Rank Group and 888 show interest in William Hill, Hammerson rental income up in first half

London open

The FTSE 100 is expected to open 2.2 points higher on Monday, after closing up 0.46% on Friday at 6,730.48.

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Hammerson posted its half-year report for the six months to 30 June on Monday, with net rental income improving 5.1% to £167.7m during the period, or 2.1% on a like-for-like basis. The FTSE 100 firm reported profit including valuation changes of £162.5m, a drop of 50.2%, with adjusted profit increasing 6% over the same period last year to £112.6m. Adjusted earnings per share were up 5.1% to 14.3p, and the board announced an interim dividend of 10.1p, up 6.3% on the first half of 2015. “I am pleased to deliver another set of solid results for this half year with good operational metrics and EPS growth,” said Hammerson chief executive David Atkins.

Rank Group and 888 Holdings have begun talks about joining forces to make a £3bn takeover approach for struggling high street bookmaker William Hill. No formal approach has yet been made for William Hill, which last week axed chief executive James Henderson, but over the weekend the company said it received "a highly preliminary approach" that did not include proposals on price, timing, terms, form of consideration or transaction structure.

Randgold Resources announced on Monday that its Tongon mine in Cote d’Ivoire has completed the final phase of its extensive crusher expansion and mill circuit upgrade project. The FTSE 100 company also announced that, having also dealt with an extended down time on one mill as a result of poor repairs to the journal and slipper pads following on from last quarter, Tongon is set for an improved performance in the second half of this year. "Tongon is now settling down well but the difficulties it faced over the past two quarters will have a negative effect on its production for the year,” said chief executive Mark Bristow. “The management team has revised the 2016 business plan and is now targeting to exceed 260 koz for the year. It is worth noting, however, that it remains a profitable operation and, having paid back its capital in 2015, it has just declared a maiden dividend of $22m.”.

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The Government will aim to outline a Brexit blueprint "later this year", according to the Chancellor, in a move that he said would send a "reassuring signal" to businesses and markets. Global finance chiefs warned on Sunday that the UK's decision to leave the EU had raised the risks facing a world already in danger of slipping into a low growth trap. - Telegraph

The world’s largest economies have pledged to use all policy tools available to kick-start flagging global growth in the wake of the Brexit vote, according to a communiqué issued by G20 finance ministers after talks in China. They warned that Britain’s decision to quit the European Union had added to uncertainty over the global economy but said that members stood ready and determined to use “all tools — monetary, fiscal and structural” to keep growth on track. - The Times

Goldman Sachs has been blamed by MPs for lending a “lustre” of credibility to a doomed deal to rescue BHS, the retailer formerly owned by Sir Philip Green which subsequently collapsed with the loss of 11,000 jobs in one of Britain’s biggest corporate failures. The MPs said the bank had been currying favour with its billionaire client by helping Sir Philip pull off the “otherwise questionable” sale, which it branded the “unacceptable face of capitalism”. - Financial Times

Britain’s business establishment rounded on Sir Philip Green last night, blaming the “greed” of a handful of companies for damaging public confidence and fuelling pressure for tough new rules that threaten to damage UK competitiveness. Sir Roger Carr, one of Britain’s most respected businessmen and a former director of the Bank of England, led criticism of Sir Philip, whose ownership of BHS had created a “contagious problem” for business with the scandal surrounding the collapsed retailer badly staining its reputation. - The Times

US close

A key Wall Street gauge finished higher for a fourth week in a row on Friday, as investors reacted to better than expected corporate results and economic data.

The Dow Jones Industrial Average gained 53.62 points or 0.29% to end the session at 18,570.85, while the S&P 500 tacked on a further 9.86 points or 0.46% to close at 2,175.03, and the Nasdaq Composite was up by 26.26 points or 0.52% to reach 5,100.16 by the close of trading.

Trading volumes were lighter than usual, while the Chicago Board Options Exchange's Volatility index retreated 5.65% to 12.02, as investors bided their time ahead of the next US central bank policy meeting.

It was a busy day for corporate news. General Electric slipped despite reporting earnings per share of 51 cents for the second quarter, up nearly 65% on the year earlier and ahead of estimates. However, it also reported a 2% drop in its orders for the quarter. Its stock had gained 22% year-to-date.