The Market Close - Artemis Investment reveal 5% stake in Inmarsat - Collins Sarri Statham Investments

Today's Closing Update

U.S. shares are falling as health care companies skid. Technology companies also slipped as investors continued to sell on news that Senate Republicans want to delay a cut in U.S. corporate taxes by one year.

European stocks inched higher today, supported by gains in the insurance sector following a well-received update from German heavyweight Allianz.

UK economic growth slightly improved in October, despite a slowdown in activity versus a year ago, the National Institute of Economic & Social Research showed Friday. Economic output grew 0.5% in the three months to October, which was slightly stronger than the 0.4% expansion in the third quarter, the think tank said, citing its monthly estimates of GDP.

The UK has two weeks to clarify key issues or make concessions if progress is to be made in Brexit talks, the bloc’s chief negotiator has said. Michel Barnier was speaking after meeting the Brexit secretary for talks on citizens’ rights, the Irish border, and the UK’s “divorce bill”. David Davis said it was time for both sides “to work to find solutions”.

The UK’s industrial output grew at its fastest pace so far this year in September, according to official figures. Production rose by 0.7% compared with the month before, the Office for National Statistics (ONS) said, boosted by machinery and equipment output. Separate data showed the UK’s trade deficit in goods and services narrowed by more than expected in September. However, construction output fell by 1.6% in the month, the ONS said.

Brands will be spending a record £6bn on Christmas advertising in 2017, according to an industry body forecast. The Advertising Association says it is being driven by intense market competition, especially within the retail sector, and the rise of big-budget campaigns. It believes spending on ads has jumped nearly 40% in just seven years. The figures come as campaigns by major retailers such as John Lewis, M&S and Asda get under way.

Artemis Investment Management holds a 5.28% stake in satellite communications firm Inmarsat following a transaction on Thursday. The holding before the transaction, if any, was not disclosed. The current stake is held through 24.2 million shares. The value of the stake held by Artemis is valued at around £125.4 million.

Shareholders in the London Stock Exchange will vote on whether to eject its chairman and keep its chief executive following investor pressure. The LSE confirmed it would hold an extraordinary general meeting following a request from The Children’s Investment Fund Management (TCI), which owns more than 5% of the LSE. The fund is seeking the removal of chairman Donald Brydon. It wants Xavier Rolet, due to leave next year, to remain as the LSE’s boss.

Food processor Bakkavor, the UK’s biggest hummus maker, has decided it will list its shares on the UK stock market after all. Last Friday, the firm, which supplies a range of foods to UK supermarkets, said it would abandon listing plans as the market was “too volatile”. It has now decided to go ahead with the share listing but at a lower price. The firm wanted at least 195p a share, but they will now have an opening price on the London Stock Exchange of 180p.

Oil Prices were slightly higher on today, supported by continuing supply cuts and expectations that an output deal will be extended at the end of the month.

Gold Prices eased on today on a firmer dollar but uncertainty over U.S. tax reforms helped prices stay close to a three-week high touched in the previous session.

Market Close

UK 100	7,4330.0	-51.1	-0.7%
UK 250	20,020.9	-51.0	-0.25%
GER 30	13,122.5	-60.1	-0.5%
FRA 40	5,378.6	-29.2	-0.5%
U.S. 30	23,404.92	-57.02	-0.2%
U.S. 500	2,579.3	-5.4	-0.2%
OIL (BRENT)	64.18	+0.25	+0.4%
GOLD	1,277.46	-7.61	-0.6%

UK Risers & Fallers

Halfords	333.55	+22	+7.1%
Sainsburys	232.2	+3	+1.3%
Barratt Development	620	+8	+1.3%
Ultra Electronics	1527	-190	-11.1%
Intu Properties	240.9	-6.7	-3.2%
SSE	1360	-34	-2.4%

Reported Economic Data

10:30am: U.K. Manufacturing Production m/m	0.4%	0.3%	0.7%
10:30am: U.K. Goods Trade Balance	-14.2b	-12.9b	-11.3b
4:00pm: U.S. Prelim UoM Consumer Sentiment	100.7	100.8	97.8