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London close: Stocks rise as US payrolls beat forecasts

London close: Stocks rise as US payrolls beat forecasts

23 hours ago

London equities ended the week on a positive note, with investors reacting to stronger-than-expected US labour market data.

  • Tern: Progressive

    1 day ago

    Tern’s FY24 results highlight the strength of the core portfolio, delivering progress with major key accounts and strategic partnerships. Tern’s exposure to Sure Ventures plc is already providing an additional source of income. We see a strong similarity with Tern’s strategy in the proactive investment style of Sure Ventures plc, now leveraging Tern’s hands-on approach. Valuations across the technology landscape remain depressed and therefore portfolio companies have not looked to raise funds from new VC investors. Tern reported a modest £1.6m decrease in net assets, predominantly due to Wyld and the costs of being AIM listed. However, Tern is well placed to benefit from an increased appetite for early-stage software and generative AI, providing a unique proposition that creates value via access to disruptive start-ups not generally available to AIM investors. The three core portfolio companies are firmly into growth stage, and leaders in sectors poised for substantial growth. In terms of the board, chairman Ian Ritchie has announced his retirement after the AGM (30 June).

  • London midday: FTSE flat ahead of payrolls report

    1 day ago

    London stocks had pared earlier small gains to trade flat by midday on Friday as investors eyed the latest US non-farm payrolls report.

  • Pinewood to acquire remaining Lithia joint venture stake

    1 day ago

    Pinewood Technologies Group announced on Friday that it has agreed to acquire the 51% stake it does not already own in its North American joint venture from Lithia Motors for $76.5m, to be satisfied entirely in new shares.

  • Apax Global Alpha to invest further in WSGN

    1 day ago

    Apax Global Alpha said in an update on Friday that it expects to invest a further €3m indirectly in WGSN, following the consumer trend forecaster's acquisition of IWSR, a provider of data and analytics for the alcoholic beverage industry.

Berenberg bullish on Dr Martens' new growth strategy

Berenberg bullish on Dr Martens' new growth strategy

1 day ago

Berenberg has hiked its target price for Dr Martens by a tenth and kept a 'buy' rating on the stock following the bootmaker's stronger-than-expected annual results this week.

Renewi chief steps down as £700m takeover closes

Renewi chief steps down as £700m takeover closes

1 day ago

Renewi's long-standing chief executive has left the recycling specialist, it was confirmed on Friday, following the completion of Macquarie's £707m takeover.

Former McKinsey boss sounded out over HSBC chair - report

Former McKinsey boss sounded out over HSBC chair - report

1 day ago

The former head of McKinsey & Company has been sounded out about becoming the new chair of HSBC Holdings, it was reported on Friday.

SDI Group: Progressive

SDI Group: Progressive

1 day ago

SDI Group has announced the acquisition of Severn Thermal Solutions Ltd, a UK manufacturer of high temperature furnace systems and environmental chambers for advanced material processing. This marks the third acquisition in a nine-month period, following Collins Walker (£1.9m) in April 2024 and Inspecvision (£6.1m) in October 2024. The acquisition is expected to be immediately earnings enhancing and we increase our FY26 estimates, with a 6% uplift to our adjusted EBIT. Severn is a steadily growing, profitable business, operating in a niche market. The total consideration is £8.32m, which includes £3.57m of acquired cash, leaving £4.75m net consideration. This represents a very favourable multiple of 5.4x, in line with SDI’s investment criteria.

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