Just Eat (JE.) left investors with a sour taste in their mouths yesterday after warning of a “broadly softer consumer spending backdrop”. Plainly speaking, people aren’t reaching for their phones to order a kebab quite so often. The takeaway company’s shares slid more than 6% as shareholders digested the news. Interim boss Peter Duffy, noted that there is a “structural shift” taking place, with consumers favouring the delivery of faster food such as KFC. Just Eat’s UK sales grew 8% in the third quarter.
Shares in Capital & Counties Properties (CAPC) jumped to their highest level in almost a year on Monday after property developer Nick Candy confirmed he was considering a takeover bid. The embattled property company’s stock rose more than 8% after the luxury flat tycoon said his investment company Candy Ventures could make a play to buy it. Candy Ventures said discussions are in their early stages and that an offer for the £2.3bn group is not guaranteed. The company has also held separate talks with Saudi Arabia’s Public Investment Fund about teaming up to buy Capital & Counties, the Sunday Times reported.
Prudential (PRU) and M&G overcame a string of high-profile setbacks to complete their historic split on Monday, creating two FTSE 100 companies out of what was previously a single entity. Shares in M&G were trading at 225p on Monday afternoon, valuing the investment manager and UK insurer at £5.7bn – shy of the £6bn to £8.5bn predicted by analysts. Existing investors in Prudential retained their shares and also received new shares in M&G, which did not raise any new money as part of the hive-off. Shares in Prudential fell 9.5% on Monday afternoon, leaving it with a value of £35.5bn following the split.
Questor: Derwent London (DLN) is not quite the bargain it once was but the is long-term value. Questor share tip: the real estate firm has negligible vacancies and is expanding in some plum areas.
