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LONDON MARKET OPEN: House Of Fraser Woes Continue For Sports Direct

Mon, 15th Jul 2019 08:41

(Alliance News) - Stock prices in London opened higher on Monday with heavyweight miners among the blue-chip risers, while among mid-caps Sports Direct fell sharply after delaying the release of its annual results. The FTSE 100 was up 19.07 points, or 0.2%, at 7,525.04. The FTSE 250 was up 67.12 points, or 0.3%, at 19,618.95. The AIM All-Share was up 1.21 points at 918.40.The Cboe UK 100 index was up 0.3% at 12,755.06. The Cboe UK 250 was up 0.1% at 17,446.62, and the Cboe UK Small Companies was flat at 11,158.61.In mainland Europe, the CAC 40 index in Paris and DAX 30 in Frankfurt were up 0.5% and 0.8% respectively. In China, the Shanghai Composite closed up 0.4%, while the Hang Seng index in Hong Kong is up 0.1%. Financial markets in Japan are closed for the Marine Day public holiday.On the London Stock Exchange, Antofagasta was the best large-cap performer, up 4.2% after the Pakistani government was ordered to pay damages of USD5.8 billion to Tethyan Copper, a joint venture between the Chilean copper miner and Canada's Barrick Gold.The award comes after arbitration claims were filed against Pakistan following the unlawful denial of a mining lease for the Reko Diq project in Pakistan in 2011.Fellow miners, Glencore, Rio Tinto, Anglo American were up 1.6%, 1.5% and 1.3%, respectively. In China, the second largest economy in the world posted its slowest economic growth in almost three decades during the second quarter.Data from the National Bureau of Statistics showed gross domestic product grew 6.2% in the second quarter on the year prior. This was lower than the 6.4% reported in the first quarter of 2019, and the 6.6% printed in 2018 as a whole."GDP growth moderated to 6.2% in the second quarter from 6.4% in the first quarter, with momentum in industrial value added, consumption and investment easing in the quarter," Oxford Economics Senior Economist Tommy Wu said. "We estimate real export growth fell, amid the flare-up of US-China trade tensions, over May-June.""But positively, monthly data suggest that domestic growth momentum picked up in June, providing some tentative evidence that the easing in macro policies is starting to filter through to the domestic economy," Wu added.At the other end of the FTSE 100, Micro Focus International was the worst performer, down 3.0%, extending losses after the software firm said last week its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into its existing operations. The stock is down 20% since last Tuesday.The Newbury-based software firm said on Monday that Chair Kevin Loosemore sold 650,000 shares at 1,777 pence each, in a deal worth around GBP11.6 million in a series of transactions last Wednesday and Thursday. In the FTSE 250, Sports Direct International was the worst performer, down 10% after the sportswear retailer said it will postpone its annual results, scheduled for Thursday, to late July or August, due to complications with its integration of department store chain House of Fraser. Sports Direct said there are some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23. In December, Sports Direct had warned its acquisition House of Fraser would dent its earnings for the full year. The Mike Ashley-founded firm had said turning around House of Fraser would present "significant challenges", and see its adjusted earnings before interest, taxes, depreciation and amortisation coming in "behind last year's results".The pound was quoted at USD1.2562 Monday, firm against USD1.2554 at the London equities close Friday.There are no major events remaining in the economic calendar on Monday after the release of the Chinese data.

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27 Jan 2023 11:51

Micro Focus expects takeover by OpenText to complete next week

(Alliance News) - Micro Focus International PLC on Friday said its proposed takeover by Open Text Corp is expected to complete on Tuesday next week, after the High Court of Justice in England & Wales approved the transaction for the entire share capital of Micro Focus.

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26 Jan 2023 21:15

Micro Focus International to be replaced by Hunting on FTSE 250 index

(Alliance News) - Micro Focus International PLC will be deleted from the FTSE 250 index, the FTSE Russell said on Thursday, amid its takeover by Open Text Corp.

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24 Jan 2023 20:15

Pacific Horizon to be added to FTSE 250 as Biffa exits amid takeover

(Alliance News) - FTSE Russell said on Tuesday that Pacific Horizon Investment Trust PLC will be added to the FTSE 250 index, replacing Biffa PLC which is being removed.

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17 Nov 2022 14:10

IN BRIEF: Open Text eyes Micro Focus takeover in first quarter of 2023

Micro Focus International PLC - Berkshire-based global enterprise software firm - Potential buyer Open Text Corp expects takeover of Micro Focus to close in the first quarter of calendar year 2023. Open Text adds that it fully syndicated its USD3.59 billion term loan facility with an annual interest equal to adjusted terms secured overnight financing rate plus 3.5%. Further, it prices an offering of USD1 billion of 6.9% senior secured fixed rate notes due 2027 in connection with the acquisition.

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14 Nov 2022 12:15

Micro Focus reports interim revenue fall amid volatile backdrop

(Alliance News) - Micro Focus International PLC on Monday reported a dip in full-year revenue and earnings in the face of an increasingly volatile market backdrop.

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14 Nov 2022 07:58

Micro Focus flags weaker earnings ahead of acquisition by OpenText

(Sharecast News) - Micro Focus International reported a 7% constant currency fall in full-year revenue in a trading update on Monday, to $2.5bn, ahead of its acquisition by OpenText.

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26 Sep 2022 17:19

OpenText completes debt financing ready for Micro Focus takeover

(Alliance News) - Micro Focus International PLC on Monday said that Open Text Corp has completed its debt financing commitments for Micro Focus's GBP5.1 million takeover.

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16 Sep 2022 09:08

PRESS: UK to launch late charm offensive to land Arm IPO - FT

(Alliance News) - The UK government will launch a last-ditch effort to persuade SoftBank Group Corp to list its Arm unit in London, the Financial Times reported on Thursday.

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26 Aug 2022 17:31

UK stocks log worst week since mid-June; Micro Focus soars on buyout deal

Aug 26 (Reuters) - UK stock indexes fell on Friday to log their biggest weekly decline since mid-June as concern mounted about a cost-of-living crisis and Federal Reserve Chair Jerome Powell said the U.S. central bank will raise rates further to try to tame inflation.

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26 Aug 2022 17:07

LONDON MARKET CLOSE: Stocks slump as Powell says Fed to act with force

(Alliance News) - Stocks in Europe ended sharply lower on Friday as US Federal Reserve Chair Jerome Powell made price stability paramount, despite the "pain" that will be caused by moves to tame rampant inflation.

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26 Aug 2022 12:20

LONDON MARKET MIDDAY: Stocks mixed as all eyes on Powell address

Alliance News) - Stock market investors were exercising caution on Friday, in the build-up to a highly anticipated speech by US Federal Reserve Chair Jerome Powell, seeking clues on policy direction going into the next interest-rate setting meeting.

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26 Aug 2022 10:41

TOP NEWS SUMMARY: Micro Focus accepts takeover by Canada's OpenText

(Alliance News) - The following is a summary of top news stories Friday.

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26 Aug 2022 09:02

LONDON MARKET OPEN: Micro Focus rises after agreeing OpenText takeover

Alliance News) - Stock prices in London opened higher on Friday as investors look ahead to a speech by US Federal Reserve Chair Jerome Powell later in the day, while Micro Focus shares surged after agreeing to a takeover offer from a Canadian rival.

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26 Aug 2022 08:09

LONDON BRIEFING: 5 years after HP deal, Micro Focus agrees to takeover

(Alliance News) - Micro Focus International on Friday said it agreed with Canada's OpenText on the terms of a recommended cash acquisition that values the UK software firm, including its debt, at around GBP5.1 billion.

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26 Aug 2022 07:58

TOP NEWS: OpenText to acquire Micro Focus in GBP5.1 billion deal

(Alliance News) - Micro Focus International PLC on Friday said it agreed with Canada's OpenText Corp on the terms of a recommended cash acquisition that values the UK software company, including its debt, at around GBP5.1 billion.

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