Today's Closing Update

U.S.Stocks showed a lack of direction over the course of the trading session after failing to sustain an initial upward move. The major averages have spent the day bouncing back and forth across the unchanged line.

 

European Stocks were slightly lower, struggling to stay in the black. The major averages mainly flat throughout the day.

 

GKN rejected Melrose Industries improved, and final, offer for the company, saying it continues to undervalue the company. Melrose earlier boosted its offer to buy UK 100-listed GKN to £8.1 bn in cash and shares from the initial £7.4m bid in January, saying the new offer was final. Melrose increased its bid to 1.69 Melrose shares for every GKN share held, plus an unchanged 81.00 pence in cash, together equivalent to 467.00p per share based on Melrose’s share price at the close on Friday. Shareholders also would be entitled to receive the 6.20p final GKN dividend.

 

DS Smith said it would add two new directors to its board, given the packaging company’s growth and its expanded international presence. In addition, the company said it also intended to find a replacement for Ian Griffiths, who had decided to stand down as a non-executive director in June.

 

Tullow Oil said that it plans to offer $650m of seven-year bonds. Net proceeds will be used together wish cash on hand to redeem in full the company’s senior notes that are due to be repaid in 2020.

 

Oil Prices dropped on expectations that U.S. output will continue to rise this year, erasing some of the price gains scored late last week on a lower weekly U.S. rig count and a jobs report that showed robust hiring absent an inflation-spurring wage jump.

 

Gold Prices started the week lower against a falling US Dollar, while equity markets surged after Friday’s strong US job data eased fears of inflation.

Market Close

Market Index Change % Change
UK 100 7,214.8 -9.8 -0.1%
UK 250 20,117.5 +32.5 +0.2%
GER 30 12,418.4 +71.7 +0.6%
FRA 40 5,276.7 +2.3 +0.0%
U.S. 30 25,201.47 -134.27 -0.5%
U.S. 500 2,785.0 -1.6 -0.1%
OIL (BRENT) 64.58 -0.91 -1.4%
GOLD 1,318.05 -5.88 -0.4%

UK Risers & Fallers

Company Price Change % Change
Galliford Try 980.75 +101.5 11.5%
EazyJet 1607.5 +44.5 +2.9%
Pearson 767 +15.6 +2.1%
Immarsat 410.5 -23 -5.3%
GKN 424.1 -11 -2.5%
NMC Health 3438 -76 -2.2%

Reported Economic Data

 

Time/Date Previous Forecast Outcome
6.00pm: Federal Budget Balance 49.2bn -222.3bn

 

 

Sources

 

 

 

http://www.stockmarketwire.com/article/5889352/DS-Smith-to-hire-two-additional-directors-following-international-expansion.html

 

https://uk.webfg.com/news/news-and-announcements/tullow-oil-to-offer-650m-of-seven-year-bonds–3184420.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1520870075021875600.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1520869869971869500.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1520868618801819200.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1520866376011755400.html

 

https://www.ft.com/content/3e43211e-258a-11e8-b27e-cc62a39d57a0

 

 

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