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- FTSE 100 down 40 points at 8,122
- Raspberry Pi (LON:{{1217107|RPI) rallies on debut
- Tesco (LON:TSCO) jumps on market share gains
Crest Nicholson rallies as LSE "gets a wiggle on"
Over in the FTSE 250, Crest Nicholson (LON:CRST) is leading the index's top risers after its shares jumped more than 8% after it was revealed it had rejected a takeover offer from rival Bellway (LON:BWY).
Shares lifted to 230p on Friday, moving closer to the 253p offer made by its Newcastle-based peer, but not completely offsetting the 11% slide it suffered post-results on Thursday.
Crest Nicholson is one of over 30 companies listed in the UK which have recieved a bid in 2024.
Russ Mould at AJ Bell believes recent merger and acquisition activity may be one reason why the LSE is "finally getting a bit of a wiggle on" as he pointed to the FTSE 100 hitting new record highs this year.
He noted how the average bid premium on offers had slipped back in 2024 from last year's 51% to 48%, but remained ahead of the 34% average seen in 2022.
Raspberry Pi rallies on first day of full trading
Raspberry Pi shares made a strong stock market debut this morning as full trading began in London, with the share rising further.
Changing hands at around 478p the newly listed DIY-PC firm was marked up around 15%.
It comes after the company's shares jumped more than 40% in conditional dealing on Wednesday.
IPO shares were orignally priced at 280p earlier this week, which saw the offer generate £166 million of proceeds – of which £31 million was new capital – and had valued the company at £541 million.
The success of the float is being taken as a resounding endorsement of the market in London, which has in recent times struggled for new listings.
England and Scotland fans to pay highest duty on pints during Euros
At 8.00 pm tonight the Euros will get underway as hosts Germany take on Scotland, but those watching from the UK while sipping a pint may be paying more duty on their beer than other countries.
That's because Britain charges four times more on duty than the European average and a dozen times more than Germany, reports from the Times revealed.
Scottish punters will have to pay 54.2p in duty, significantly more than the 4.6p paid in the host country, while England fans, who face the same 54.2p surcharge, will be paying more than fans of its first opponent Serbia, which add on an extra 12.7p.
Leading industry body the British Beer and Pub Association said it was writing to the country's top politicians in a bid to receive "fair recognition" of the industry's value.
“[It is] imperative that the next government provides a sustainable and proportionate fiscal and regulatory framework," the BBPA said.
Beer duty rates have been frozen at the same level since 2020 due to government plans to support the industry through the pandemic and cost-of-living crisis and are set to stay the same until February 2025.
The BBPA hopes once the freeze is lifted the government will start to lower duty, bringing it closer to the European norm.
In the letter, the organisation also calls for a reduction in business rates and the scrapping of VAT on non-alcoholic drinks and food.
Bosses at Greene King (LON:GNK), Fuller's, Stonegate, St Austell Brewery and other pub groups have all signed the letter.
Adobe rallies as AI integration drives earnings beat
Over in the US, Adobe (NASDAQ:ADBE) shares have rallied 15% in after-hours trading following better-than-expected earnings and revenue and an increase to its full-year guidance driven by its investment in artificial intelligence.
David Wadhwani, president of Adobe’s Digital Media business, said he had been pleased with the adoption of AI functionality within products such as the best-selling Creative Cloud along with early monetisation of innovations.
For the fiscal second quarter ending May 31, Adobe posted adjusted earnings per share of $4.48, above the expected $4.39, and revenue of $5.31 billion, surpassing the anticipated $5.29 billion. This represented a 10% year-over-year revenue increase.
For the fiscal third quarter, Adobe anticipates adjusted earnings per share between $4.50 and $4.55 and revenue between $5.33 billion and $5.38 billion.