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(Alliance News) - Stock prices in London are seen opening sharply higher on Tuesday following the long bank holiday weekend in the UK as investors take heart from more economies reopening around the world.
In early UK company news, executive change was the prevailing theme of the new trading week. Luxury carmaker Aston Martin Lagonda confirmed it has replaced its chief executive. Budget airline easyJet said its chief financial officer will depart in May 2021, while paper and packaging firm Mondi poached its new CFO from plumbing and heating products supplier Ferguson.
IG futures indicate the FTSE 100 index is to open 137.12 points higher at 6,130.40. The blue-chip index closed down 21.97 points, or 0.4%, at 5,993.28 on Friday.
Aston Martin confirmed Chief Executive Officer Andy Palmer has stepped down with immediate effect, and the carmaker has appointed Tobias Moers as his replacement.
Palmer's position as chief executive has been the subject of speculation since billionaire Lawrence Stroll led a consortium that bought a 25% stake in Aston Martin last month, and then selling part of that to another consortium led by Mercedes-AMG Formula 1 team principal Toto Wolff.
Moers will be based at Aston Martin's headquarters in Gaydon, Warwickshire and will join the company on August 1. He is currently CEO of the AMG sports car arm of Mercedes Benz, itself part of Aston Martin shareholder Daimler. Moers has held that position since 2013.
Under Palmer's watch, Aston Martin - in October 2018 - became the first carmaker to list in London since Jaguar was spun off from British Leyland and was listed on the London Stock Exchange in 1984. However, the company since has issued a slew of profit warnings, and the share price has plunged 98% to 35.46 pence at Friday's close from its IPO price of 1,900 pence.
Keith Stanton, currently chief manufacturing operations officer, has been appointed interim chief operating officer to support Executive Chair Stroll, the company added.
Stoll said: "I would like to thank Andy for his hard work, personal commitment and dedication to Aston Martin Lagonda since 2014. In that time the company has successfully renewed its core sports car range, with the DB11, Vantage and DBS Superleggera and has brought the brand's first SUV, DBX to a point of readiness for deliveries to start in the summer. Furthermore, the development of the era-defining Aston Martin Valkyrie hypercar has paved the way for the mid-engined range to come. I would also like to recognise his leadership through the current challenges and uncertainties presented by Covid-19.
"I am delighted to welcome Tobias to Aston Martin Lagonda. He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing."
easyJet said Andrew Findlay is to step down as CFO in May 2021, but will continue with his existing responsibilities as the search for his successor gets underway.
Findlay was part of a group of easyJet directors that founder and major shareholder Stelios Haji-Ioannou failed to oust in a row over a GBP4.5 billion order for Airbus planes at a shareholders' meeting last week.
Findley said: "By the end of my notice period, I will have been with this great company for almost 6 years, and it will be the right time to pass the financial reins to someone who will help take easyJet into its next chapter. I would like to thank the shareholders who supported me and my fellow directors in the recent general meeting. I intend to repay that support in the coming year."
Ferguson said CFO Mike Powell has resigned from the plumbing products firm to take up the same role at Mondi.
Ferguson said Powell was committed to assisting with an orderly transition and the search for his successor is underway. The CFO role in the future will be based at Ferguson's Newport News, Virginia headquarters in the US and it will confirm Powell's leaving date in due course.
The pound was quoted at USD1.2219 early Tuesday, up from USD1.2190 at the London equities close Friday.
All shops across England will be able to open next month if they can meet the coronavirus guidelines to protect shoppers and workers, UK Prime Minister Boris Johnson announced on Monday.
Johnson said outdoor markets and car showrooms would be able to open from June 1 if they are safe to do so.
All other non-essential retailers - such as those selling clothes and books - will be allowed to open from June 15, provided the guidelines are met along with the government's five tests for easing the lockdown.
Johnson told the daily Downing Street press conference that the risk of transmission is lower in outdoor areas, where social distancing can be easier to enforce.
CMC Markets analyst Michael Hewson said: "With UK markets set to play catch-up this morning we can expect to see a very strong open for the FTSE 100, with other markets in Europe also set to open higher and build on the gains made yesterday."
The Japanese Nikkei 225 index closed up 2.6% on Tuesday. In China, the Shanghai Composite is up 0.7%, while the Hang Seng index in Hong Kong is up 1.9%.
Japan late on Monday lifted a nationwide state of emergency over the coronavirus, gradually reopening the world's third-largest economy.
Meanwhile, China's plans to impose a new security law on Hong Kong will not erode freedoms, the city's leader said Tuesday, as she tried to reassure international businesses and investors alarmed by the proposal.
Chief Executive Carrie Lam said the controversial law would "only target a handful of lawbreakers" but she would not be drawn on what actions and opinions would be deemed illegal once the legislation is passed.
The euro was quoted at USD1.0918, up from USD1.0886 late Friday in London. Against the yen, the dollar was quoted at JPY107.84, firm from JPY107.51.
Oil was quoted at USD36.20 a barrel Tuesday morning, up sharply from USD34.72 late Friday. Gold was quoted at USD1,733.41 an ounce, firm from USD1,733.00.
The economic events calendar on Tuesday has US home sales change data at 1500 BST.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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