FTSE 100 opens down 16.75 points to 7,315.14 after weak trading in New York and Asia. Investors were disappointed with the weak job data coming out of the US and tensions are increasing with North Korea after it tested an intercontinental missile.
Shares in oil services minnow Cape (CIU) soar 45% to 264.25p as the company recommends a £332.3m cash takeover offer. The deal comes from Altrad UK, a subsidiary of French construction equipment manufacturer Altrad Investment Authority. The agreement is pitched at 265p per share.
Engineering firm Fenner (FENR) is up by almost 9% to 317.25p after revealing that its US rig count is up. The company’s trading update also states that the company has paid off some significant debt which will reduce ongoing interest charges going forward.
Home goods company Dunelm (DNLM) ticks up almost 3% to 614.5p on releasing its year end to 1 July results. Highlights include a 17.7% year-on-year revenue growth to £240m while the company’s chief executive John Browett says ‘The Worldstores acquisition will provide a massive leap forward to our online and store offer’.
Engineering software provider Aveva (AVV) sees it shares rise by 2.73% to £20.29 on news that it had a cash position of £152m at 20 June 2017. Its update also says it is planning to pay a final dividend of 27p per share on 4 August to shareholders on the register on 7 July.
Defence company Ultra Electronics (ULE) proposed acquisition of Sparton has failed to excite the market, its shares broadly flat at £19.83. Sparton is Ultra’s partner in a joint venture to supply the US Department of Defense with sonobuoys, the deal would make Ultra the sole provider. Ultra is placing new shares to £133.7m to help fund the acquisition.
AIM-listed drinks company Distil (DIS:AIM) shares track up 13% to 2.8p as it reports strong sales volumes and revenues for its first quarter to June 30. Executive chairman Dan Goulding says ‘We enjoyed another excellent period of year on year growth driven mainly through sales of RedLeg Spiced Rum and Blackwoods Gin’.
Luxury household goods maker Portmeirion (PMP:AIM) trading update pulls its shares down 4.5% to 913.p as it reveals that on a constant currency basis excluding an acquisition it made in April 2016, revenue is down 1.9% compared to last year.
