Archive
Insurers Aviva and Admiral in Thursday’s results spotlight
Results from Aviva, Admiral, Greggs and Premier Oil are all in the diary for Thursday.
Company
Melrose Industries PLC
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
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Melrose Industries raises around £200mln from two disposals including a GKN powertrain business
The FTSE 100-listed firm said it has agreed to sell Walterscheid Powertrain Group - previously known as GKN Off Highway Powertrain - to One Equity Partners a US-based private equity firm
Investments and investor services
FTSE 100 joins the decline in global equities to close lower
There is not a lot of earnings news on either side of the Atlantic to drive markets higher
Lloyds added to JPMorgan Cazenove’s European Best Equity Ideas Overweight List
JPMorgan's European Best Equity Ideas list summarises the bank’s EMEA Equity research team’s views and top picks, covering both strategy and sector contributions
Melrose considers shelving sale of GKN division after receiving low-ball bids, says report
RB Capital said Melrose is strict on asset valuation and is unlikely to sell if uncertain market conditions have weighed on bids for GKN Powder Powder Metallurgy
RBC Capital ups Melrose to Top Pick in major review of UK engineering sector
In a note to clients, the Canadian bank’s analysts concluded: “We do not expect a major downturn, but even if there is one the recent sector sell-off has priced in a recession for many names in our coverage group”
Melrose lifted as it reports strong revenue growth in Aerospace and Powder Metallurgy
The turnaround specialist said that trading was in line with its expectations for 2018, with revenues in Aerospace up 6% on last year in the period while Powder Metallurgy was up 9%
Renewi CEO to depart next year for new role as COO of Melrose Industries
The waste recycling company said Otto de Bont, currently managing director of Renewi Netherlands’ NL Commercial Division, will succeed Dilnot as its CEO in April 2019
Investments and investor services
FTSE 100 closes positively as PM Theresa May says gov't is working towards a good Brexit deal
Britain's blue-chip benchmark finished up around 31 points at 7,029
Melrose appoints former Delphi Technologies boss Liam Butterworth to lead GKN units
Former Delphi Technologies boss Liam Butterworth will start his new role at Melrose in November.
Investments and investor services
FTSE 100 closes firmly in red as Italy causes jitters
In the currency markets, sterling is around flat against the Euro and down 0.43% against the US dollar.
Hardware & electrical equipment
Exane BNP Paribas analysts reckon Spectris could be the next GKN
Analysts at the French investment bank think Spectris would be an “attractive takeout candidate”, given their belief that a buyer could come in and turn it around reasonably quickly
FTSE 100 finishes lower as BoE keeps rates on hold; sterling gains
The UK benchmark index of leading shares finished down nearly 32 points at 7,281
Investments and investor services
Morrisons in the spotlight as discounters are seeing a slowdown
The supermarket is the likely standouts in Thursday's market diary.
Aquis Exchange unit inks three-year trading technology supply deal with crypto and security token exchange Archax
A look at some of the London market's biggest risers and fallers on Thursday
Melrose reports significant progress with GKN reorganisation
Melrose gave no details of plans to break up GKN following reports that it was looking to auction off the power metallurgy division
Investments and investor services
FTSE 100 closes lower again as traders flee from risk
The UK blue chip index was about 10 points lower at 7,373, above the session low of 7,357.09 but below the morning peak of 7,397.74
Investments and investor services
Bovis Homes and Dixons Carphone to take spotlight on busy Thursday
It promises to be a busy Thursday morning with several closely followed firms reporting, meanwhile, around 9 points will come off the index with blue-chip miners such as BHP Billiton, Antofagasta, and Glencore going ex-dividend.
Melrose reportedly already looking to break up GKN with £2bn sale of Powder Met division
The industrial turnaround is said to be preparing to sell off GKN’s Powder Met division, with an auction possibly taking place as early as the autumn
Mixed opinions on Inmarsat following rejection of EchoStar offer
Inmarsat confirmed it had been approached with a takeover offer by EchoStar last Friday, however it said the offer had “significantly undervalued” the company