Market Report
Monday broker round-up
Ultra Electronics: Berenberg keeps at 'buy' but hikes target price from 2,730. 0p to 3,500. 0p.
Europe close: Stocks steady ahead of slew of corporate updates, Fed
European stocks finished on a mixed note after regulatory worries hit Chinese markets and ahead of a busy week for corporate earnings and economic data.
London close: FTSE claws back most losses as sterling flies
London stocks finished in a mixed state on Monday, with the top-flight index managing to claw back most of its losses by the close, after a session where dollar-earners paced the decline amid a rally for the pound.
Director dealings: Watkin Jones chairman-designate makes share purchase
Watkin Jones revealed on Monday that chairman-designate Alan Giddins had acquired 64,000 ordinary shares in the AIM-listed residential rental property developer and manager.
Broker tips: Royal Mail, B&M European Value Retail, Beazley
Analysts at Liberum kept their recommendation on shares of Royal Mail Group at 'hold', pointing out to clients the multiple headwinds that the parcel delivery company was facing.
Berenberg expects Ultra Electronics takeover to proceed, hikes target price
Analysts at Berenberg hiked their target price for shares of Ultra Electronics sharply, from 2,730. 0p to 3,500. 0p and labelled the takeover proposal tabled by Cobham "attractive".
Aon, Willis Towers abandon $30bn merger
Aon and Willis Towers Watson have abandoned a $30bn merger that would have created the world’s biggest insurance broker, after the US Department of Justice objected on competition grounds.
Longboat Energy pleased with progress at Egyptian Vulture
North Sea-focussed exploration and production company Longboat Energy updated the market on its operations on Monday, reporting that at the Egyptian Vulture exploration well, it had been informed by the operator Equinor ASA that the prospect, where it holds a 15% working interest was on-track to spud in late August, using the West Hercules semi-submersible drilling rig.
DeepVerge upbeat on expansion of operations
DeepVerge updated the market on its operations on Monday, reporting that additional investment from its recent £10m placing had facilitated the completion of a laboratories upgrade in York, providing capacity for processing up to 20,000 ‘Skin Trust Club’ home test kits each month for the UK market, subject only to delivery of gene sequencing machines, which was expected in early September.
FTSE 250 movers: Ferrexpo gains; Ultra Electronics falls after Friday's surge
London’s FTSE 250 was 0. 2% firmer at 22,923. 89 in afternoon trade on Monday.
US open: Stocks mixed ahead of busy week for tech earnings
Wall Street stocks were mixed early on Monday as investors prepared for a tech-heavy week on the earnings front.
TP Group completes 'detailed review' of business
TP Group announced the completion of a “detailed review” of its business on Monday, reporting that it had identified a number of opportunities to “significantly improve” performance.
Journeo secures £0.8m tender with Aberdeenshire council
Information systems and transport technical services company Journeo has secured a tender valued at £0. 8m for real-time passenger information (RTPI) systems and services for Aberdeenshire County Council, it announced on Monday.
FTSE 100 movers: IAG flies higher; B&M hit by downgrade
London’s FTSE 100 was up 0. 1% at 7,036. 23 in afternoon trade on Monday.
ITV to invest in £2.5m for minority stake in Live Tech Games
Broadcaster ITV has agreed to invest £2. 5m in cash for a minority shareholding in Live Tech Games, a platform that combines mobile entertainment and live gaming tournaments.
BoE's Vlieghe pushes back on calls for slowing monetary stimulus
A top Bank of England official pushed back on calls for the monetary authority to dial back on stimulus, arguing that inflationary pressures in the UK were transitory, while the pandemic remained a threat.
PerkinElmer to buy BioLegend for $5.25bn
US medical diagnostic company PerkinElmer has agreed to buy BioLegend, a provider of life science antibodies and reagents, for around $5. 25bn in cash and shares.
RBC Capital downgrades B&M European Value to 'sector perform'
RBC Capital Markets downgraded its stance on shares of discount retailer B&M European Value Retail on Monday to ‘sector perform’ from ‘outperform’ as it pointed to better valuation upside elsewhere.
Biffa found guilty of exporting banned waste again
The Environment Agency said on Monday that waste management company Biffa has been found guilty of exporting more than 1,000 tonnes of household waste to Asia.
Government looking at ways to exclude CGN from UK energy projects
The UK government is looking at ways to exclude China's state-owned China General Nuclear Corp. from all future power projects in the country.