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FTSE 100 ends higher as miners shine, Ted Baker soars on buyout deal

Tue, 16th Aug 2022 17:21

Aug 16 (Reuters) - Britain's top share index ended near a 10-week peak on Tuesday as strong results from BHP Group sparked a rally in mining stocks, while fashion chain Ted Baker soared on a buyout deal.

The commodity-heavy FTSE 100 rose 0.4%.

London-listed shares of BHP Group Ltd rose 5.5% after the world's largest miner reported its strongest profit since 2011 on the back of gains in prices of coal and other commodities.

The stellar results lifted peers such as Rio Tinto, Glencore and Antofagasta. The wider mining index gained 3.7%.

"While economic concerns have brought volatility in the commodity space, the recent Russia-Ukraine war has helped drive demand for alternate energy such as coal and gas," Joshua Mahony, senior market analyst at online trading platform IG, said in a note.

"The forward-looking nature of markets should mean that investors look beyond any short-term weakening in favour of a 2024 recovery."

Another bright spot was Ted Baker, which surged 16.9% after Juicy Couture and Forever 21 owner Authentic Brands agreed to buy the company in a deal worth roughly 211 million pounds ($254.26 million).

The FTSE 100 has climbed over 8% since hitting its lowest point of 2022 in March and remains less than 2% away from surpassing the year's high.

However, the domestically focussed FTSE 250 index slipped 0.2% after Britain's super-hot labour market displayed signs of cooling.

The number of people in work expanded by 160,000 in the April-June period from the quarter before, far below the rise of 256,000 expected by economists in a Reuters poll. Meanwhile, earnings adjusted for consumer prices index fell 4.1%, the biggest drop since records began in 2001.

"We think wage pressures will begin to cool as margins are squeezed into winter. But for now, we think there's not much in these latest figures that will stop the Bank of England (BoE) from hiking rates by 50bp again in September," ING analysts said in a note.

Consumer prices data is due on Wednesday, with investors looking for cues on the BoE's next move. Money markets are currently pricing in an around 83% chance of a second consecutive 50-basis-point hike from the BoE next month. (Reporting by Sruthi Shankar, Johann M Cherian and Aniruddha Ghosh in Bengaluru; Editing by Vinay Dwivedi and Paul Simao)

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7 Jun 2022 07:50

Ted Baker's preferred suitor walks away, shares tumble

(Sharecast News) - Ted Baker's preferred bidder has pulled out of takeover talks, sending shares in the fashion retailer tumbling.

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30 May 2022 15:42

Authentic Brands in talks over £300m Ted Baker takeover - report

(Sharecast News) - Ted Baker is reportedly in advanced talks with Reebok owner Authentic Brands (ABG) about a potential £300m takeover of the high street fashion chain.

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26 May 2022 14:51

Ted Baker cuts annual loss on strong digital sales amid sales process

(Alliance News) - Ted Baker PLC reported a narrowed loss on Thursday as the retailer saw an improved annual sales performance despite the impact of Covid-19 restrictions in the year.

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26 May 2022 09:02

Ted Baker full-year losses narrow as revenues rise

(Sharecast News) - Ted Baker reported a narrowing of its full-year losses on Thursday as revenues grew, and the fashion retailer hailed a rise in first-quarter sales.

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23 May 2022 17:03

Financials, commodity stocks boost UK's FTSE 100

May 23 (Reuters) - UK's top share index rose on Monday, aided by gains in financials and strength in resource-linked shares, while home improvement retailer Kingfisher rose after posting upbeat quarterly results.

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23 May 2022 08:50

Ted Baker has preferred bidder in sales process as Sycamore drops out

(Alliance News) - Ted Baker PLC on Monday said it has progressed talks with a preferred suitor to the due diligence phase as the luxury retailer's formal sales process continues.

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23 May 2022 07:47

LONDON MARKET PRE-OPEN: Kingfisher in buyback; Ted Baker picks suitor

(Alliance News) - Stock prices in London were seen opening higher on Monday, with traders in Europe drawing confidence from an afternoon turnaround for US equities on Friday.

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23 May 2022 07:33

Ted Baker picks preferred bidder as Sycamore withdraws

(Sharecast News) - UK fashion retailer Ted Baker on Monday said it had selected an unnamed preferred bidder after receiving a number of revised takeover proposals, adding that private equity fund Sycamore Partners Management LP had withdrawn from the process.

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19 May 2022 16:07

UK earnings, trading statements calendar - next 7 days

Friday 20 May  
Bloomsbury Publishing PLC Full Year Results
Close Brothers Group PLCTrading Statement
Ediston Property Investment Co PLCHalf Year Results
Gattaca PLCTrading Statement
JPMorgan Asia Growth & Income PLCHalf Year Results
JPMorgan China Growth & Income PLCHalf Year Results
Old Mutual LtdTrading Statement
Quartix Technologies PLCFull Year Results
Schroder AsiaPacific Fund PLCHalf Year Results
Unbound Group PLCFull Year Results
Wincanton PLCFull Year Results
Monday 23 May 
Big Yellow Group PLCFull Year Results
CentralNic Group PLCTrading Statement
Kainos Group PLCFull Year Results
Kingfisher PLCQ1 Results
Life Science REIT PLCFull Year Results
Tuesday 24 May 
Assura PLCFull Year Results
Avon Protection PLCHalf Year Results
Bytes Technology Group PLCFull Year Results
Calnex Solutions PLCFull Year Results
Cordiant Digital Infrastructure LtdFull Year Results
Cranswick PLCFull Year Results
Greencore Group PLCHalf Year Results
Helical PLCFull Year Results
Hill & Smith Holdings PLCTrading Statement
Homeserve PLCFull Year Results
Hyve Group PLCHalf Year Results
Ixico PLCHalf Year Results
Likewise Group PLCFull Year Results
Lords Group Trading PLCFull Year Results
On the Beach Group PLCHalf Year Results
Polymetal International PLCTrading Statement
RS Group PLCFull Year Results
Shaftesbury PLCHalf Year Results
Speedy Hire PLCFull Year Results
SSP Group PLCHalf Year Results
Topps Tiles PLCHalf Year Results
Trinity Exploration & Production PLCFull Year Results
Warehouse REIT PLCFull Year Results
Wednesday 25 May  
De La Rue PLCFull Year Results
Esken LtdFull Year Results
HICL Infrastructure PLCFull Year Results
Hollywood Bowl Group PLCHalf Year Results
Intertek Group PLCTrading Statement
Likewise Group PLCFull Year Results
Marks & Spencer Group PLCFull Year Results
Mediclinic International PLCFull Year Results
Pennant International Group PLCFull Year Results
Pets at Home Group PLCFull Year Results
Sabre Insurance Group PLCQ1 Results
Severn Trent PLCFull Year Results
Softcat PLCQ3 Results
SSE PLCFull Year Results
Thursday 26 May 
AJ Bell PLCFull Year Results
Auto Trader Group PLCFull Year Results
Edinburgh Investment Trust PLCFull Year Results
Facilities by ADF PLCFull Year Results
Integrafin Holdings PLCHalf Year Results
Intermediate Capital Group PLCFull Year Results
Johnson Matthey PLCFull Year Results
LondonMetric Property PLCFull Year Results
Paypoint PLCFull Year Results
Picton Property Income LtdFull Year Results
Ted Baker PLCFull Year Results
United Utilities Group PLCFull Year Results
Wickes Group PLCQ1 Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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27 Apr 2022 10:06

IN BRIEF: Ted Baker gets "number of" proposals as part of sale process

Ted Baker PLC - London-based clothing retailer - Says it has received "a number of non-binding proposals from potentially interested parties" in response to the formal sale process that it launched at the start of April. Ted Baker will invite a "focused selection" of the bidders to enter due diligence but says there is no guarantee that a takeover offer will be made. Earlier this month, Ted Baker had confirmed that Sycamore Partners Management LP, the New York-based private equity firm whose spurned approaches had triggered the sales process, was participating.

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27 Apr 2022 08:20

LONDON BRIEFING: Lloyds raises guidance despite "uncertain" UK economy

(Alliance News) - Lloyds Banking on Wednesday reported a dip in first quarter profit and noted that the outlook for the UK economy "remains uncertain", but the lender still upgraded its guidance for all of 2022.

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19 Apr 2022 11:16

SMALL-CAP WINNERS & LOSERS: Ted Baker gives back some recent gains

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

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13 Apr 2022 16:56

LONDON MARKET CLOSE: Europe muted as traders chew on inflation data

(Alliance News) - European equities closed mixed on Wednesday as traders digested more robust inflation data from both sides of the Atlantic, while stocks in New York opened higher on the day JPMorgan kicked off the Wall Street banking earnings season.

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13 Apr 2022 16:45

IN BRIEF: Ted Baker says Sycamore to take part in formal sales process

Ted Baker PLC - London-based clothing retailer - Confirms that New York-based private equity firm Sycamore Partners Management will participate in its formal sales process, which was announced at the beginning of the month. This means that Sycamore is no longer bound by Friday's deadline to make a firm intention of an offer or walk away. On April 4, Ted Baker said it had already rejected two cash takeover proposals from Sycamore and had received an improved proposal from the private equity firm, along with unsolicited third party bid interest which prompted the formal sales process.

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13 Apr 2022 08:10

Ted Baker says Sycamore will participate in formal sale process

(Sharecast News) - Ted Baker confirmed on Wednesday that US private equity firm Sycamore will participate in the formal sale process for the fashion retailer.

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