UK market update – Parker Hannifin to buy Meggitt for £6.3 billion

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imageStock Markets11 hours ago (Aug 02, 2021 08:41)

© Reuters.

By Samuel Indyk

Investing.com – At 08:38BST, the FTSE 100 is trading higher by 1.1%% at 7,107.55. The midcap FTSE 250 is trading higher by 1.4% at 23,270.56.

In FX markets, GBP/USD is trading at 1.3923, EUR/GBP is trading at 0.8534. The US Dollar Index is down 0.2% at 92.00.

Today’s calendar highlights include Manufacturing PMI readings from the UK, US, Eurozone, Germany, France, Italy and Spain.

The US ISM Manufacturing reading is released at 15:00BST.

On Thursday, the Bank of England announces its latest monetary policy decisions.

Friday is the July US Nonfarm Payrolls report.

Stocks

Meggitt (LON:MGGT) (+58.8%) – Parker Hannifin has agreed to buy Meggitt for 800 pence per share in cash, in a deal valued at around £6.3 billion, a 70.5% premium on Friday’s close.

SSE (LON:SSE) (+1.8%) – Agrees to sell 33.3% stake in Scotia Gas Networks for £1.225 billion.

BHP Group (LON:BHPB) (+1.2%) – Workers at Escondida mine vote to reject final wage offer. If no deal reached in 5-10 days strike action will begin at the world’s largest copper mine.

HSBC Holdings PLC (LON:HSBA) (+1.7%) – Reported first half pretax profit more than doubled to $10.84 billion, above expectations. Declares interim dividend of $0.07 pence per share. Net interest margin down 22 basis points from same period last year.

Sanne (LON:SNNS) (+8.4%) – In advanced discussions with Apex regarding possible offer worth 920 pence per share. Board would recommend if firm intention to make offer is made.

Senior (LON:SNR) (+5.2%) – Returned to profit in first half of the year. Said second half of the year would be slightly weaker as defence sales could decline.

Sectors

Travel & Leisure – UK ministers plan to warn holidaymakers against visiting high risk destinations, such as Spain. The next update on the Red/Amber/Green travel watchlists is released on Thursday.  Separately, Chancellor Rishi Sunak has written to Prime Minister Boris Johnson calling for an urgent easing of travel restrictions.

UK market update – Parker Hannifin to buy Meggitt for £6.3 billion

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