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(Alliance News) - The FTSE 100 index of London large-cap stocks rose above 7,000 points at the open on Friday, following strong economic data from China and as the early-2021 IPO boom continues.
The FTSE 100's record closing high was 7,877.45, set in May 2018.
musicMagpie on Friday became the latest firm to announce plans for a listing on AIM. musicMagpie is to raise GBP15 million for company and GBP95 million for selling shareholders in its initial public offering. Based on the placing price of 193 pence, it expects a market capitalisation of GBP208 million on admission. The company expects to start trading on AIM on April 22.
Founded in 2007, musicMagpie provides 're-commerce' of consumer technology, including smartphones, tablets, consoles and computers. It has an established presence in the UK, with operations in Stockport and Manchester, and in the US in Atlanta, Georgia.
The IPO market in London is in good health so far this year after many firms abandoned plans to list in 2020 due to the coronavirus crisis.
Sky News reported on Thursday that investment bank Peel Hunt is considering an initial public offering in London, 20 years after it was taken private. Peel Hunt has appointed Evercore as adviser for a possible flotation that could value it at GBP350 million, Sky News said, citing "insiders".
Meanwhile, NFT Investments, which invests in non-fungible tokens, said its IPO raise of GBP35 million was a record for the Aquis Stock Exchange. NFT said the placing was oversubscribed with an order book in excess of GBP100 million. It starts trading on AQSE on Friday.
Fintech Wise is in talks with UK regulators over going public via a direct listing, the Financial Times reported. Wise, formerly known as TransferWise, is aiming to list in June and has been discussing the mechanics of a direct listing with the UK Financial Conduct Authority, the FT reported, citing people close to the company. One of the people said the timing and structure of the deal were not finalised yet, but the company had decided on a direct listing in London as its preferred route.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.4% at 7,012.19
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Hang Seng: up 0.6% at 28,964.57
Nikkei 225: closed up 0.1% at 29,683.37
DJIA: closed up 305.10 points, 0.9%, at 34,035.99
S&P 500: closed up 1.1% at 4,170.42
Nasdaq Composite: closed up 1.3% at 14,038.76
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EUR: flat at USD1.1960 (USD1.1965)
GBP: down at USD1.3738 (USD1.3788)
USD: up at JPY108.86 (JPY108.71)
Gold: down at USD1,762.25 per ounce (USD1,766.35)
Oil (Brent): up at USD67.32 a barrel (USD66.58)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Friday's Key Economic Events still to come
1100 CEST EU harmonised consumer price index
1100 CEST EU foreign trade
0830 EDT US new residential construction
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US President Joe Biden said Thursday after announcing sanctions against Russia that for both countries "now is the time to deescalate". Biden described the sanctions, which are aimed at the Russian economy and dozens of individuals, as a "measured and proportionate" response to Moscow's hostile actions against the US. He said that during a phone call earlier this week he was "clear with President Putin that we could have gone further" but added that Washington is "not looking to kick off a cycle of escalation and conflict with Russia." Biden said that with direct communication between him and Vladimir Putin they could establish "a more effective relationship" and that the Kremlin leader "agreed" with this. Biden's proposed summit with Putin, which he said could take place "this summer in Europe," would be a chance to "launch a strategic stability dialogue."
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BROKER RATING CHANGES
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HSBC RAISES BP TO 'BUY' (HOLD) - PRICE TARGET 355 PENCE
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PEEL HUNT CUTS SPECTRIS TO 'ADD' ('BUY')
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BERENBERG RAISES SPECTRIS PRICE TARGET TO 3640 (3505) PENCE - 'BUY'
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RBC CUTS DIXONS CARPHONE TO 'SECTOR PERFORM' ('OUTPERFORM') - TARGET 150 PENCE
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COMPANIES - FTSE 100
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Ocado said it has launched a commercial partnership with Oxbotica to collaborate on hardware and software interfaces for autonomous vehicles, enhancing and integrating Oxbotica's autonomy software platform into a variety of vehicles. Ocado expects that the development of vehicles that operate in low-speed urban areas or in restricted access areas, such as inside its customer fulfilment centre buildings or yards, may become a reality sooner than fully autonomous deliveries to consumers' homes. However, it said, all aspects of autonomous vehicle development will be within the scope of the collaboration. Ocado expects to see the first prototypes of some early use cases for autonomous vehicles within two years. Under the terms, Ocado will invest GBP10 million in Oxbotica as part of Oxbotica's latest Series B equity funding round and will also take a seat on Oxbotica's board.
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COMPANIES - FTSE 250
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Grafton Group said that it has appointed Rothschild & Co to undertake a review of some of its traditional merchanting businesses, which "may or may not result in the sale of some or all of these businesses". Grafton said the strategic review is focused solely on the Buildbase, Civils & Lintels, PDM Buildbase, Timber Group, Bathroom Distribution Group and NDI businesses. No other businesses form part of the strategic review.
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Kainos Group said it expects results for its recently ended financial year to be at the top end of market forecasts. The momentum communicated back in January has been maintained, the IT provider said, and as such it expects results for the financial year ended March 31 to be at the upper end of current market consensus forecasts. In both its Digital Services and Workday Practice divisions it has seen continued robust demand from existing and new customers despite Covid-19 uncertainty.
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The boss of Europe's largest tour company has said he is "optimistic" the summer holiday season can be saved with successful vaccine programmes. In an interview with the BBC, Tui Chief Executive Friedrich Joussen said bookings in March had hit 2.8 million, with the company expecting to operate up to 75% of its normal schedule for the summer season. Britons are set to be allowed to travel abroad for foreign holidays from May 17 under the government's road map to easing coronavirus restrictions. Pointing to the success of vaccination programmes in the UK, US and Europe, Joussen told the broadcaster: "We are still confident that we will have a decent summer.
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COMPANIES - MAIN MARKET AND AIM
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Bank of Ireland Group said it has entered into a memorandum of understanding with KBC Bank Ireland to acquire substantially all of KBC Bank Ireland's performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as regulatory approvals, it said. Bank of Ireland said KBC's remaining non-performing mortgage loan portfolio in Ireland, which is not part of the MoU, is currently being analysed whereby KBC is reviewing its options to divest this NPL portfolio. The completion of these two transactions would result in Brussels-based KBC Group's withdrawal from the Irish market.
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COMPANIES - GLOBAL
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Daimler said it expects to report first-quarter results ahead of market forecasts. The German automaker said it has experienced sales momentum at Mercedes-Benz Cars in the three months to the end of March, driven by all major regions, especially China, strongly supported the product mix and pricing. Earnings before interest and tax totalled EUR5.75 billion versus consensus forecast of EUR4.96 billion. In the first quarter of 2020, Daimler reported Ebit of EUR617 million.
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Apple announced a USD200 million fund to invest in timber-producing commercial forestry projects, with the goal of removing carbon from the atmosphere while also generating profit. The Restore Fund, launched in partnership with Conservation International and Goldman Sachs, is expected to have its first projects targeted later this year. The fund aims to remove one million metric tons of carbon dioxide annually from the atmosphere, equal to the amount spewed by more than 200,000 passenger vehicles. Apple said last year it would become carbon neutral by 2030 for all its operations, including manufacturing.
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Friday's Shareholder Meetings
Dods Group PLC - GM re share consolidation, name change to Merit Group
Equiniti Group PLC - GM re change of name, share capital reorganisation
Fair Oaks Income Ltd - EGM re share reorganisation, placing programme
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By Tom Waite; thomaslwaite@alliancenews.com
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