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Market Wrap - Market Open

Paysafe rallies on takeover offer

21 July 2017 09:15

Paysafe (PAYS) was in the spotlight after the payment company received a takeover offer from funds managed by Blackstone and CVC Capital Partners for 590p per share.

Shares in the FTSE 250 firm shot up 8% in early trading to 585.5p.

The FTSE 100 was flat at 7,498, holding on to yesterday's big gains amid a lack of corporate news.

Among the top performers were healthcare stocks, including ConvaTec (CTEC), Shire (SHP) and AstraZeneca (AZN).

ConvaTec rose 2.5% to 315.9p while AstraZeneca and Shire made smaller gains of up to 0.8%.

Brent crude oil advanced 0.5% to $49.53 per barrel. Gold was stable at $1,244 per ounce and copper ticked 0.8% to $6,018 per tonne.


Telecomms company Vodafone (VOD) was up 1.2% to 228.2p on good momentum in Europe and robust growth in Italy and Spain. In the quarter to 30 June 2017, organic service revenue grew by 2.2%.


Acacia Mining (ACA) was feeling the effects on an ongoing ban on exporting concentrate as the miner reported $175m of lost revenue in the first half of 2017. The Tanzanian government banned the export of unprocessed ore earlier this year after it accused Acacia of under-reporting the amount of metal in its previous shipments. The market was spooked by the prospect of further sales declines as the stock slumped 9.3% to 255.5p.

Investors marked emergency services provider Homeserve (HSV) down 1.7% to 720p despite a decent trading update. The company said it traded in line with expectations between 1 April and 20 July 2017.


Electrical retailer AO World (AO.) defied the difficult retail environment and reported UK revenue growth of 2.5% from 1 April to 30 June 2017. The UK retail sector has been struggling this year as stagnant wage growth and inflation has reduced household incomes and had a knock-on effect on spending trends. Shares in AO World nudged 0.8% higher to 120p.

Midwich (MIDW) traded well in the first half of 2017 and saw good top line growth across all of its geographies, which was boosted by the continued weakness of the pound. Shares in the firm climbed 16% to 378.6p.

SolGold (SOLG) sparked 2.7% to 38.2p on an exploration update and its intention to delist from AIM in favour of the main market.

Gama Aviation (GMAA) signed two new maintenance support agreements with European fleet operators, but the stock remained broadly unmoved at 249p.

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