Market Pulse
DS Smith in talks with International Paper about possible takeover
A bidding war was potentially on the cards on Tuesday as packaging company DS Smith - which recently agreed to be taken over by Mondi - confirmed it is in talks with New York-listed International Paper about a possible takeover offer.
BC Omega Holdco to sell around 30m shares in TI Fluid Systems in placing
Peel Hunt said on Tuesday that BC Omega Holdco plans to sell around 30m shares in TI Fluid Systems in a placing to institutional investors.
London close: Stocks rise as US consumer confidence remains stable
London markets closed in positive territory on Tuesday, buoyed by a stable US consumer confidence report and anticipation for upcoming inflation data.
YouGov reports strong growth as it integrates CPS acquisition
YouGov reported 9% growth in revenue in its first-half results on Tuesday, to £143. 1m, with underlying growth at 2% compared to the prior year.
Amaroq Minerals reports solid progress in 2023
Amaroq Minerals reported a robust liquidity position in its full-year results on Tuesday, with group liquidity reaching CAD 78. 2m (£45. 62m) as of 31 December.
Niox Group reports solid growth in final results
Niox Group reported a robust 18% increase in revenue in its final results on Tuesday, amounting to £36. 8m compared to £31. 3m in the prior year.
Big Technologies confident in return to growth after decent year
Remote monitoring technology specialist Big Technologies reported double-digit organic revenue growth of 10% in its preliminary results on Tuesday, reaching £55. 2m compared to £50. 2m in 2022.
Genel revenues slide as pipeline remains closed
Genel Energy reported a significant decline in revenue to $84. 8m in its full-year results on Tuesday, from $401. 9m in 2022, attributed in part to the average Brent oil price dropping to $82 compared to $101 year-on-year.
Fevertree earnings fall in mixed year for company
Fevertree Drinks reported a mixed set of results for 2023 on Tuesday, with UK revenue down 1% to £114. 8m, while US revenue jumped 22% to reach £117m.
FTSE 100 movers: Ocado rallies on trading statement; Auto Trader falls
London’s FTSE 100 was flat at 7,921. 21 in afternoon trade on Tuesday.
RBC Capital downgrades Mobico to 'sector perform'
RBC Capital Markets downgraded Mobico on Tuesday to ‘sector perform’ from ‘outperform’ and cut the price target to 80p from 110p following the company’s update a day earlier.
London midday: Stocks flat as investors eye US consumer confidence, inflation
London stocks were little changed by midday on Tuesday as investors eyed a key US consumer confidence reading and inflation data due later in the week.
Co-op Bank announces plans to cut 12pc of workforce
The Co-operative Bank announced plans to slash 400 jobs on Tuesday, or about 12% of its current 3,000-strong workforce, in a bid to streamline operations and reduce costs.
JPMorgan puts Auto Trader on 'negative catalyst watch'
Auto Trader slumped on Tuesday as JPMorgan Cazenove placed the shares on ‘negative catalyst watch’ ahead of FY24 results in May.
Markets pricing too many UK rate cuts, says Catherine Mann
Bank of England policy maker Catherine Mann said on Tuesday that financial markets are pricing in too many interest rate cuts this year and that it’s unlikely the UK will move before the Federal Reserve.
Asia report: Stocks mixed on fresh Japan producer inflation data
Asia-Pacific markets closed with a mixed performance on Tuesday, as investors assessed a range of economic data.
888 posts full-year rise in revenue, adjusted earnings
Gambling operator 888 Holdings reported a significant uptick in revenue in its 2023 results on Tuesday, up 38% to £1. 71bn, while adjusted EBITDA jumped 41% to £308. 3m on a reported basis.
Goldman Sachs downgrades Dr Martens to ‘sell’
Goldman Sachs downgraded Dr Martens to ‘sell’ from ‘neutral’ on Tuesday and cut the price target to 87p from 93p.
Softcat hits operating profit record even as revenue slips
IT infrastructure specialist Softcat reported an 8. 8% fall in first-half revenue on Tuesday, to £467. 2m, but still achieved double-digit growth in gross profit, rising 11% to £196. 5m.
Eurowag reports sustained growth as it completes investment phase
WAG Payment Solutions, trading as Eurowag, reported sustained robust growth across its products and services in its preliminary results on Tuesday, meeting expectations for 2023.