Market Report
Riverstone Energy delivers another quarter of NAV growth
Riverstone Energy issued an interim management statement on Wednesday, for the period from 1 January to 31 March, reporting that its net asset value stood at $1. 722bn (£1. 372bn) at the end of the period.
Polypipe to replace CEO in board reshuffle, results in line
Piping and ventilation firm Polypipe Group has announced that chief executive David Hall has stepped down after 12 years in the role, with finance chief Martin Payne due to take the reins in October.
LondonMetric sells Morrisons in Loughborough for £33m
LondonMetric Property announced on Wednesday that it sold its Morrisons food store in Loughborough for £32. 5m, reflecting a net initial yield of 4. 25%.
Lively last quarter helps boost Dixons Carphone
Electronics retail group Dixons Carphone posted an update on its fourth quarter trading to 29 April on Wednesday, with reported revenues up 6% across the group, or 2% on a like-for-like basis during the 16-week period.
London open: Stocks little changed but miners drop after China downgrade
London stocks were little changed in early trade as investors sifted through a raft of corporate news and digested a downgrade of China’s credit rating.
Berendsen fights back against 'high risk' French takeover
Laundry services group Berendsen has come out fighting against an unwanted takeover offer from France's Elis Services, saying a the proposal very significantly undervalues the company and would raise risks.
Great Portland Estates 'resilient' in tough year
Great Portland Estates announced its results for the year to 31 March on Wednesday, with its portfolio valuation down 4. 9% during the year, and down 0. 4% n the second half.
Marks & Spencer holds dividend as profits plunge 64pc
Although sales remained steady, Marks & Spencer reported a 64% plunge in profits for the year to 1 April after taking a £437. 4m hit mainly from changes to its pension scheme, international stores, and UK head office.
ZPG revenues rise but profits drop on acquisition costs
Zoopla and PrimeLocation owner ZPG reported a rise in first-half revenues, although profits for the period dropped on the back of acquisition-related costs.
Improved revenue and earnings flow through at Pennon Group
Pennon Group posted its full-year results for the 12 months to 31 March on Wednesday, with revenue rising 0. 1% to £1. 353bn on an underlying basis.
Revenue and earnings improve at Vedanta
Vedanta Resources posted its preliminary results for the year to 31 March on Wednesday, reporting a 7% increase in revenue to $11. 5bn, which the board said was driven by firmer commodity prices and volume ramp-up.
Martin Hellawell to step down as Softcat CEO, becoming chairman
Softcat announced on Wednesday that Martin Hellawell had decided to step down as chief executive officer once a successor is in place, at which point the board intended to appoint him to take over as non-executive chairman.
Antofagasta chairman confident despite industry challenges
Investors in Antofagasta were gathering for the company’s annual general meeting on Wednesday, as Jean-Paul Luksic prepared to update them on the company’s operations, during a year in which copper price movements turned positive.
Bunzl acquisition of DDS goes ahead after FTC approval
Distribution and outsourcing group Bunzl announced on Wednesday that the acquisition of Diversified Distribution Systems, which was initially announced on 1 March, had been completed following clearance of the transaction by the Federal Trade Commission in the US.
Vodafone Malta to merge with cable operator Melita
Vodafone Group, along with Apax Partners Midmarket SAS and Fortino Capital, announced an agreement to combine Melita and Vodafone Malta on Wednesday.
Babcock full-year revenue and profit rise, lifts dividend
Engineering support services group Babcock International reported a rise in full-year pre-tax profit and revenue and lifted its dividend as it expressed confidence it will grow over the medium term.
London pre-open: Stocks seen touch higher; FOMC minutes eyed
London stocks were set for a marginally firmer open on Wednesday, taking their cue from a positive finish on Wall Street.
Wednesday newspaper round-up: Carney, Barclays, RBS
The Bank of England governor, Mark Carney, has fallen victim to an online prankster who got him to joke about one of his predecessor’s supposed drinking habits. Carney was caught out by the same hoaxer who tricked the Barclays boss, Jes Staley, this month. The prankster, who goes by the Twitter handle @SINON_REBORN, emailed Carney from a Hotmail account pretending to be Anthony Habgood, the chair of the Bank’s court. In the exchange, posted on Twitter, Carney appears initially to fall for the prank and tentatively accepts an invitation to a “soiree” in June.
US close: Markets finish higher after weak economic data
Wall Street finished in the green on Tuesday, as traders shrugged off weaker-than-expected readings on the US economy.