Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTUI AG Share News (TUI)

Share Price Information for TUI AG (TUI)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 653.00
Bid: 650.50
Ask: 652.50
Change: 0.00 (0.00%)
Spread: 2.00 (0.307%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 653.00
TUI Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET OPEN: St Modwen surges on Blackstone takeover bid

Fri, 07th May 2021 08:59

(Alliance News) - Stock prices in London opened higher on Friday boosted by positive trade data from China, while St Modwen Properties led the mid-cap FTSE 250 index after receiving a GBP1.2 billion takeover offer.

The large-cap FTSE 100 index was up 20.59 points, or 0.3%, at 7,096.21 early Friday. The FTSE 250 index was up 97.83 points, or 0.4%, at 22,589.19. The AIM All-Share index was up 0.2% at 1,254.97.

The Cboe UK 100 index was up 0.4% at 707.10. The Cboe 250 was up 0.2% at 20,281.81 and the Cboe Small Companies up 0.2% at 14,868.26.

In mainland Europe, the CAC 40 in Paris was up 0.2%, while the DAX 30 in Frankfurt was up 0.8%.

In the FTSE 100, InterContinental Hotels Group was up 0.4%. The Holiday Inn and Crowne Plaza owner said trading continued to improve during the first quarter of 2021.

For the three month to March 31, revenue per available room, a key metric in the hotel industry - was down 50.6% from the same time in 2019 and down 33.7% versus 2020.

IHG noted there was a notable pick-up in demand in March, particularly in the US and China, which continued into April. In Greater China, after temporary domestic travel restrictions were lifted, demand recovered quickly in March towards levels seen in the second half of 2020, IHG added.

Conversely, fellow travel blue-chip International Consolidated Airlines Group was down 0.8%. The British Airways-parent posted a narrowed loss for the first quarter, but it still topped EUR1 billion.

IAG said its first quarter was badly hurt by the Covid-19 pandemic, as government restrictions and quarantine requirements grounded the travel sector. For the three months to March 31, IAG posted a pretax loss EUR1.22 billion, narrowed from EUR1.88 billion in the first quarter of 2020, as total revenue dropped 79% to EUR968 million from EUR4.59 billion.

Looking ahead, IAG said it won't be issuing profit guidance for 2021 due to uncertainty over travel restrictions.

IAG's hefty loss comes as holidaymakers from the UK will finally discover which destinations they can visit this summer without quarantining, with Portugal, Iceland and Malta among those expected to be on the travel green list.

Gibraltar and Israel could also make the cut when the list is published by the UK government on Friday following weeks of speculation.

Quarantine and coronavirus testing requirements for people arriving in England once foreign holidays are permitted from May 17 will be based on a new traffic light system, with destinations placed on green, amber and red lists.

Jet engine maker Rolls-Royce was the best FTSE 100 performer, up 2.7%, ahead of the travel announcement. Airlines pay Rolls-Royce for engine services depending on how many hours their engines spend in the air. In addition, midcap airline stocks easyJet and Tui were up 0.8% and 1.2% respectively.

Barclays was up 1.9% after Edward Bramson ended his campaign against the lender. Bramson's Sherborne Investors said it sold its entire 6.0% stake, worth about GBP1.84 billion, switching to another, unnamed investment opportunity.

In the FTSE 250, St Modwen Properties was the standout performer, up 19% at 534.00 pence, after the property developer said it received a conditional takeover proposal from US alternative investment firm Blackstone Group.

Blackstone made a 542p cash offer for St Modwen, valuing the firm at GBP1.2 billion and is a 21% premium to its 448p closing price on Thursday.

St Modwen, which is focused on logistics and brownfield land regeneration, said the board has indicated to Blackstone that the possible offer is at a value which it would be willing to recommend unanimously.

St Modwen and Blackstone are working closely together to complete Blackstone's confirmatory due diligence as soon as practicable, the UK firm added.

At the other end of the midcaps, John Laing was 2.8% lower after Liberum downgraded the infrastructure investor to Hold from Buy.

On Thursday, John Laing closed up 21% after it confirmed it was in talks with private equity firm KKR & Co over a potential takeover, but stressed no certainty a firm offer from KKR will be made.

The Japanese Nikkei 225 index ended up 0.1%. In China, the Shanghai Composite closed down 0.6%, while the Hang Seng index in Hong Kong was down 0.3%.

Chinese service sector business activity signalled a sharp expansion in April, data from Caixin showed, supported by the strongest rise in overall new work for five months.

The headline seasonally adjusted business activity index increased to 56.3 points in April from 54.3 in March. The upturn was the strongest recorded in 2021 to date and quicker than the series average of 54.1 points.

Separately, China's General Administration of Customs said the country's total import and export value was CNY11.62 trillion, about USD1.799 trillion, in the first four months of 2021, a year-on-year increase of 29%.

Exports were CNY6.32 trillion, a 34% jump on a year earlier, while imports were CNY5.3 trillion, an increase of 23%. The trade surplus was CNY1.02 trillion, more than doubled year-on-year.

The pound was quoted at USD1.3920 early Friday, up from USD1.3876 at the London equities close Thursday.

Hopes of a Labour party revival under Keir Starmer suffered a blow on Friday after the Conservative party comfortably won the Hartlepool by-election for the UK Parliament.

The Leave-supporting North East constituency went blue for the first time in its 47-year-old history, as UK Prime Minister Boris Johnson demolished another brick in Labour's so-called "red wall".

Voters in the town backed Tory candidate Jill Mortimer to be their next member of Parliament over Labour's Paul Williams - an avid Remainer and second-referendum campaigner during his time as MP for Stockton South between 2017 to 2019 - in a rare by-election victory for a party in power for more than a decade.

The Conservative, who declared it a "truly historic result", secured a 6,940 majority winning 15,529 votes to Williams' 8,589.

The euro was priced at USD1.2065, up from USD1.2053. Against the yen, the dollar was trading at JPY109.08, flat from JPY109.09.

Brent oil was quoted at USD68.53 a barrel Friday morning, up from USD68.39 late Thursday. Gold was quoted at USD1,819.25 an ounce, higher against USD1,813.85.

Friday's economic calendar also has UK construction PMI at 0930 BST.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
6 Mar 2024 12:02

LONDON MARKET MIDDAY: Stocks climb ahead of UK spring budget

(Alliance News) - Stock prices in London were higher at midday Wednesday, as investors prepared for what the UK spring budget, with tax cuts potentially on the cards.

Read more
6 Mar 2024 09:07

LONDON BROKER RATINGS: JPMorgan raises IAG; Jefferies likes Experian

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

Read more
27 Feb 2024 11:02

PRESS: Shein eyes London listing after facing obstacles in the US

(Alliance News) - Fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to Bloomberg.

Read more
15 Feb 2024 18:26

Tui customers may now also book Ryanair flights

(Alliance News) - Customers of the German travel firm Tui AG will be able to combine their accommodation with flights operated by the Irish budget airline Ryanair Holdings PLC in future.

Read more
14 Feb 2024 16:53

LONDON MARKET CLOSE: Investors celebrate steady UK inflation

(Alliance News) - Stock prices in London closed higher on Wednesday, after data showed that the UK's annual inflation rate was steady last month, defying expectations of an acceleration.

Read more
14 Feb 2024 15:23

London close: Stocks rise as UK inflation holds steady

(Sharecast News) - London markets ended the day on a positive note on Wednesday as housebuilders rallied, following data indicating that UK inflation remained steady in January.

Read more
14 Feb 2024 09:40

LONDON BROKER RATINGS: Panmure likes Nichols; Jefferies cuts Bytes

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
13 Feb 2024 18:24

UPDATE: Tui "pleased" as shareholders vote for London delisting

(Alliance News) - Tui AG on Tuesday said it was "pleased", after its shareholders voted for its shares to be delisted in London.

Read more
13 Feb 2024 16:53

LONDON MARKET CLOSE: Stocks in red amid sticky US inflation data

(Alliance News) - Stock prices in London closed in the red on Tuesday, after a key US inflation reading came in hotter-than-expected.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 12:06

LONDON MARKET MIDDAY: Stocks fall but pound up before US data

(Alliance News) - Stock prices in London were on the decline on Tuesday afternoon, with sentiment tetchy ahead of a US inflation report later.

Read more
13 Feb 2024 08:48

LONDON MARKET OPEN: Slow start ahead of US inflation reading

(Alliance News) - Stock prices in London opened lower on Tuesday, with a stronger pound and interest rate sensitive stocks keeping a lid on the FTSE 100, following more robust than expected UK labour market data.

Read more
13 Feb 2024 07:45

LONDON BRIEFING: "Record" Tui quarter; Ultimate Products eyes payouts

(Alliance News) - London's FTSE 100 is to open ever-so-slightly lower on Tuesday, with trade set to be nervy ahead of the afternoon's US inflation data.

Read more
13 Feb 2024 07:01

TUI delivers record Q1 and holds on to guidance

(Sharecast News) - Travel agency company TUI has registered a positive quarterly underlying profit for the first time after a record performance in the first quarter, as it reiterated its guidance for the full year.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.