial markets will be closed for Independence Day.

 
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.

 
Market Talk: 

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.

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Cooling China Steel Outlook No Reason to Dump BHP, Rio Tinto

0041 GMT - China's narrowed steel profits suggest steel production must slow, but Citi says it "doesn't feel like a sell case for the big cap miners" of raw ingredient iron ore. Neither BHP nor Rio Tinto are expensive, Citi says, with both trading around or slightly below through-cycle multiples based on the bank's 2024 commodity price estimates when adjusting the balance sheet for excess cash. "They're not cheap" either, but dividends are expected to remain high, Citi says, forecasting an average annual 2021-2023 dividend yield of roughly 9% for BHP and 13% for Rio Tinto.

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

(END) Dow Jones Newswires

07-05-21 0305ET

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