Market Report
Workspace sells London offices at net initial yield of 3.1pc
Serviced office provider Workspace Group has sold one of its outer London business parks for a 75% premium to its book value.
Jefferies downgrades Hikma on generic Advair delays
Hikma Pharmaceuticals was under pressure on Wednesday as Jefferies downgraded the stock to 'underperform' from 'buy' and slashed the price target to 1,450p from 2,162p.
Tritax Big Box takes on Unilever centre in Doncaster
Real estate investment trust Tritax Big Box announced on Wednesday that it acquired a national distribution centre at Trax Park, Doncaster, which was currently and would continue to be operated by Unilever UK.
Countryside lifts profit expectations as social housing momentum builds
Countryside Properties expects full year profits to be ahead of market forecasts after a strong performance from its partnerships division and a refocus on the middle of the private housing market, with the average selling price for its houses falling 13% but group earnings more the doubling.
Foxtons first-quarter revenues drop 25%
Estate agency Foxtons reported a 25% drop in revenue for the first quarter as sales commissions slumped.
Acquisitions help boost Spectris as it nabs Imperial Brands chairman
Productivity-enhancing instrumentation and controls company Spectris updated the market on its trading for the period from 1 January to 30 April on Wednesday, with reported sales increasing by 22%.
Sophos operationally strong despite wider loss
End user and network security solutions provider Sophos Group issued its audited results for the year to 31 March on Wednesday, with reported billings growing 18. 2% to $632. 1m, or by 19. 9% at constant currency, with the board reporting “strong” momentum across all regions and products in both new business and renewals.
Bodycote revenue up 18%, FY outlook unchanged
Bodycote reported in-line trading for the first four months of the year, with revenues up in all divisions.
SSE lifts dividend ahead of expected tough year
Energy company SSE posted its preliminary results for the year to 31 March on Wednesday, with the board lifting its recommended full-year dividend by 2. 1% to 91. 3p while adjusted earnings per share were up 5. 2% at 125. 7p.
UBM trading in line, on track for full year
Trade publication and events group UBM has performed in line with management expectations and its outlook for the full year is unchanged.
Tullow Oil makes 'important' discovery in Kenya
Tullow Oil has made a new discovery at the Emekuya-1 well in Block 13T, Northern Kenya.
Mitchells & Butlers profit drops on higher costs, FX
Pub group Mitchells & Butlers reported a drop in profit for the 28 weeks to 8 April despite a rise in sales as it pointed to increased costs and exchange rate movements.
Wednesday newspaper round-up: Tata Steel, Lloyds, Balfour Beatty
Dominic Chappell, the former owner of BHS, could be pursued for millions of pounds owed to Philip Green’s business empire as well as to creditors of the now collapsed department store. Chappell’s Retail Acquisitions (RAL), which bought BHS for £1 in 2015, has been accused of extracting an estimated £17m from the retailer despite owning it for just 13 months before it went into administration in 2016. – Guardian.
London pre-open: Stocks seen lower ahead of jobs data
London stocks were set for a weaker open on Wednesday as investors eyed the release of UK unemployment data, after the FTSE 100 closed above 7,500 for the first time in the previous session.
US close: Markets mixed as retailers weigh on indices
Retailers' shares were weighing on US stock benchmarks on Tuesday, while accusations that the president might have shared confidential information with visiting Russian diplomats took its toll on the dollar.