Market Pulse
Direct Line rejects second takeover approach from Ageas, shares tumble
Direct Line tumbled on Wednesday after saying it had received and rejected a second takeover approach from Belgian rival Ageas as it continues to undervalue the group.
Victoria sees some positive signs in subdued market
Flooring company Victoria said in a trading update on Wednesday that, despite ongoing challenges in the market, it was seeing signs of improvement in the medium-term macroeconomic outlook, particularly in flooring demand indicators.
Shell to cut 20% of jobs in deals team - report
Shell will reportedly cut at least 20% of jobs in its deals team as the company continues to restructure its business units in an effort to reduce costs.
MaxCyte reports strong fourth quarter as full-year revenues fall
Cell engineering technology specialist MaxCyte reported total fourth quarter revenue of $15. 7m on Wednesday, up 26% on the same period in 2022.
Asia report: Stocks mixed as investors digest US inflation
Asia-Pacific markets closed mixed on Wednesday, after a surge on Wall Street overnight was spurred by US inflation data that closely aligned with expectations.
MusicMagpie FY pre-tax losses widen, reports strong Q1 trading
Online retailer MusicMagpie said on Wednesday that pre-tax losses had widened in the 12 months ended 30 November 2023 but said it "remains confident" about future prospects following strong trading in the first quarter of the new trading year.
Faron Pharmaceuticals reports year of clinical progress
Clinical-stage biopharmaceutical company Faron Pharmaceuticals reported a year of strong progress on Wednesday, with significant overall response rates seen in both previously hypomethylating agent (HMA)-failed and higher-risk myelodysplastic syndrome (MDS) patient populations in the phase one part of the BEXMAB study.
RBC Capital starts Marlowe at ‘outperform’
RBC Capital Markets initiated coverage of Marlowe on Wednesday with an ‘outperform’ rating and 630p price target.
JPMorgan upgrades Flutter Entertainment to 'overweight'
JPMorgan Cazenove lifted its stance on Flutter Entertainment on Wednesday to ‘overweight’ from ‘neutral’ and hiked the price target to 21,300p from 16,300p.
Balfour Beatty rallies as it lifts dividend, announces £100m buyback
Infrastructure group Balfour Beatty surged on Wednesday despite posting a drop in full-year profit, as it lifted its dividend, announced a £100m share buyback and struck an optimistic note on the outlook.
Ferrexpo delays FY results, Ukrainian hearing postponed
Mining company Ferrexpo said on Tuesday that following discussions with its auditors, more time was needed to finalise its full-year financial results.
Keywords Studios posts strong growth despite tougher market
Keywords Studios reported a 13% rise in full-year revenue in its final results on Wednesday, to €780m.
Revenue rises, losses narrow for the Gym Group
Low-cost gym operator the Gym Group reported an 18% increase in revenue in its full-year results on Wednesday, reaching £204m.
London open: FTSE nudges up as investors mull GDP data
London stocks edged up in early trade on Wednesday as data showed the UK economy returned to growth in January.
IP Group net asset value falls, but losses narrow
Intellectual property-focussed investor IP Group reported a net asset value of £1. 19bn in its results for 2023 on Wednesady, or 114. 3p per share, down from £1. 38bn and 132. 9p per share in 2022.
UK economy returns to growth in January
The UK economy returned to growth in the first month of 2024, according to figures released on Wednesday by the Office for National Statistics.
London pre-open: Stocks seen up as economy returns to growth
London stocks were set to rise at the open on Wednesday as data showed the UK economy returned to growth in January.
Wednesday newspaper round-up: Post Office, Workplace AI, Barclays
Ministers will publish legislation to quash the convictions of hundreds of post office operators who were prosecuted during the Horizon scandal, marking a significant victory for victims after decades of campaigning. The legislation on Wednesday will automatically overturn convictions of theft, fraud and false accounting that were handed down in connection with Post Office business during that period. It will cover prosecutions brought by the Post Office and the Crown Prosecution Service in England and Wales between 1996 and 2018.