London stocks flat as investors watch for England reopening

FTSE 100 Flat as Investors Eye England reopen

The FTSE 100 is flat as investors process a sharp slowdown in Chinese services activity growth and await an expected announcement about the final easing of Britain’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 latest Markit/CIPS UK services PMI for June will be released at 0830 GMT. Meanwhile, the British government is expected to lay out the details of England’s lockdown at a later date. Supermarket shares soar after news of a possible bidding war for Morrison Supermarkets. Taylor Wimpey shares are down 1.2% after reports the homebuilder opposed government plans to cut carbon emissions from new homes.

 
Companies News: 

Apollo Global Management Considers Morrison Offer

Apollo Global Management Inc. said Monday that it is in the preparatory phase to make a possible offer for Wm. Morrison Supermarkets PLC.

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UK Oil & Gas PLC raises GBP5.0M to fund Basur-3 Well in Turkey

UK Oil & Gas PLC said Monday it has raised £5.0 million ($6.9 million) through equity issuance to fund the remaining portion of the Basur-3 valuation well onshore in Turkey.

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Ultra Electronics Revises Full Year Guidance After Strong Revenue Growth in 1H 1

Ultra Electronics Holdings PLC said Monday that sales growth in the six months ended July 2 was robust and that it expects orders for the full year to rise significantly.

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JD Sports’ transfer of DTLR Villa to Genesis Topco

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

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Lukoil buys 50% stake in Mexican oil project for $435 million

Lukoil PJSC said Monday it has entered into an agreement to acquire a 50% operated stake in the Area 4 oil project off the coast of Mexico for $435 million plus expenses.

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Porvair 1H 2021 Pretax Profit Rose

Porvair PLC said Monday that pre-tax profits rose for the first half of fiscal 2021 after posting lower costs and the order book for the second half looked healthy.

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Dev Clever 1H FY 2021 Pre-tax Loss Limited by Rising Revenue

Dev Clever Holdings PLC said the pre-tax loss narrowed as revenue increased in the first half of fiscal 2021, and the board believes the company is in a very good position to meet management’s expectations for the future. year ending October 31.

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Restore Says 2Q Performance Exceeds Expectations, Plans To Resume Dividends

Restore PLC said Monday its second quarter performance exceeded the board’s earlier expectations and plans to resume dividend payments, reflecting its confidence in the outlook.

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Kavango Resources raises GBP 1.9M in anticipation of increased drilling activity

Kavango Resources PLC said Monday it has raised 1.9 million pounds ($2.6 million) through equity issuance in anticipation of increasing drilling activity.

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Cobra Resources Appoints Rupert Verco as CEO

British mining company Cobra Resources PLC said Monday 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 on Monday that Stewart Gilliland will become its non-executive chairman once John Charlton steps down in September.

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FY Pre-tax Loss of Panoply Holdings Limited; Act stronger

Panoply Holdings PLC on Monday reported a significantly smaller pre-tax loss for fiscal 2021, meeting financial expectations for the year, and said trading momentum has accelerated in the current year.

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Forward Partners to float on the London Stock Exchange

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

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

Taylor Maritime Investments Ltd. said on Monday that charter rates have risen 30% since May 7 and 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 it plans to list on the London Stock Exchange via an IPO.

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Block Energy Shareholder requests meeting to remove 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 it has signed an agreement for a project to develop a new nanomaterial for use in electronic devices with an undisclosed Asian chemical company, which has raised its tax revenue expectations for 2021.

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Eco Atlantic Oil & Gas exits well in Canje Block in Guyana, shares fall

Shares in Eco Atlantic Oil & Gas Ltd. fell Monday after the company said the Jabillo-1 well in Guyana’s Canje Block showed no signs 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 expects to make a public offer in September.

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Transense Technologies FY 2021 Performance was in line with market vision

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

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Intercede Group Says Connect Affiliate Program Acquired Six New Clients in 1Q

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

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Diversified Energy, Oaktree Capital Acquires Tanos Energy Assets for $308 Million

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

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Real Estate Investors Say 1H Rent Collection Was Strong

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

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Lok ‘N Store performance remains strong

Lok ‘n Store Group PLC said on Monday that performance has remained strong since it reported results for the first half of 2021 in April, adding that it is opening three new stores to open in late 2021 and early 2022.

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Head of Lithium Miner Bradda wants to raise GBP 6.2 million at IPO in London

Bradda Head Holdings Ltd. said Monday it plans to float in London and raise 6.2 million pounds ($8.6 million) to fund its lithium exploration projects in the US

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Wameja 2Q average transaction value improved

Wameja Ltd. said Monday that the average transaction value rose in the second quarter compared to the previous quarter.

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ULS Technology Appoints Commercial and Technology Chiefs

ULS Technology PLC said Monday 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 GBP 37.5 million from IPO in London London

Saietta Group PLC, a British electric motor engineering company, said Monday it expects to raise £37.5 million ($51.9 million) in its first public offering on London’s AIM.

 
Market Talk: 

Morrisons can get more bids as Private Equity Circles

0850 GMT – Shares in William Morrison Supermarkets are up 11% after the UK grocer attracted interest from a third potential buyer. Apollo Global Management said it was considering a possible offer, following an $8.7 billion recommended offer from investors led by SoftBank Group Corp.’s Fortress Investment Group, and a $7.7 billion proposal rejected by the U.S. private equity firm. equity group Clayton Dubilier & Rice. “The fear of missing out can spark further interest from buyers of private stocks or trades,” said Russ Mold, investment director at AJ Bell. “Interested parties may not have made their move until they saw British assets becoming more attractive to foreign investors. Private equity firms have long sat on piles of money and now seem to be intent on spending money.”

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Pound can shake off the latest lockdown easing in England

0717 GMT – Sterling may not react much to an expected announcement about the full easing of UK coronavirus measures, ING says. “There will be a lot of focus this week on what the UK government says about fully opening the economy on July 19, although, as the Bank of England admits, this final phase of the reopening will have little impact on activity,” it said ING. say analysts. Given a quiet start to the week on the UK 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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Bid war for Morrisons cannot be ruled out

0605 GMT – British grocer Wm. Morrison Supermarkets has agreed to an offer of 254 pence per share from a group of investors led by SoftBank Group’s Fortress Investment Group, but a competing offer could emerge, Berenberg says. Morrisons rejected a 230p per share proposal from US private equity group Clayton Dubilier & Rice last month, but another offer from CD&R cannot be ruled out at this stage, Berenberg says. “While there is potential for another offer from another company, Morrisons management has indicated its preference, with the directors unanimously recommending that shareholders vote in favor of the 254 pence offer,” the brokerage said. That preference stems from 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

July 05, 2021 05:18 ET (09:18 GMT)

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