Intertek completes purchase of KJ Tech, Proctor stepping down as chief of Hunting
London open
The FTSE 100 is expected to open 17 points lower on Friday, after closing down 0.39% at 7,303.20 on Thursday.
Stocks to watch
Intertek Group said it has completed the acquisition of KJ Tech Services GmbH, a leading provider of vehicle, component, lubrication and fuel testing services based in Germany. KJ Tech, founded in 1989, is based in Griesheim and employs approximately 100 people. The business generated revenues of c. €9.7m in 2016, Intertek said.
Scottish Mortgage Investment Trust announced on Friday that it has agreed to raise a total of £125m in long term, fixed rate, senior, unsecured private placement notes, denominated in sterling. The FTSE 100 firm said the purpose of the transaction was to obtain long-dated unsecured sterling denominated financing at what the company believed to be attractive pricing levels, with the intention of enhancing shareholder returns over the long term.
Hunting chief executive Dennis Proctor will step down from the role in 2017 once a replacement has been appointed, the oilfield services provider announced on Friday. Proctor, who will remain in the role until a handover process has been completed, has led the FTSE 250-listed group for 16 years.
Newspaper round-up
The Competition and Markets Authority is examining payments between housebuilders and the providers of warranties for new homes as part of a review of NHBC, the largest warranty provider. The CMA announced last month it was reviewing undertakings made by NHBC, the standard-setting body for new-build properties in the UK and the main warranty provider. These 22-year-old undertakings were designed to improve competition in the warranty market. – Guardian
Norway plans to build the world’s first tunnel for ships, a 1,700-metre (5,610-ft) passageway burrowed through a piece of rocky peninsula that will allow vessels to avoid a treacherous part of sea. The Stad Ship Tunnel, which would be able to accommodate cruise and freight ships weighing up to 16,000 tonnes, is expected to open in 2023. – Guardian
Dominic Chappell, the former owner of BHS, is being hauled to court by the Insolvency Service for failing to co-operate with its inquiry into the retail chain’s collapse. It is understood that Mr Chappell has been given a court date of 27 April in Manchester to respond to the Insolvency Service’s requests for information. – Telegraph
The French have always been better-known for beauty than the British. Dior, L'Oréal, Chanel - they're all French brands. Even the word 'beauty' comes from the Old French 'beaute'. And now British firms are making the most of the French 'savoir-faire'. British beauty retailer Feelunique has bought The Beautyst, a French company which has one of the largest social media followings in the French beauty sector and which sells beauty products online. – Telegraph
A former Barclays trader acquitted over playing a part in the Libor-rigging scandal has claimed Bank of England officials were told the rate was being inflated years before regulators began their investigations. Ryan Reich, 35, was acquitted yesterday of conspiracy to defraud following a six-week trial with Stylianos Contogoulas, 45, another former Barclays banker, after a jury rejected the Serious Fraud Office’s case that they were involved in an attempt to rig benchmark borrowing rates. – The Times
One of the biggest operators in the hire purchase market has said the financial regulator has given it about a year to get its house in order amid concerns about eye-watering costs and a lack of transparency for consumers. Brighthouse, which has about 300 stores selling televisions, fridges and washing machines through repayment plans with interest rates of up to 99 per cent, said the Financial Conduct Authority notified it that it is “minded to authorise” the business if it complies with a series of conditions by May 2018. – The Times
US close
US stocks finished higher on Thursday after better-than-expected employment data, while investors were also digesting news that the Federal Reserve will start unwinding its $4.5trn balance sheet this year.
The Dow Jones Industrial Average closed up 0.07% to 20,662.95, the S&P 500 rose 0.19% to 2,357.49, and the Nasdaq 100 added 0.04% to 5,420.88.
Stocks were buoyed as data showed that number of Americans filing for unemployment fell more than expected last week, ahead of Friday’s non-farm payrolls.
US initial jobless claims were down 25,000 to 234,000 from the previous week's level, which was revised up by 1,000 to 259,000.
The four-week moving average came in at 250,000, down 4,500 from the previous week's average, which was revised up to 254,500 from 254,250.