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LONDON MARKET PRE-OPEN: Ultra Electronics Gets Big US Navy Deal

Fri, 16th Aug 2019 07:41

(Alliance News) - Stock prices are set to open higher in London on Friday following the previous day's sharp losses as the "mood lightens" after no new trade blows were exchanged between the US and China overnight.In early UK company news, Standard Life Aberdeen confirmed the start of a GBP200 million share buyback, Ted Baker signed an agreement with larger retailer Next to expand its childrenswear collection, and Ultra Electronics has secured a deal with the US Navy worth as much as USD1 billion.IG says futures indicate the FTSE 100 index of large-caps to open 40.49 points higher at 7,107.50 on Friday. The FTSE 100 index closed 1.1% lower, or 80.87 points, at 7,067.01 on Thursday."Stock markets in Europe largely ended lower yesterday as the concerns about the health of the global economy continue to hang over the markets. The FTSE 100 lost the most ground of the major European markets as oil, mining and banking stocks were the biggest fallers. The natural resources sector was hit hard as dealers were fearful that demand would fall for metals and oil," said CMC Market's David Madden.In mainland Europe, in Paris the CAC 40 equities index ended down 0.3% and the DAX 30 in Frankfurt down 0.7%.In the US on Thursday, Wall Street ended mixed, with the Dow Jones Industrial Average adding 0.4% and the S&P 500 up 0.3% but the Nasdaq Composite down 0.1%.Early Friday, sterling was slighter higher versus the dollar. The pound was quoted at USD1.2112 early from USD1.2111 late Thursday.General Electric shares plunged in New York Thursday after an accounting expert accused the company of fraud, an allegation the industrial giant strongly denied and said was tainted by the accuser's financial incentives.Harry Markopolos, who warned securities regulators about the Bernard Madoff investment scheme years before that firm went under, accused GE of "running a decades long accounting fraud," according to information on gefraud.com, a website set up by Markopolos and his associates.Markopolos told the Wall Street Journal that GE will need to bolster its insurance reserves by USD18.5 billion in cash and should have booked billions in losses in its oil and gas division.GE shares closed down 11% at USD8.01 but rebounded 2.1% to USD8.18 in after-hours US trade.On Thursday, the Chinese Finance Ministry announced plans to adopt "necessary countermeasures" in response to the threat by US President Donald Trump to slap further tariffs on USD300 billion of goods from China from the start of September. There was no further response from the US to this overnight.Madden added: "Stocks markets in Asia are a little higher as the mood has lightened, and that paved the way for bargain hunting."In Asia on Friday, the Japanese Nikkei 225 index closed 0.1% higher. In China, the Shanghai Composite is up 0.6%, while the Hang Seng index in Hong Kong is up 0.9%.Standard Life Aberdeen said it entered into an agreement with US bank Citigroup to buy back up to GBP200 million of the financial services firm's stock. Citi will purchase the shares starting from Friday and will complete the buyback no later than January 2020. Standard Life Aberdeen said the programme is to reduce its share capital.Ted Baker has signed a new product licence with Next to expand the Ted Baker's childrenswear collection. Under the five-year agreement, Next will create and sell Ted Baker childrenswear products, including baby, boys' and girls' clothing, shoes and accessories. The new collections are expected to launch in 2020.Ted Baker's current childrenswear product relationship with Debenhams will end in February 2020. Ted Baker lingerie and nightwear will continue to be sold in Debenhams following the end of the childrenswear deal.Ultra Electronics's joint venture with US manufacturing firm Sparton DeLeon Springs has been awarded a contract to manufacture sonobuoys for the US Navy. The five-year contract's "not to exceed" amount is USD1.04 billion, and will start with first-year awards to Ultra and Sparton of about USD75 million each.Acacia Mining has resumed the export of gold from its North Mara mine in Tanzania following approval from the Mining Commission of the Tanzanian Ministry of Minerals. Acacia said it will be able to meet its financial obligations for an "extended period of time".The miner noted, however, that production has still not resumed at the mine and cannot do so until the Tanzanian government lifts the prohibition notice currently in effect."Mining activities at the North Mara gold mine remain unaffected for the time being with mined ore being added to stockpiles while a resolution is sought with respect to the notice," Acacia added.E-banking and international payments firm Equals Group is hoping to raise GBP16 million, through a placing of GBP14 million and an open offer worth GBP2 million.Equals Group will issue 12.7 million shares at 110p each. The stock closed Thursday at 107p."The new funds raised will enable us to accelerate our plans for our corporate offering, as we target new territories, and provide the means for further strategic acquisitions. This is an exciting time for Equals and we look forward to updating shareholders on our progress in due course," said Equals Chief Executive Ian Strafford-Taylor. In domestic Brexit news, Remain-supporting MPs are awaiting Jeremy Corbyn's next move after his proposal to become caretaker prime minister to block a no-deal Brexit received a mixed response.Liberal Democrat leader Jo Swinson wrote to Corbyn to suggest the pair meet "in the coming days" to discuss how their parties could work to stop a no-deal Brexit, but reiterated her belief that it must be someone else who leads an emergency government.When asked how they would respond to Swinson's offer, the Labour Party referred back to its leader's earlier remarks in which he welcomed an "encouraging" response from MPs to his plan.This involves a no-confidence vote in Prime Minister Boris Johnson, extension to the Brexit deadline beyond October 31, and general election with Corbyn as temporary PM.In the economic calendar on Friday, the eurozone trade balance is due at 1000 BST. In the US, housing starts are released at 1330 BST, the Michigan consumer sentiment index is at 1500 BST and the Baker Hughes US oil rig count at 1800 BST.

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15 Jul 2022 09:49

LONDON BROKER RATINGS: JPMorgan downgrades Admiral and Direct Line

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

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7 Jul 2022 11:44

UK government approves acquisition of Ultra Electronics by Cobham

(Alliance News) - Ultra Electronics Holdings PLC on Thursday said that its acquisition by Cobham Group Holdings Ltd has received all antitrust and regulatory approvals.

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30 Jun 2022 21:38

EXECUTIVE CHANGES: SDI hires former Ultra Electronics CFO as new CFO

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

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24 Jun 2022 17:08

Defensive stocks lead rebound in FTSE 100

June 24 (Reuters) - UK's FTSE 100 rose on Friday, lifted by defensive stocks at the end of a choppy week that saw investor anxiety over hawkish central banks, weak economic readings and heightened risks of a global recession.

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24 Jun 2022 16:51

LONDON MARKET CLOSE: Stocks surge as traders bet on slower Fed hikes

(Alliance News) - European equities defied the uncertain global economic outlook and jumped on Friday, posting a first weekly gain in three weeks, as markets begin to price in a slower monetary policy tightening process by the US Federal Reserve.

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24 Jun 2022 12:24

LONDON MARKET MIDDAY: Stocks rise on US Fed pledge to fight inflation

(Alliance News) - Stock prices in London were higher at midday on Friday as traders and investors pondered remarks by US Fed Chair Powell in two appearances before legislators.

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24 Jun 2022 09:17

LONDON MARKET OPEN: Ultra Electronics and Energean bookend FTSE 250

(Alliance News) - Stock prices in London opened higher on Friday following a positive lead from Asian equity markets, while Ultra Electronics rose with its takeover set for approval and Energean sank after a share sale.

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24 Jun 2022 08:16

TOP NEWS: UK government set to green-light Ultra Electronics takeover

(Alliance News) - Ultra Electronics Holdings PLC on Friday noted the UK government is "minded" to accept its takeover by Cobham, moving the deal a step closer to completion.

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24 Jun 2022 07:51

LONDON MARKET PRE-OPEN: Barclays buys mortgage lender for GBP2 billion

(Alliance News) - Stock prices in London are seen opening higher on Friday following a rally on Wall Street overnight and a positive day in Asia.

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24 Jun 2022 07:04

Private equity takeover of Ultra Electronics set to be approved

(Sharecast News) - The £2.6bn takeover of British defence manufacturer Ultra Electronics by a US private equity firm looks set to be waved on by the UK government after the Department for Business said it was minded to accept the deal.

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6 Jun 2022 15:58

UK shareholder meetings calendar - next 7 days

Tuesday 7 June  
Animalcare Group PLCAGM
Arix Bioscience PLCAGM
Centrica PLCAGM
Integrated Diagnostics Holdings PLCAGM
Kooth PLCAGM
Ondine Biomedical IncAGM
Osirium Technologies PLCAGM
SpaceandPeople PLCAGM
TruFin PLCAGM
Wednesday 8 June  
Ascent Resources PLCAGM
Cambridge Cognition Holdings PLCAGM
City Pub Group PLCAGM
DP Eurasia NVAGM
Gem Diamonds LtdAGM
Hiro Metaverse Acquisitions I SAAGM
Itaconix PLCAGM
M&G Credit Income Investment Trust PLCAGM
Nostrum Oil & Gas PLCAGM
Parity Group PLCAGM
Petards Group PLCAGM
Safestyle UK PLCAGM
Savannah Resources PLCAGM
Third Point Investors LtdAGM
Woodbois LtdAGM
Thursday 9 June 
4basebio PLCAGM
Northbridge Industrial Services PLCGM re name change to Crestchic
Funding Circle Holdings PLCAGM
Northbridge Industrial Services PLCAGM
Dignity PLCAGM
Corero Network Security PLCAGM
Kosmos Energy PLCAGM
Kistos PLCAGM
Tungsten Corp PLCGM re Kofax Offer
BioPharma Credit PLCAGM
Checkit PLCAGM
Panther Metals PLCAGM
Instem PLCAGM
Kore Potash PLCAGM
Rambler Metals & Mining PLCAGM
Xpediator PLCAGM
Round Hill Music Royalty Fund LtdAGM
REA Holdings PLCAGM
Invesco Perpetual UK Smaller Companies Investment Trust PLCAGM
BlackRock Smaller Companies Trust PLCAGM
Friday 10 June 
Chariot LtdAGM
MP Evans Group PLCAGM
THG PLCAGM
Ergomed PLCAGM
Ultra Electronics Holdings PLCAGM
XLMedia PLCAGM
Monday 13 June 
Angus Energy PLCGM re second tranche of subscription shares and warrants
Elixirr International PLCAGM
Ocean Outdoor LtdGM re takeover by Atairos Group Inc
Jupiter Emerging & Frontier Income Trust PLCGM re voluntary liquidation
Mirriad Advertising PLCAGM
Saga PLCAGM
Spectra Systems CorpAGM
VPC Speciality Lending Investments PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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11 May 2022 20:30

IN BRIEF: Ultra Electronics senior executive lifts stake

Ultra Electronics Holdings PLC - London-based defence and security company - Says Mike Baptist, its president of Intelligence & Communications, buys 3,940 shares at 3,202 pence each on Wednesday in a deal worth GBP126,158.80. Following the transaction, Baptist holds 16,132 shares.

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26 Apr 2022 16:15

Director dealings: Insig AI chair invests, Ultra Electronics CEO covers tax bill

(Sharecast News) - Insig AI was at the top of the list of buys on Tuesday, after its chairman spent almost £80k on its shares.

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25 Mar 2022 09:46

LONDON BROKER RATINGS: Next and B&M raised; British Land cut to 'hold'

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

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23 Mar 2022 10:17

Ultra Electronics records reduced annual profit on revenue dip

(Alliance News) - Ultra Electronics Holdings PLC on Wednesday reported a reduced profit in 2021, due to a one-off loss from disposals in spite of organic revenue growth in two of its businesses.

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