Shares at Aston Martin Holdings (AML) have fallen on their trading debut in London, putting the company on a par with Italian rival Ferrari. The luxury car maker priced its shares at £19, towards the bottom end of the range, valuing the company at £4.33bn. But, after initially rising to £19.15, shares in the company fell by as much as 8.2%. It ended its first day of trading 90p down at £18.10, a 4.7% tumble. Its original price range for the car maker’s float was between £17.50 and £22.50. This was later narrowed to between £18.50 and £20. Aston Martin is floating 27.5% of its business on the London Stock Market.
Tesco shares fall as troubles in Poland and Thailand taint strong UK sales. Tesco (TSCO) has recorded its highest UK sales growth for a decade, but shares in the supermarket chain fell as tough trading overseas dragged on profits. Second quarter like-for-like sales growth, a key measure which strips out new stores, climbed to 4.2% in the UK and Ireland, marking 11 straight quarters of growth and the highest expansion for 10 years. It cemented a “good start to the year” for Tesco, which bolstered half year like-for-like sales to 3.8% in the UK and Ireland as sales at food wholesaler Booker grew by 15%
Copper demand to surge thanks to China’s global ambitions, BHP says. Demand for copper will surge over the next five years thanks to China’s huge global lending programme, according to the world’s biggest miner. has estimated that China’s “belt and road initiative” will generate spending of around $1.3 trillion (£1 trillion) on infrastructure projects by 2023, driving an additional 1.6m tonnes of copper demand. This is equivalent to adding another 7% to global demand.
YouGov bid to influence Iraq vote uncovered. YouGov (YOU) secretly created material for social media as part of a controversial political campaign in Iraq last year, The Daily Telegraph has learnt. YouGov’s political work in Iraq included gathering information about voters and creating content for Facebook that promoted independence for Iraqi Kurdistan, according to evidence provided to The Telegraph by whistleblowers. The material created by YouGov includes videos that play on fears about security, criticise the Iraqi military and praise the Kurdish armed forces, known as the Peshmerga. Content was created for a Facebook page called Naam Kirkuk, which appealed to voters in the governorate of Kirkuk, a disputed oil region that is claimed by both federal Iraq and Iraqi Kurdistan.
Shareholder advisory group joins chorus of investors opposing Unilever (ULVR) move. The FTSE 100 giant behind brands such as Ben & Jerry’s and Marmite has angered the City after unveiling plans to ditch its Anglo-Dutch structure in favour of a single headquarters in Rotterdam in the Netherlands. Pensions Investment Research Consultants (Pirc), the powerful shareholder group, became the latest organisation to voice its disquiet at the move on Wednesday when it recommended that UK investors oppose the plan because it would force them to sell their shares. Pirc argued that the affected shareholders are likely to be some of Unilever’s longest-standing investors and so “the board has been short-sighted to presume that they have no voice” on the matter.
Kingfisher (KGF) jumped after City analysts speculated that its recent woes were an opportunity for an activist investor to agitate for a break-up of the FTSE 100 company. Northern Trust analyst Paul Moran argued that the firm will either see profits improve or it will reassess its structure if progress on its five-year turnaround plan disappoints.
Funding Circle (FCH) endured an unsteady official stock market debut, giving up early gains to rise just 1p to 365p on its full listing. It had already shed 20% of its value in conditional trading since Friday.
Morrison (Wm) Supermarkets (MRW) nudged up 3.1p to 260.7p after Credit Suisse upgraded the supermarket to “outperform”, arguing that it could snap up stores ditched by Asda and Sainsbury (J) (SBRY) to placate the competition watchdog.
Schroders (SDR) climbed 85p to £30.65 after a report claimed it was the frontrunner to win a £109bn fund mandate from Lloyds. Standard Life Aberdeen lost the contract from its biggest client earlier this year.
The share-price slide at Ferguson (FERG) extended into a second day after JP Morgan warned that the company’s cash flow could deteriorate. Investors were disappointed by slowing revenue growth and JP Morgan’s downgrade to “underweight” weakened it a further 111p to £59.72, a two-month low.
No Deal for ITV as it walks away from Deal or No Deal maker Endemol Shine. ITV (ITV) has ruled itself out of a takeover the television production giant behind Deal or No Deal, Endemol Shine, to focus on its attempts to build subscription streaming services to address shifting viewing habits and the challenge Netflix. Chief executive Dame Carolyn McCall has been considering a bid for Endemol Shine to bulk up ITV Studios, the broadcaster’s own production business, and further reduce its reliance on volatile advertising sales. ITV however today told the stock market that it had no plans to make an offer. The statement ends months of speculation that have weighed on broadcaster’s share price. Investors feared the financial burden of what would have been its biggest ever takeover. ITV rallied more than 4% today amid relief that it will not be tempted into a potentially expensive deal.
Questor: Low & Bonar (LWB) could be skating on thin ice, so we’ll have to sell despite 50% fall
