The FTSE 100 is up by 12.7 points to 7,616 supported by a strong start on Germany’s DAX and a decent nights trading on Wall Street. Despite China compiling its own list of tariff targets, the markets seem to be showing signs of resilience at the moment.
Webuyanycar.com owner BCA Marketpace (BCA) slips 4.1% to 212p after private equity house Apax Partners puts an end to speculation by saying it does not intend to make an offer for the company. BCA hit back by saying that the offers originally made by Apax undervalued the company and its attractive prospects.
Asset manager River & Mercantile (RIV:AIM) gains 5.6% to 264p after announcing it has cut the size for a possible UK fine regarding an FCA competition matter from £1m down £109,000. The company also reveals that its assets under management increased by 2% to £33.8bn for the two months ending 31 May and clocked up sales of £0.8bn during the period.
Ventilation products supplier Volution (FAN) ticks up 2.5% to 204p on news it has acquired Finnish company Oy Pamon. The deal will cost £10.2m with a further cash consideration of up to £1.8m depending on Pamon’s future earnings.
Satellite network operator Inmarsat (ISAT) falls 9.3% to 477p after rejecting a takeover offer by US competitor EchoStar. The company says that the offer ‘significantly undervalues’ the company and its ‘standalone prospects’. Echostar has until 5pm today to make an improved offer for the company.
Gold miner Acacia Mining (ACA) drops 2;.6% to 130.1p on news that gold production at its Buzwagi mine was down by 82% compared to same time last year. However, interim CEO Peter Gelata remains bullish saying the company’s first half performance will ‘continue to deomstrate the resilience that we have built within our business’.
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