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FTSE 100 Tipped to Open Lower After Mixed Asia, US Sessions


FTSE 100 Tipped to Open Lower After Asia, US Losses

0638 GMT – The FTSE 100 is expected to open three points lower at 7070, according to CMC Markets, after downbeat trading in Asia and a lower close on Wall Street. Markets in mainland China, Hong Kong and Japan are all in the red amid rising concerns about coronavirus variants and the potential need for restrictions to control them. The Dow ended Monday 0.4%, or 150 points lower at 34,283, though tech stocks rose. “Today’s European open looks set for a tepid start following Monday’s losses, after Asia markets also lost ground as concerns grow that the race between the vaccine and the virus is being lost,” CMC’s Michael Hewson says. (philip.waller@wsj.com)

 
Companies News: 

Sistema Sells 11.2% Stake in Binnopharm to VTB Capital for $96.9 Mln

Sistema JSFC said Tuesday that it has sold an 11.2% stake in the holding company for pharmaceutical company Binnopharm Group to VTB Capital for a total of 7.0 billion Russian rubles ($96.9 million).

IWG Has Held Talks With CC Capital Over GBP4 Bln Takeover -Sky News

IWG PLC has been in talks with private equity firm CC Capital over the last month regarding a potential takeover that could value the office-space provider at more than 4 billion pounds ($5.55 billion), Sky News reports.

Barratt Developments Poaches Countryside CFO Mike Scott

Barratt Developments PLC said Tuesday that it has appointed Mike Scott as chief financial officer, with a joining date to be finalized.

Lamprell Warns of Liquidity Constraints, Funding Needs

Lamprell PLC said Tuesday that it faces a challenging period of severe liquidity constraints until new funding is identified, and warned that there is a material uncertainty that may cast doubt about its future.

Midatech Pharma Raises GBP10 Mln in Discounted Placing

Midatech Pharma PLC said Tuesday that it has raised 10 million pounds ($13.9 million) through a discounted share placing to develop research projects and start clinical trials.

UDG Healthcare Agrees to Increased GBP2.76B Takeover by Clayton Dubilier Affiliate

UDG Healthcare PLC said Tuesday it has agreed to an improved and final 2.76 billion pound ($3.83 billion) takeover by Clayton Dubilier & Rice LLC affiliate Nenelite Ltd. as indicated Friday.

Standard Life Aberdeen Subsidiary Sells Stake in HDFC Life for GBP652 Mln

Standard Life Aberdeen PLC said Tuesday that its wholly owned subsidiary Standard Life (Mauritius Holdings) 2006 Ltd. has sold 100.8 million shares in HDFC Life Insurance Company Ltd. on the National Stock Exchange of India Ltd. and the Bombay Stock Exchange Ltd.

Challenger Energy Raises Production, Revenue from Drilling Assets

Challenger Energy Group PLC said Tuesday that it has maintained and improved production and drilling despite near-constant coronavirus pandemic-driven restrictions on movement.

NAHL Group Says It Has Made Good Progress Since April

NAHL Group PLC said Tuesday that it continued to make good progress on its strategy since April, and that it has continued to generate free cash flows.

 
Market Talk: 

New Hope May Be Readying Move for BHP Coal Mine

2250 GMT — — New Hope’s A$200 million convertible note issue may mean the coal miner is on the prowl for deals, Citi says. “We expect New Hope would likely be looking at BHP’s assets which the latter is looking to exit, including the nearby Mt Arthur thermal coal mine in the Hunter,” Citi says. It retains a buy call on New Hope, which is trading on an enterprise value-to-Ebitda multiple of 3.2 times at a benchmark thermal coal price of US$80/ton. That’s well above spot thermal coal prices of US$129/ton. (david.winning@wsj.com; @dwinningWSJ)

Glencore Purchase of BHP, Anglo American Coal Stakes a Win For All

2305 GMT — — The sale of both BHP’s and Anglo American’s 33.3% stakes in the Cerrejon coal mine to partner Glencore is a win-win-win deal, Jefferies says. For Anglo, it gets the miner fully out of thermal coal and for BHP, it brings the company closer to its desired exit from the sector. That will ease some negative ESG-related pressure on their stocks, it says. “Glencore triples down in Colombia but will run the asset for cash until depletion,” says Jefferies. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

 

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

June 29, 2021 03:08 ET (07:08 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.



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