- FTSE 100 gains two points
- Saga sells underwriting arm
- Focus on inflation, rate call
8.08am: FTSE 100 just above the mark
London’s blue chips edged higher as the week’s trading got underway, climbing just above the mark by two points to 8,303.
Entain PLC (LSE:LON:ENT) led the early fallers, followed by Persimmon PLC (LSE:LON:PSN) and Endeavour Mining PLC (LON:EDV) (LSE:EDV, TSX:EDV, OTCQX:EDVMF).
Bunzl PLC (LSE:LON:BNZL) headed the rises in the meantime as a relatively quiet start saw a lack of any major movers.
8.03am: Card Factory (LON:CARDC) (LSE:CARD) opts against new board members despite diversity unease
Card Factory (LSE:CARD) will not appoint new directors despite concerns over diversity within its board after June's annual general meeting.
Though all resolutions were passed, Card Factory noted 20% of votes cast were against reappointing Moody during the meeting.
“The board understands, from prior shareholder feedback, that the diversity of the board may result in votes against the chair's reappointment,” Card Factory said on Monday.
Women made up 33% of Card Factory’s board currently, it added, below the 40% recommended under listing rules.
“The board recognise the diversity of its membership, across a range of criteria and does not consider it to be in the interests of shareholders to recruit an additional director solely to achieve the [...] recommendation”... Read more
7.35am: Saga sells underwriting business to Ageas (LON:0Q99) in insurance partnership
Saga PLC (LSE:LON:SAGA) has confirmed a partnership with Ageas which will also involve the sale of its underwriting business.
Ageas will operate Saga’s home and motor insurance products under the 20-year deal and pay £80 million upfront, a statement confirmed on Tuesday.
Further performance-based considerations of up to £30 million will also be paid in each of 2026 and 2032.
Ageas will additionally buy Saga’s underwriting subsidiary, Acromas Insurance Company Ltd, for up to £67.5 million, in line with an announcement in October... Read more
7.12am: FTSE 100 seen lower
London’s blue-chip index was seen kicking off the week on the back foot, after an 8-point drop seen over the course of last week.
Futures had the FTSE 100 down a further seven points at 8,331 ahead of Monday’s opening bell.
Overnight, Asian markets were largely in the red, with China’s Shenzhen down 1.3% and leading the drop.
Ahead, there’s no danger of a quiet few days ahead of the Christmas break as UK inflation figures, US gross domestic product data and interest rate calls on each side of the Atlantic all get released this week.
In terms of companies, key events will include Ofwat’s price control decision for the water sector and a key vote in Boohoo (LON:BOOH) Group PLC (AIM:BOO)'s boardroom showdown with Frasers Group PLC (LSE:LON:FRAS).
5.00am: Monday's schedule
A busy week ahead is set to feature UK inflation, US GDP and interest rate calls on both sides of the Atlantic.
Announcements due on Monday:
Trading updates: Videndum PLC
AGMs: ADVFN, Alien Metals, Allergy Therapeutics, APQ Global, Helium One Global, T42 Lot Tracking Solutions, Tristel PLC