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Market Wrap - Market Open

FTSE up as ARM Holdings flies on Softbank offer

18 July 2016 08:51

London equities nipped north in early deals as ARM Holding soared ahead of the blue-chip pack on recommending an offer from Softbank Group. Otherwise, house builders, insurers and other financials were providing cue for the FTSE 100 as Brexit nerves appeared to settle.

ARM Holdings (ARM) was up 43.06% to 1701p after confirming it had reached an agreement on the terms of a recommended all-cash acquisition by SoftBank at £17 a share, valuing the company at about £24.3bn.

Taylor Wimpey (TW.) guided house builders with a rise of 2.15% to 147.1p, with Barratt (BDEV) adding 1.65% to 416.15p and more following. Insurers traced Legal & General (LGEN), up 2.25% to 192.85p, with RSA Insurance (RSA) firming 2.13% to 488.5p. Sector pals chased.

A number of high-street retailers were up after Dixons Carphone (DC.), ahead 1.34% to 332.3p, with supermarkets guided by Marks & Spencer (MKS), ahead 2.12% to 332.2p. US rates-sensitive utilities were also on the front foot, as were several commercial property titans. Some in these latter two sectors ebbed, however.

British Land (BLND), down 0.12% to 628.25p, had a robust quarter of letting activity leading up to the UK's non-binding referendum on whether to remain in the European Union. To the downside, the story was miners behind Anglo American (AAL), off 2.03% to 819.15p.

More metals burrowers followed, as did oilies whose share were down. At 8.36am, WTI crude was at $45.98/bbl and Brent was at $47.74/bbl, both up a jot. Gold was down a smidgen at $1326/oz. Wall St was mixed overnight Friday, while Asia firmed.

BIGGER MOVERS

Transense Technologies (TRT), up 47.5% to 1.48p, has signed a licencing agreement with General Electric Company for the use of Transense's patented, wireless, passive Surface Acoustic Wave (SAW) technology in certain specific torque applications. TRT also said it sees its FY results in line with directors' views.

Herencia Resources (HER), down 46.15% to 0.02p, has completed the first JORC 2012 mineral resource estimate for the company's flagship Picachos Copper project.

LONDON HIGHLIGHTS

Sirius Petroleum (SRSP), up 16.67% to 0.35p, said the Nigerian Federal Ministry of Environment has approved the Environmental Impact Assessment Survey on the Ororo Field Licence (OML 95).

LGO Energy (LGO), up 11.56% to 0.21p, announced the results of the latest annual independent resource review of the LGO 100%-operated Goudron Field in southeast Trinidad conducted on the company's behalf by Deloitte.

Trans-Siberian Gold (TSG), down 11.25% to 35.5p, said Asacha mine development in Q2 comprised 986 metres, while ore extraction amounted to 43,281 mt. Tiziana Life Sciences (TILS), up 10.51% to 163p, has purchased key assets from Shardna SpA, a biobanking and genomics research company located in Sardinia for a total value of €258,000.

Conviviality (CVR), up 7.58% to 191.5p, increased its revenue 137% to £864.5m, from £364.1m, in the year to May 1. Conroy Gold and Natural Resources (CGNR), down 6.25% to 41.25p, said that four new gold zones have been intersected in a drilling programme on its Glenish gold target in Ireland.

Christie (CTG), down 6.4% to 80.5p, issued a profit warning due to softer trading in its Professional Business Services division, which meant operating profit for the year ending Dec. 31, 2016, was likely to be lower than previously expected.

Crimson Tide (TIDE), up 5.98% to 3.1p, has won a contract with a large UK retailer whereby mpro5 will be used to monitor store safety, cleanliness and security. The initial contract value for a pilot period is about £200,000.

Other stocks in the news included Ultra Electronics (ULE), Hansteen (HSTN), Europa Oil & Gas (EOG), Plastics Capital (PLA), Seeing Machines (SEE), Finsbury Food (FIF), Serabi Gold (SRB), Falanx (FLX), NetDimensions (NETD), Matchtech (MTEC), Microgen (MCGN) and SysGroup (SYS). Story provided by StockMarketWire.com

Related Company: ARM

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