Investing.com - Here is a summary of the most important regulatory news releases from the London Stock Exchanges on Tuesday, 7th January. Please refresh for updates.
Supermarket group Morrisons (LON:MRW) reported a drop in underlying sales over the Christmas period, citing a challenging economic backdrop.
Sales excluding fuel fell 1.7% in the 22 weeks to Jan. 5, the period including the supermarket’s third quarter and the Christmas trading period.
The fourth biggest U.K. supermarket said it still expected full year sales to be in line with forecasts.
"It was encouraging that during an unusually challenging period for sales, our execution was strong and our profitability robust, demonstrating the broad-based progress we have made during the turnaround” said Chief Executive David Potts.
Premier Oil (LON:PMO) announced its intention to buy stakes in BP's (LON:BP) North Sea oilfields Andrew Area and Shearwater for $625 million (475 million pounds).
The oil and gas company also said it would increase its share by an additional 25% in its Tolmount gas project with Dana in a deal worth $191 million.
Premier said the acquisitions would generate over $1 billion in free cash flow by the end of 2023
The company said the proposed acquisitions will be funded via a $500 million equity raise and existing cash resources and a loan of $300 million if required.
"These acquisitions are materially value accretive for Premier and are in line with our stated strategy of acquiring cash generative assets in the UK North Sea.” said Chief Executive Tony Durrant.