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LONDON MARKET OPEN: Debenhams Rises As Sports Direct Offers Rescue

Mon, 08th Apr 2019 08:51

LONDON (Alliance News) - Stock prices in London were lower early Monday following mixed trading sessions in Japan and China, though Debenhams shares rose after Sports Direct International offered a GBP150 million lifeline to the debt-laden department store chain. The FTSE 100 was down 7.98 points, or 0.1%, at 7,438.89. The FTSE 250 was down 6.92 points, or 0.1%, at 19,531.38. The AIM All-Share was flat at 921.59.The Cboe UK 100 index was down 0.2% at 12,635.11. The Cboe UK 250 was flat at 17,466.94, while the Cboe UK Small Companies was essentially unmoved at 11,246.36.The Japanese Nikkei 225 index closed down 0.2%. In China, the Shanghai Composite closed down 0.1%, while the Hang Seng index in Hong Kong is up 0.4%.Financial markets in China and Hong Kong reopened on Monday after being closed for the Tomb Sweeping Day holiday on Friday.Chinese official broadcaster CCTV reported that there was "new progress" in trade talks that concluded in Washington on Friday.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were down 0.1% and 0.3% respectively in early dealings.In the FTSE 100, gold miner Fresnillo was up, tracking gold prices higher, quoted at USD1,297.15 an ounce, up from USD1,291.30 at the London equities close Friday. Midcap peers Acacia Mining, and Centamin were up 4.9% and 1.5% respectively. In the FTSE 250, Energean Oil & Gas was up 2.5% after the oil and gas company said it was producing over 1,000 barrels of oil a day from the Epsilon project after completing drilling.Energean has drilled to 5,679 metres at the EA-H3 well, penetrating 689 metres of the Epsilon sandstone reservoir, meeting pre-drill expectations. The Epsilon project is in Greece, but Energean's flagship asset is the Karish Tanin gas field offshore Israel, from which it hopes to start producing in 2021. Sports Direct International was up 1.5% after the sportswear retailer confirmed it is considering underwriting a GBP150 million equity issuance by struggling departmental store chain Debenhams.This comes with a number of conditions, including the appointment of Sports Direct Chief Executive Mike Ashley as Debenhams CEO, as well as Debenhams lenders writing off GBP148 million of debt, Sports Direct said.Sports Direct also is still mulling a 5 pence per share cash offer for Debenhams, with April 22 being the deadline to make a firm offer. Sports Direct already owns 29% of Debenhams.The 5p offer values Debenhams at GBP61.4 million, and compares to a closing price on Friday last week of 2.04p. Debenhams shares were up 10% at 2.26p in early trade Monday.The BBC on Monday reported that Ashley has demanded Debenhams directors take a lie detector test, accusing them of a "sustained programme of falsehoods and denials". The broadcaster was citing a statement issued by the sporting goods retailer late on Sunday.Indivior was up 0.7% after the drugmaker said analysis of its Sublocade slow-release injectable treatment found the drug could be more effective as an addition treatment at a higher dose.At the other end of the midcap index, Aston Martin Lagonda was down 3.5% after Deutsche Bank downgraded the sports car maker to Hold from Buy. The pound was quoted at USD1.3050 early Monday, up from USD1.3020 at the London equities close Friday, as the Brexit deadline of this coming Friday looms.Time is running out for UK Prime Minister Theresa May to reach a Brexit compromise with Labour ahead of a summit on Wednesday with European leaders.May has angered fellow Tories by holding talks with Labour, with Brexiteers including Boris Johnson concerned she will accept a customs union as the price for a deal with opposition leader Jeremy Corbyn.May has told EU leaders she wants a delay to Brexit until June 30 at the latest, with the possibility of an early exit if she can get a deal through Parliament.But Brussels is expected to demand a clear strategy from the prime minister at a meeting of EU leaders on Wednesday and could insist on a longer delay which would require the UK to participate in European elections.Analysts at Daiwa Capital Markets commented: "As leaders want to avoid being blamed for a damaging no-deal Brexit, not least out of solidarity for Ireland and to avoid the significant adverse economic shock that would arise, we see only a minimal risk that the request for a Brexit delay to be refused this week. But the summit negotiations will not be straight forward, and the precise extension end-date will clearly be argued over, as will the conditions, which are likely to include an assurance that the UK won't obstruct EU decision-making over the period concerned. "Ultimately, we would view a longer extension as more constructive, pushing out the potential cliff edge further into the future and thus removing the near-term risk of a disorderly no-deal Brexit." Still to come in the economic calendar on Monday are US factory orders at 1500 BST.

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17 Sep 2019 14:18

Acacia Shares To Be Cancelled After Barrick Sealed Takeover Approval

(Alliance News) - Acacia Mining PLC on Tuesday said its shares will be cancelled from trading this week ahead of Barrick Gold Corp's takeover of the company.Last Friday, the UK High the

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13 Sep 2019 15:18

UK High Court Approves Barrick Gold's Acacia Mining Acquisition

(Alliance News) - Acacia Mining PLC on Friday said its acquisition by Barrick Gold Corp has been sanctioned, leading to trading in Acacia shares to likely be cancelled on Wednesday next offer was

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13 Sep 2019 14:43

FTSE 250 movers: CYBG climbs, gold miners lose their shine

(Sharecast News) - London's FTSE 250 was up by 0.75% at 20,112.33 in afternoon trading on Friday, with CYBG leading the index higher.

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13 Sep 2019 10:24

WINNERS & LOSERS SUMMARY: SSE Rises After Selling Retail Business

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Pearson, up to

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9 Sep 2019 14:08

FTSE 250: Gold miners dulled, Intu surges

(Sharecast News) - London's FTSE 250 was fell by 0.18% to 19,669.56 in afternoon trading on Monday, with precious metals miners leading the way lower.

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4 Sep 2019 13:54

FTSE 250 movers: Metro Bank chugs higher, Kainos falls

(Sharecast News) - London's FTSE 250 was down 0.82% at 19,624.51 in afternoon trading on Wednesday, with Metro Bank leading the index higher.

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3 Sep 2019 14:41

FTSE 250 movers: Restaurant Group slips, AG Barr fizzes higher

(Sharecast News) - London's FTSE 250 was down 0.39% at 19,405.27 in afternoon trading on Tuesday, with Restaurant Group leading the index lower.

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30 Aug 2019 14:32

FTSE 250 movers: Amigo ascends, Gold miners dip

(Sharecast News) - London's FTSE 250 was up 0.69% at 19,425.11 in afternoon trading on Friday, with Amigo Holdings leading the index higher.

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27 Aug 2019 15:55

UK Shareholder Meetings Calendar - Next 7 Days

Wednesday 28 AugustTheWorks.co.ukBBA Aviaition (re Ontic sale)Collagen 29 Oil & 30 2 3 Mining (re

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16 Aug 2019 12:18

LONDON MARKET MIDDAY: Stocks Edge Up Amid US-China Trade Conflict Calm

(Alliance News) - UK stocks were trading mostly higher on Friday at midday, as US-China trade tensions were briefly forgotten and trading on the London Stock Exchange got a late start due to a The

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16 Aug 2019 10:57

WINNERS & LOSERS SUMMARY: RBS Makes Partial Comeback After Steep Fall

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Hiscox, a

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16 Aug 2019 07:59

TOP NEWS: Acacia Gets Tanzania Export Permits, Production Still Halted

(Alliance News) - Acacia Mining PLC said on Friday that gold production at the North Mara mine cannot resume until the Tanzanian environment council reverses a prohibition notice.Acacia to

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16 Aug 2019 07:41

LONDON MARKET PRE-OPEN: Ultra Electronics Gets Big US Navy Deal

(Alliance News) - Stock prices are set to open higher in London on Friday following the previous day's sharp losses as the "mood lightens" after no new trade blows were exchanged the

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16 Aug 2019 07:29

Acacia Mining to resume North Mara exports; Processing ban remains

(Sharecast News) - Acacia Mining said it had resumed gold exports from its North Mara mine after receiving permits from the Tanzanian government, but warned a processing was still in place.

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12 Aug 2019 16:59

LONDON MARKET CLOSE: Hong Kong And Brexit Tensions Weigh On Stocks

(Alliance News) - Stocks in London opened the week in the red as violent clashes between protestors and police in Hong Kong and further Brexit stumbling blocks caused investors to turn away from a

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