Market Report
Petrofac plummets after SFO warns about 'not cooperating' with bribery probe
Petrofac shares plunged to their lowest since 2009 after the Serious Fraud Office accused the oilfield services company of failing to co-operate properly with its investigation into bribery and money laundering allegations.
US retail and wholesale inventories fall in April
Retail and wholesale inventories Stateside fell in April amid downwards revisions to estimates for the prior month.
US trade deficit widens unexpectedly in April
The US exported fewer goods and imported more in April.
Halfords profits skid lower on weak pound but new year begins well
Profits at bike and car accessory retailer Halfords Group were deflated by the impact of foreign currency rates on margins, though it pumped up its dividend as cash generation remained strong.
Results round-up
Tate & Lyle reported an 85% jump in full-year pre-tax profit on Thursday, underpinned by a weaker pound and a solid performance from both divisions.
London midday: Stocks hold onto small gains as pound dips after UK GDP data
London stocks were holding onto small gains by midday, while the pound ticked lower as it emerged that the UK economy grew less than initially estimated in the first quarter.
Goldman Sachs lifts National Grid target price, but stays at 'sell'
Analysts at Goldman Sachs boosted their target price for shares of National Grid after rejigging their valuation methods for the company, but said the premium they were trading at was not justified, leading them to reiterate their 'sell' recommendation.
ThinkSmart launching new mobile finance product for Dixons Carphone
High-volume, small-ticket electronic and commercial equipment retail finance provider ThinkSmart issued an update to the market on Thursday, reporting that - alongside its existing partner, electronics retail group Dixons Carphone - it had developed a “new, innovative” mobile phone consumer proposition.
Clipper Logistics acquires Tesam Distribution
Value-added logistics solutions and e-fulfilment provider Clipper Logistics announced the acquisition of the entire issued share capital of Tesam Distribution on Thursday.
OPEC reportedly extends output cut deal by nine months
According to multiple reports, citing delegates at the OPEC meeting in Vienna, the cartel's members agreed to prolong into March 2018 the November deal which saw them reduce production by 1. 8m barrels a day.
JC Flowers sells another 10% stake in OneSavings Bank
Funds managed and advised by private investment firm JC Flowers & Co have sold 25m shares in OneSavings Bank, equating to a stake of around 10%, for approximately £110m.
Biffa collections benefits brought to light by Pennon results, Numis says
Broker Numis said Biffa was one of the top stocks picks in the support services sector as it could be a beneficiary of trends mentioned by rival Viridor this week.
Europe midday: Stocks edge higher in choppy trading
European markets were moving slightly higher in choppy trading amid thin trading volumes on account of a bank holiday in Germany and as investors digested the US central bank policy meeting minutes released overnight.
Intermediate Capital surges as FY profit, AuM rise; new dividend policy announced
Shares in asset manager Intermediate Capital surged on Thursday after it reported a jump in full-year profit and assets under management and announced a new dividend policy.
Asia report: Markets higher as traders focus on Fed, oil
Markets in Asia were mostly higher on Thursday, as investors digested the Federal Reserve’s May meeting minutes amid strengthened hopes for deeper oil production cuts at an upcoming OPEC meeting.
US pre-open: Stocks seen higher despite weaker oil prices
US stocks looked set for a positive open on Thursday, with the S&P 500 on track to open at record levels, despite a drop in oil prices.
Thursday broker round-up
BT Group: Exane BNP Paribas downgrades to Underperform with a target price of 260p.
Banks approve fewer mortgages, confirms BBA
British high street banks approved fewer mortgages last month, though consumer lending via credit cards bounced back amid a bumper Easter for retailers.
UK Q1 growth revised down to 0.2%
The UK economy grew less than initially estimated in the first quarter as inflation took its toll on spending in the aftermath of the Brexit vote, according to data released by the Office for National Statistics on Thursday.
IWG accelerates investment in serviced office properties
IWG, the serviced office group formerly known as Regus, said it has accelerated investment activity since its trading update earlier in May.