A positive US jobs report provided markets and banking stocks with a boost, driving the S&P 500 to a record high across the pond.
However, London’s FTSE 100 was subdued on Friday, despite gains for NatWest (NWG), Lloyds (LLOY), Barclays (BARC) and HSBC (HSBA).
The blue chip benchmark finished the session broadly flat at 7,122.95 points, which was enough to ensure its best weekly performance since June.
COMPANY NEWS
The Fortress-led private equity consortium raised its takeover bid for Morrisons (MRW) to 270p per share plus a 2p special dividend. Rival CD&R has a deadline of 5pm on Monday 9 August to make a firm offer, suggesting the bidding war for the UK supermarket, up 2.4% to 278.6p, is far from over.
Drug inhalation technology company Vectura (VEC:AIM) puffed up 6.8% to 164.4p after recommending an increased cash offer from private equity firm Carlyle pitched at 155p, trumping the 150p offer from tobacco giant Philip Morris which the board had previously accepted.
Financial markets and information group London Stock Exchange (LSEG) posted a 4.6% increase in first half income and an 18.6% increase in average earnings per share, including the contribution from Refinitiv.
Synergies from the acquisition are now expected to be £125 million for the full year, up from a previous estimate of £88 million. Shares topped the FTSE 100 leader board, gaining 5.4% to £78.72.
Public services outsourcing firm Capita (CPI) swung to a first half pre-tax profit of £45.3 million compared with a loss of £11.1 million last year thanks to a recovery in revenues and ongoing cost efficiencies.
New contract wins in the half came to £2.58 billion, 70% higher than a year ago, with £769 million of revenues due to come in this year, an increase of 13%. Shares gained 11.3% to 40.1p.
Drug maker Hikma Pharmaceuticals (HIK) reported a 7% increase in first half revenues and an 18% increase in earnings to $223 million thanks to a strong performance in generic drugs and a resilient performance from its injectables division.
The firm raised its full year guidance for generic product revenues to between $810 million and $830 million thanks to higher sales of new products. Shares dipped 7.1% to £24.55.
IN OTHER NEWS
The Renewable Infrastructure Group (TRIG) softened 0.9% to 133p after it posted a 0.9% fall in first half net asset value per share to 114.3p compared with last December.
The firm said higher power prices and active portfolio management had helped offset the impact of lower levels of wind power and changes in its tax regime.
Shares in recently listed cyber-security firm Darktrace (DARK) dropped 6.6% to 640p after a group of major shareholders sold 23.15 million shares at 620p, close to a 10% discount to last night’s closing price.
Shares were floated on 30 April at 250p per share, so the placing banks agreed to waive the sellers’ lock-up agreements to allow them to exit early.
Consumer self-care company Venture Life (VLG:AIM) gained 2.3% to trade at 90p on the £4.7 million earnings enhancing acquisition of oncology support products from Helsinn Healthcare.
Beverages business East Imperial (EISB) fizzed 8.8% higher to 13.6p after reaching an agreement with Dan Murphy’s to supply its premium tonics range across the Australian retailer’s 245 national stores as well as through its online channels.
