(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Aston Martin Lagonda Global Holdings Plc: The luxury car maker has announced a £653 million funding package in which Saudi Arabia’s Public Investment Fund will become its second-largest shareholder.
Aston Martin’s board also said it considered and rejected a £1.3 billion equity investment proposal from Investindustrial Group Holdings and Geely International Ltd. that it believes “markedly overestimated” the company’s new equity capital requirements, would have heavily diluted existing shareholders and been difficult to execute
Burberry Group Plc: The British fashion brand held its full year guidance despite lockdowns in China disrupting a key market where sales in the first quarter plummeted 35%.
Spending by local clients in Europe, the Middle East, India and Africa, however, was above pre-pandemic levels
Fevertree Drinks Plc: The premium mixer maker warned that its margins could be impacted by “significantly” worsening logistics and costs.
The company said it is confident some of those rising costs, like the rising price of sea freight, will be transitory in nature
Outside The City
Contenders in the Tory leadership race will battle it out in a series of TV debates in the coming days, the first of which airs tonight on Channel 4.
Former Chancellor of the Exchequer Rishi Sunak and Trade Minister Penny Mordaunt pulled ahead of their rivals in the second round of voting yesterday, leaving Foreign Secretary Liz Truss in third place. But pro-Brexit Attorney General Suella Braverman, who was knocked out, is now backing Truss in the contest, a person familiar with the matter told Bloomberg.
In Case You Missed It
Amid Conservative party turmoil, the government is rushing to show its plans to boost the City of London by publishing new financial services draft legislation next week.
And Amazon.com Inc. is set to create more than 4,000 new permanent jobs in the UK this year, the smallest number it’s announced in at least three years, despite planning to open two more fulfillment centers in the north of England.
Looking Ahead
Fresh UK house price data comes out on Monday, in the wake of Rightmove’s warning that the red-hot housing market is showing signs of a cooldown. Later in the week, inflation figures for June will be closely watched for any easing in the rate of rising prices.
On the earnings front, mining company Anglo American Plc and online grocer Ocado Group Plc are due to report.
For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
