Today's Closing Update

European shares were slightly lower as fresh political turmoil in Spain dented investor sentiment, heading into the long holiday weekend.

 

Mondi has agreed to buy Finnish pulp and paper mill operator Powerflute, a division of Nordic Packaging and Container Holdings, for €365m on an enterprise value basis. Powerflute operates an integrated pulp and paper mill in Kuopio with an annual production capacity of 285,000 tonnes of high-performance semi-chemical fluting. Its premium semi-chemical fluting is sold to a diverse range of customers, primarily for packaging fresh fruit and vegetables, but also other end-uses such as electronics, chemicals and pharmaceuticals. Around half of the company’s production is sold in Europe, while the rest is exported globally.

 

Twenty-First Century Fox Inc said that the regulatory long stop date of its £11.7bn takeover of the remaining 61% of Sky it does not already own has been extended. Fox’s controversial takeover of the pay television provider was aimed to complete by the end of June 2018, subject to regulatory consents. Whilst the deal has been cleared by EU regulators, Rupert Murdoch’s Fox is facing scrutiny in the UK, with UK’s Competition & Markets Authority set to make a decision on the deal before the statutory deadline of March 6.

 

US aircraft manufacturer Boeing has held takeover talks with Brazilian aircraft maker Embraer SA, the companies confirmed. The deal would give Boeing, the world’s largest aircraft manufacturer, a stake in the smaller jet market, similar to Airbus’ move to take over the majority of the medium-range C-Series aircraft built by Canadian manufacturer Bombardier. The size of the deal was not revealed, but the Wall Street Journal reported earlier Thursday that Boeing and Embraer had been discussing “a relatively large premium for the Brazilian company”.

 

Alphabet announced that Eric Schmidt will be transitioning from his position as executive chairman of the board, becoming a technical advisor, as of its next regular board meeting in January 2018. Meanwhile, Schmidt will continue to serve on the company’s board. Schmidt, who joined Google in 2001, helped the company which Larry Page and Sergey Brin founded in September 1998, to go public in 2004.

 

Oil prices dipped but stayed near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit from crude output cuts would be gradual.

 

Gold held steady below a two-week high in thin pre-holiday trade on Friday amid firmer equities and a sturdy dollar, remaining on track to log a second consecutive week of gains.

Market Close

Market Index Change % Change
UK 100 7,592.7 -11.3 -0.2%
UK 250 20,481.1 +58.3 +0.3%
GER 30 13,071.9 -37.9 -0.3%
FRA 40 5,358.3 -27.6 -0.5%
U.S. 30 24,782.29
U.S. 500 2,684.6
OIL (BRENT) 64.62 -0.28 -0.4%
GOLD 1,268.73 +2.13 +0.2%

UK Risers & Fallers

Company Price Change % Change
Allied Mind 154.38 +8.5 +5.6%
Next 4579 +164 +3.7%
Reckitt Benckiser 6833 +113 +1.7%
GVC Holdings 915.25 -21.5 -2.3%
Ashtead 1944 -33 -1.7%
G4S 260.1 -4.2 -1.6%

Reported Economic Data

Time/Date Previous Forecast Outcome
10:30am: U.K. Current Account -23.2bn -21.5bn -22.8bn
10:30am: U.K. Final GDP q/q 0.4% 0.4% 0.4%
2:30pm: U.S. Core Durable Goods Orders m/m 0.9% 0.9%

 

Sources:

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1513940241656966800.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1513938445626894700.html

 

https://www.digitallook.com/news/news-and-announcements/mondi-to-buy-finnish-pulp-and-paper-mill-operator-powerflute–3043704.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1513940954046996500.html

 

https://in.reuters.com/article/global-precious/gold-prices-hover-below-2-week-high-set-for-second-weekly-gain-idINKBN1EG04V?il=0

 

https://uk.reuters.com/article/us-global-oil/oil-dips-from-highs-but-opec-cuts-still-support-market-idUKKBN1EG05V

 

 

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