The Market Close - Balfour Beatty parts ways with its American Enterprise and the share price responds. - Collins Sarri Statham Investments

Today's Closing Update

U.S. shares hit session lows on Monday after a report surfaced saying the House is considering a plan that would gradually lower the U.S. corporate tax rate.

European stocks were mixed Monday afternoon as investors reacted to corporate earnings and continued to monitor a recovery in Spanish shares.

The Spanish state prosecutor’s office has announced charges of rebellion, sedition and misappropriation of funds against the sacked president of Catalonia, Carles Puigdemont, and members of his cabinet. The leaders of the regional government in Catalonia “have created an institutional crisis that culminated in the unilateral declaration of independence and a complete disregard for our Constitution on October 27”, said Attorney General Jose Manuel Maza on Monday. The charge of rebellion against Puigdemont and his deputies carries a penalty of up to 30 years in prison, twice that of the penalty for sedition. Misappropriation of funds is punishable with a jail term of up to eight years.

Euromoney Institutional Investor announced that it has sold Adhesion Group and its 74% stake in World Bulk Wine Exhibition to French exhibitions company Comexposium Holding. The firm described Adhesion as a Paris-based exhibitions business, established in 1984 and owned by Euromoney for more than 20 years. Its principal event, Vinisud, is said to be the international showcase for Mediterranean wines, attracting around 1,650 exhibitors from countries around the Mediterranean.

Akzo Nobel confirmed that it is currently in “constructive discussions” about a merger of its paints and coatings business with US rival Axalta Coating Sytems. In addition, it said the separation of Specialty Chemicals, including the return of the vast majority of net proceeds to shareholders, remains on track for April next year and is unaffected by these discussions. The statement followed a report by Reuters on Friday suggesting that the companies were in talks, which sent Axalta’s shares flying.

Hikma Pharmaceuticals’ wholly-owned US subsidiary, West-Ward Pharmaceuticals, has launched pantoprazole sodium for injection, 40mg, in the US for the short-term treatment of adult patients with gastroesophageal reflux disease (GERD) and a history of erosive esophagitis. According to IMS Health, US sales of pantoprazole sodium for injection were around $104m in the 12 months ending August 2017. Riad Mechlaoui, Hikma’s chief executive officer of Injectables, said: “We are very pleased to launch pantoprazole sodium for injection, reducing the shortage of this product in the US market. We are successfully executing our injectables pipeline and leveraging the additional capacity we have been adding to our Portuguese facility to support future growth.”

Balfour Beatty has completed the sale of US subsidiary Heery International to CBRE Group. Balfour earlier in October agreed the $57m cash sale of Heery International, its full-service US engineering and programme management, architecture and interior design firm, before year end. The company originally acquired a 50% interest in Heery in 1986, bumped up to 100% in 1990.

Oil Prices held above $60 a barrel, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices.

Gold steadied as traders stayed on the sidelines before this week’s central bank meetings and policy news, including President Donald Trump’s expected announcement of the next Federal Reserve chair.

Market Close

Market	Index	Change	% Change
UK 100	7,487.8	-17.2	-0.2%
UK 250	20,213.3	+67.2	+0.3%
GER 30	13,227.3	+9.7	+0.1%
FRA 40	5,491.2	-3.0	-0.1%
U.S. 30	23,353.52	-80.67	-0.3%
U.S. 500	2572.0	-9.1	-0.4%
OIL (BRENT)	60.35	-0.09	-0.2%
GOLD	1,275.72	+2.37	+0.2%

UK Risers & Fallers

Company	Price	Change	% Change
Fesnillo	1337	+35	+2.7%
Shire	3694.5	+95	+2.6%
Grainger	276.3	+4.0	+1.5%
Debenhams	44.38	-2.75	-5.9%
British American Tobacco	4917	-105	-2.1%
Mondi	1829	-37	-2.0%