UK market update – Sainsbury’s in PE crosshairs, EasyJet gets new Chair

imageStock Markets8 hours ago (Aug 23, 2021 08:41)

© Reuters.

By Samuel Indyk – At 08:39BST, the FTSE 100 is trading higher by 0.4% at 7,114. The midcap FTSE 250 is trading higher by 0.3% at 23,813.

In FX markets, GBP/USD is trading at 1.3650, EUR/GBP is trading at 0.8588. The US Dollar Index is down 0.2%.

Today’s calendar highlights include flash PMI readings from the Eurozone, UK and US. UK CBI industrial trends orders and US existing home sales.

Sainsbury ‘s (LON:SBRY) – Private equity names are reportedly considering bidding for the supermarket chain for in excess of £7 billion. Apollo is one of the PE firms said to be interested. (Times)

EasyJet (LON:EZJ) – Appointed Stephen Hester as director and Chair designate, replacing John Barton as company Chair on 1st December 2021.

WPP (LON:WPP) – Acquires enterprise AI company Satalia. Financial terms not disclosed.

Shaftesbury (LON:SHB) – Weekly West End footfall in London recovered to 50-60% of pre-pandemic levels. Three months to June collected 51% of contracted rent, 73% of rent billed. Rent collection improved in July.

Renold (LON:RNO) – Strong momentum experienced inQ4 has been maintained in the new financial year, resulting in continued recovery in revenue and order intake. The Board now expects adjusted operating profit for both the first half and full year of FY22 to be higher than both market expectations and the equivalent prior year period.

Mitie (LON:MTO) – To sell Document Management business to Swiss Post Solutions for £40 million.

Blackbird (LON:BIRD) – Announced a deal with CBS Sports Digital for cloud video production.

Pennon (LON:PNN) – Downgraded to underperform from neutral at Credit Suisse (SIX:CSGN).

UK market update – Sainsbury’s in PE crosshairs, EasyJet gets new Chair

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