UK market update – Vectura backs Philip Morris offer, Babcock disposes unit

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imageStock Markets17 hours ago (Aug 13, 2021 08:04)

© Reuters.

By Samuel Indyk – At 08:11BST, the FTSE 100 is trading higher by 0.4% at 7,217. The midcap FTSE 250 is trading higher by 0.2% at 23,802.

In FX markets, GBP/USD is trading at 1.3805, EUR/GBP is trading at 0.8499. The US Dollar Index is down 0.1%.

Today’s calendar highlights include Swedish CPI. US import and export price index and University of Michigan Consumer Sentiment

Vectura (LON:VEC) – Board of Directors backs the takeover offer from Philip Morris (NYSE:PM) rather than the offer from Carlyle. Philip Morris’s offer was 165 pence per share versus Carlyle’s offer of 155 pence per share.

BHP (LON:BHPB) – Workers at the Escondida mine have approved a new contract with management. The Escondida mine is the world’s largest copper deposit.

Thungela Resources (LON:TGAT) – The Anglo American (LON:AAL) spin-off reported operating profit of ZAR 900 million in H1. Has net cash of ZAR 3.043 billion, supported by strong cash generation since independence. Set to achieve low end of full year capital expenditure guidance, remains committed to dividend policy.

Babcock (LON:BAB) – Agreed to sell its Frazer-Nash Consultancy subsidiary to KBR for a cash consideration of £293 million.

Avon Protection (LON:AVON) – Order intake in the ten months to 31 July 2021 of $221m. COVID-19 related disruption is expected to be temporary in nature but the impact has resulted in a reduction in revenue guidance for FY21 to between $245 million – $260 million.

Sportech (LON:ROD) – Signed an exclusive 10-year commercial arrangement with the Connecticut Lottery Corporation (CLC) which provides Sportech Venues in conjunction with CLC’s sports book provider Rush Street Interactive, an ability to deliver Sports Betting across its retail estate and promotes CLC’s online and mobile channel.

[email protected] Capital (LON:SYME) – Confirms appointments of Dr Thomas James and Mr John Collis to the Board of the Company as Executive Directors.

Best Of The Best (LON:BOTB) – Circa 15% reduction in average weekly sales for the first 15 weeks of the new financial year, compared to the final 15 weeks of the prior financial year ended 30 April 2021. The new guidance the Board is providing today for the year ending 30 April 2022 is c.62% below current market forecasts with a commensurate impact on the following financial year.

UK market update – Vectura backs Philip Morris offer, Babcock disposes unit

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