A measure of calm appears to have returned to UK stocks despite the second 1,000 point fall of the week for the US Dow Jones index overnight. In early trading the index of leading UK shares is around 30 points lower at 7,138.12.
Amid all the market volatility it’s actually a pretty quiet day for corporate announcements. Newspaper publisher Trinity Mirror (TNI) finally clinches a £126.7m deal to acquire the Express and Star newspapers, adding to a roster of titles which includes the Daily Mirror and a host of local papers.
The terms of a deal involve an initial payment of £47.4m, deferred payments of £59m to be paid between 2020 and 2023 and £20m worth of new shares. The news accompanies a trading update for adjusted results to be ‘marginally ahead’ of expectations despite an 11% fall in print revenue.
Shares in the company are up 9.2% to 76.2p on the today’s news.
Business travel business Hogg Robinson (HRG) surges 50% to 117p on a recommended cash offer from American Express Global Travel, pitched at 120p. The company also announces it will sell its payment tech arm Fraedom to Visa for £141.8m.
Estate agent owned property portal OnTheMarket (OTMP) endures an uncertain start to trading on AIM, falling 6% on its 165p issue price to 155p. We wrote about the challenges facing the company here.
West End property investor Shaftesbury (SHB) slips 0.5% to 941p as it says it has continued to experience high footfall and 'robust trading' from the start of October.
'The economic strength and resilience of London's West End lies in its enduring local, national and global appeal as a destination of choice for people and businesses,' chief executive Brian Bickell says ahead of the company's annual general meeting today.
The top riser on the FTSE 100 is publishing firm RELX (REL) up 1% to £14.89 - with a 15% year-to-date fall helping to flush out bargain hunters.
Small cap oil and gas firm Angus Energy (ANGS:AIM) falls 19.7% to 6.62p as investors react to the dilution implied by a £2m share placing at 6p. The funds will contribute to funding the acquisition of a 25% interest in the Balcombe licence.
