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UK market update – CDR wins bid for Morrisons, Plus500 boosts forecast

Stock MarketsOct 04, 2021 07:42
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By Samuel Indyk – At 07:37BST, FTSE 100 Futures are trading lower by 0.5% at 7000.  

In FX markets, GBP/USD is trading at 1.3550, EUR/GBP is trading at 0.8564. The US Dollar Index is flat.

Today’s calendar highlights include Eurozone Sentix Investor Confidence, OPEC+ meeting, and US Durable Goods Orders and Factory Orders.


Morrison (LON:MRW) - Clayton, Dubilier & Rice (CDR) has won the auction for Morrisons with a bid of 287 pence per share, which including debt represents an enterprise value of £9.95 billion. Morrisons board unanimously recommends CDR’s offer. Losing bidder, Fortress Investment Group, has suggested it is continuing to look for other British acquisitions.

Compass Group (LON:CPG) - Chief Financial Officer Karen Witts to step down from role with effect from 31st October 2021. Palmer Brown to become CFO on 1st November.

AstraZeneca (LON:AZN) (NASDAQ:AZN) -  Enhertu granted Breakthrough Therapy Designation in US for patients with HER2-positive metastatic breast cancer treated with one or more prior anti-HER2-based regimens.

BHP Group (LON:BHPB) - Agreed to supply nickel sulphate from Western Australia to a battery-making joint venture between Toyota Motor and Panasonic.

Segro (LON:SGRO)/Schroders (LON:SDR) -  SEGRO and Schroders (LON:SDR) have completed a property swap transaction in which SEGRO has acquired from Schroders a 256,000 sq ft urban warehouse estate in West London for £140 million and Schroders has acquired from SEGRO a portfolio of UK big box and urban assets totalling 880,000 sq ft for £205 million. The balance of £65 million has been paid by Schroders to SEGRO.

Tesco (LON:TSCO) - Expected to announce plans to return capital to shareholders when it reports half-year results on Wednesday. (FT)

IAG (LON:ICAG) - IAG’s British Airways unit is set to reverse its decision to scrap short-haul flights from Gatwick airport, according to the Telegraph.

Flutter Entertainment (LON:FLTRF) - Appointed Amy Howe as CEO of FanDuel.

Plus500 (LON:PLUSP) - Now expects FY 2021 revenue and EBITDA to be ahead of current compiled analysts' consensus forecasts.

Future PLC (LON:FUTR) - On track to report another year of strong growth driven by continued momentum in digital advertising with sustained yield growth more than offsetting the impact of strong comparators on audience growth. Expects full-year adjusted operating profit to be at the top end of expectations.

888 Holdings (LON:888) - Industry figure Jason Ader of SpringOwl Ventures says 888 Holdings could be a potential takeover target by a US firm.

National Grid (LON:NG) - National Grid confirms that the Massachusetts Department of Public Utilities (DPU) has issued its rate case order for its Massachusetts Gas business.  The order approves a five-year rate plan with new rates effective 1 October 2021. It includes an allowed Return on Equity of 9.7% on an equity ratio of 53% and a revenue increase of $72 million.

Prudential (LON:PRU) - Dealing in the 130,780,350 new shares issued under the Share Offer has commenced on the Main Board of the Hong Kong Stock Exchange under the stock code 2378.

Airtel Africa (LON:AAF) - Olusegun "Segun" Ogunsanya begun new role as CEO on 1st October.

Ryanair (LON:RYA) – Carried 10.6 million passengers in September at a load factor of 81%.

Wizz Air (LON:WIZZ) - Carried 2,999,000 passengers in September at a load factor of 78.4%.

J D Wetherspoon (LON:JDW) - Upgraded to Buy from Hold by Stifel.

UK market update – CDR wins bid for Morrisons, Plus500 boosts forecast

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