DS Smith, up 13.4%, confirmed that it has received a takeover proposal from the US-based company, International Paper, for £5.72b ($7.22b), triggering a possible bidding war for Mondi Plc.
Kier Group, down 1.5%, announced that it has been appointed by the Ministry of Justice (MoJ) to deliver a major expansion at HMP Elmley, providing an additional 247 prison places. The work is expected to be completed by the end of 2026.
Feedback, up 10.6%, announced that it has signed a new partnership contract with the HEAL Foundation in India, to deliver community-based TB screening projects, funded initially by third-party donors, to support the government's goal of eradicating tuberculosis (TB) by 2025.
Bango, up 4.0%, announced that it would publish its final results for the year ended 31 December 2023 on 8 April 2024.
Nexteq, up 3.0%, announced that its general meeting would be held at 11.00 a.m. on 16 April 2024 at the company’s offices at The Galleria, Station Road, Crawley, RH10 1WW.
Gaming Realms, up 2.3%, today, in its annual results, announced that revenues rose to £23.4m from £18.7m recorded in the previous year.
Quartix Technologies, up 0.3%, in its AGM trading statement, announced that its trading performance for the first two months of 2024 was encouraging and has been in line with the market expectations.
Sareum Holdings, down 34.8%, in its interim results, reported nil revenues during the period. The Directors did not propose a dividend in respect of the six months ended 31 December 2023.
Xaar, down 2.8%, in its final results, announced that revenues dropped to £70.6m from £72.8m recorded in the previous year.
GetBusy, down 1.5%, in its audited result for the year ended 31 December 2023, announced that revenues climbed to £21.11m from £19.29m recorded in the previous year.
Frontier Developments, down 0.1%, today, in its trading update, announced that sales across its portfolio have been in line with expectations.
LPA Group, unchanged at 61.5p, in its AGM statement, announced that its trading performance in the first quarters was as expected.
UK markets ended mostly higher last week, lifted by gains in retail sector stocks. On the data front, UK’s current account deficit widened less than expected in 4Q23. Meanwhile, UK’s gross domestic product fell as expected in 4Q23, entering into a shallow recession. The FTSE 100 index advanced 0.3% to settle at 7,952.6, while the FTSE AIM 100 index rose 0.9% to close at 3,604.1. Meanwhile, the FTSE techMARK 100 index lost 0.7% to end at 6,887.3.
US markets ended mixed in the previous week, as easing fears of recession were offset by uncertainty over the timings of the US Federal Reserve rate cuts. On the macro front, the US annualised gross domestic product grew more than anticipated in 4Q23, driven by strong consumer spending and business investment, while the nation’s durable goods orders rebounded more than expected in February, amid a rise in aircraft demand. Additionally, the US Michigan consumer sentiment index unexpectedly improved in March, while the nation’s weekly jobless claims unexpectedly dropped in the week ended 22 March 2024. Moreover, the US personal spending climbed more than anticipated in February, while the nation’s pending home sales advanced more than expected in February. Meanwhile, the US personal income rose less than expected in February, while the nation’s CB consumer confidence unexpectedly fell in March. Moreover, the US Richmond Fed manufacturing index dropped sharply in March, while the nation’s Chicago PMI declined for a fourth consecutive month in March. Further, the US new home sales unexpectedly dropped in February, while the nation’s housing price index fell for the first time since August 2022 in January. The DJIA index rose 0.8% to end at 39,807.4, while the NASDAQ index lost 0.3% to close at 16,379.5.
