Market Report
Former AXA subsidiary Bluefin slapped with £4m FCA fine
The Financial Conduct Authority has fined insurance broker Bluefin - a former AXA subsidiary - £4m for misleading customers.
JPMorgan upgrades EasyJet to 'overweight'
JPMorgan Cazenove upgraded EasyJet to 'overweight' from 'underweight' and lifted the price target to 1,550p from 1,330p as it incorporates the acquired Air Berlin slots.
Stagecoach keeps dividend on track, hopeful on UK rail outlook
Stagecoach kept its interim dividend steady as it reporting higher profits and progress in all divisions, but finds itself in the middle of a political dispute over the government's proposed new 'vision' for British railways.
Hochschild Mining to redeem $295m of bonds
Hochschild Mining has kicked off the process to redeem $294. 8m of its outstanding bonds in order to significantly reduce its interest payments.
Mulberry H1 sales flat but losses widen
Sales were flat but losses widened in the first half for luxury handbag brand Mulberry, which said on Wednesday that demand from tourists in London remains strong.
London open: Stocks down on negative US and Asian cues, Hammerson drops on acquisition
London stocks fell in early trade on Wednesday, taking their cue from downbeat sessions in the US and Asia.
Shaftesbury plans £265m placing to fund acquisitions
Shaftesbury has announced plans for a placing of up to 27. 86m new ordinary shares at 952p each, representing around 9. 98% of the company and raising gross proceeds of up to £265m to fund a number of acquisitions.
HarbourVest renews undrawn $500m credit facility
Closed-end investment company HarbourVest Global Private Equity has announced the successful renewal of its existing $500m multi-currency credit facility with Lloyds Bank and Credit Suisse.
Insurance challenges, Monarch collapse hit Saga
Specialist in products and services for life after 50, Saga, issued a trading update for the period from 1 August to 5 December on Wednesday, reporting that growth in underlying profit before tax was expected to be between 1% and 2% for the year to 31 January 2018.
James Fisher buys Lancashire-based EDS for up to £14.6m
Marine engineering services group James Fisher has bought Lancashire-based EDS, which provides a complete range of high voltage engineering services to the renewables industry, for up to £14. 6m.
EasyJet traffic rises 8% in November, announces new German domestic routes
Budget airline EasyJet reported an 8. 1% jump in passenger numbers in November on Wednesday as the load factor ticked higher.
Swiss Re to take on Legal & General mature savings unit
Legal & General Group has reached agreement to sell its mature savings business to the ReAssure division of Swiss Re for £650m, it announced on Wednesday.
Europe open: Stocks stumble in early trading after heavy selling in Asian session
Stocks have begun the morning lower amid talk of 'profit-taking' and 'sector rotation' as investors react to the prospect of tax cuts and tighter monetary policy in the States, alongside caution towards the outlook for growth in China and heavy selling on the Japanese and Hong Kong bourses.
Smith & Nephew buys Rotation Medical for up to $210m
Medical technology business Smith & Nephew has completed the acquisition of Rotation Medical Inc, which develops novel tissue regeneration technology for shoulder rotator cuff repair, for $125m, with a further $85m due over the next five years contingent on financial performance.
GlaxoSmithKline releases positive data on Shingrix efficacy
GlaxoSmithKline released new data from a Phase III clinical study on Wednesday, which it said supports the safety and efficacy of Shingrix in preventing shingles when given to adults 18 years and above shortly after undergoing autologous haematopoietic stem cell transplant.
London pre-open: Stocks seen weaker on downbeat US and Asian cues
London stocks were set for a weaker open on Wednesday following downbeat sessions in the US and Asia.
Hammerson agreed mammoth acquisition of Intu, Smith & Nephew completes purchase of Rotation Medical
London open.
Wednesday newspaper round-up: Brexit, UK electoral laws, GE, Deliveroo
Theresa May is facing mounting pressure to secure a breakthrough in EU negotiations after the Democratic Unionist party expressed shock at the handling of the Irish border question and Brexit-supporting Conservatives said the time had come to walk away. Senior cabinet members also voiced unease at May’s tactics, and complained they were not informed in advance about Downing Street’s plan to promise the EU some form of “regulatory alignment” to help move the divorce talks on to the next stage.
US close: Markets lower, focus on tech and tax
Wall Street finished on a downbeat note on Tuesday, as traders digest weaker-than-expected readings on service sector activity and foreign trade while scanning the headlines for news regarding the US tax reform proposals, which were making their way through Congress.