Sweeteners giant and rumoured bid target Tate & Lyle (TATE) ticks 4.3% higher to 703.5p on relief full-year figures to March meet downgraded forecasts, with taxable profits souring 2% to £322 million. In February, Tate & Lyle warned of a sharp decline in prices for its higher-margin 'SPLENDA Sucralose' sweeteners brand sold to global food and beverages makers amid a growing Chinese generic threat, as well as lower margins in its US bulk sweeteners business.
Artificial joints giant Smith & Nephew (SN.) skips 3.7% ahead to £10.30 on takeover speculation, extending yesterday's gains on reports of a planned takeover bid from Stryker Corporation. Although Stryker has denied it is planning a bid, investors believe the return of takeover speculation will continue to buoy the £8.9 billion cap medical technology titan's shares.
Glasgow-headquartered engineer Weir (WEIR), another takeover target, puts on 40p at £26.24 despite abandoning efforts to acquire Finnish company Metso, which has rejected its second and improved takeover bid. Bulls believe a failure to merge with Metso could make the pumps and valves specialist a target for bigger players such as General Electric or Honeywell.
B&Q-to-Screwfix brand owner Kingfisher (KGF) falls 5.2% to 395.8p as its much-anticipated first quarter trading statement disappoints. Whilst confirming improving trends in the UK and other key markets, the performance received a material weather boost while margin pressures persist. Read our news analysis here.
US onshore oil and gas play Caza Oil & Gas (CAZA:AIM) gushes up 22% to 20.75p as its Bone Spring development continues to deliver – the latest well in Lea County, New Mexico, flowing at a rate of 1,602 barrels of oil equivalent per day.
Latin American oil firm President Energy (PPC:AIM) is ahead 6.9% to 33.95p on the news highly anticipated exploration drilling in Paraguay will get underway in the next two weeks. The company also confirms it has achieved its full participating interest of 59% in the targeted Pirity concession.