Spectris buying US-based SciAps, GPE reports solid quarter for leasing

Stocks to watch

Precision instrument maker Spectris on Thursday said it was buying US-based SciAps for up to $260m (£205m) The deal consists of an up-front payment of $200m plus a deferred element of up to $60m payable on the delivery of agreed financial metrics. Based in Boston, Massachusetts, SciAps is a specialist provider of handheld instruments for materials analysis.

Great Portland Estates reported robust leasing activity in the quarter ended 30 June on Thursday, with 12 new leases and renewals generating an annual rent of £4.3m, and market lettings averaging 7.7% above March ERV. The FTSE 250 company completed a £350m rights issue in June to capitalise on emerging opportunities in the central London real estate market, aiming to enhance shareholder returns through acquisitions and developments. Additionally, GPE exchanged contracts to acquire The Courtyard, WC1, and was tracking around £1.3bn in acquisition opportunities, anticipating the investments to be accretive to earnings and support a total accounting return target of over 10%.

Newspaper round-up

The former chair of the Post Office has expressed “sincere regret” for the state-owned body’s failings in the Horizon IT scandal and said it was a mistake not to show a key report on the problem to its board. Tim Parker, who was chair of the Post Office between 2015 and 2022, told a judge-led public inquiry that he felt “deep sympathy” for the Post Office operatives affected by what MPs have described as one of the biggest miscarriages of justice in UK history. – Guardian

Amazon founder and executive chair Jeff Bezos is planning to sell almost $5bn worth of shares in the e-commerce giant, a regulatory filing showed, after its stock hit a record high. The proposed sale of 25m shares was disclosed in a notice filed after market hours on Tuesday. The stock had hit an all-time high of $200.43 during the session. It has jumped more than 30% so far this year, outpacing the 4% gain in the Dow Jones Industrial Average index. – Guardian

Sir Jim Ratcliffe has shelved plans for his Ineos Automotive business to build an electric vehicle only months after a model was unveiled, citing low consumer demand and a lack of clarity over the government’s policy on net zero. In February, the petrochemicals tycoon revealed an all-electric Fusilier, intended to be available also as a hybrid variant and as a smaller sister vehicle to the Ineos Grenadier, an all-terrain 4×4 developed after Jaguar Land Rover’s decision to abandon its old-style Land Rover Defender. – The Times

The Conservatives “damaged” the life sciences sector after more than a decade in government and the country’s biggest pharmaceuticals company was right to question Britain as an investment destination, according to a former minister. The candid remarks were made by George Freeman when he was minister at the Department for Science, Innovation and Technology. They were contained in an email sent from his personal Gmail address to AstraZeneca, Britain’s most valuable public company, and were obtained by The Times under the Freedom of Information Act. – The Times

British stocks are benefitting from political turbulence in France, a City investor has said. In recent weeks there has been a flood of investment into UK markets, with funds seeking stability amid the chaos of Emmanuel Macron’s snap election. Isabel Albarran, investment officer at Close Brothers Asset Management, said there has been a sharp rise in demand for UK assets, which are increasingly being viewed as a safe haven. – Telegraph

US close

US stocks finished mostly higher after a shortened trading session with the S&P 500 and Nasdaq both hitting yet more record highs following a flurry of weak economic data which raised hopes that the Federal Reserve may start loosening monetary policy in September.

The Dow closed just 0.06% lower, but the S&P 500 rose 0.51% to a new high of 5,537.02 and the Nasdaq gained 0.88% to 18,188.30. The New York Stock Exchange closed at 1300 EDT and will remain closed on Thursday for Independence Day.

Investors were focusing on a continued increase in jobless claims and lower-than-expected private-sector payrolls on Wednesday.

Private sector employment in the US rose less than expected in June, according to figures released on Wednesday by ADP. Employment increased by 150,000 from May, versus expectations for a 165,000 jump. May’s gain was revised to 157,000 from 152,000.

The Institute for Supply Management's service-sector purchasing managers' index fell from 53.8 for May to 48.8 in June, well below the 52.5 expected by the market.