Today's Closing Update

U.S.Stocks were lower on, the first trading day of the third quarter, as markets across the globe pulled back on rising trade tensions.

 

European Stocks dropped across the board after a jolt of political strife in Germany and persistent concerns about global trade.

 

Purplebricks Group said it had acquired Canadian real estate agency DuProprio/ComFree for around £29.3m. The closing of the deal was expected to occur on or before 6 July, the company said. ‘The board of Purplebricks believes that DPCF presents attractive opportunities to quickly grow market share in Canada,’ Purplebricks said.

 

Billionaire Anil Agarwal will spend nearly £800m to take his UK-listed Indian group Vedanta Resources private. The 64-year-old, who owns 66.5% of Vedanta Resources through his Volcan unit, has offered to buy the shares he does not already own. The 825p-per-share offer, plus dividends, values the UK 250 group at £2.3bn. The shares not currently owned by Volcan are worth £778m.

 

Chemring Group said its US subsidiary had been awarded two contracts worth around $42m combined. The first was for the manufacture and delivery of infrared decoys for the US Army and Air Force and was valued at around $32m. Deliveries would be made between 2018 and 2019, with all work to be performed at the company’s facility in Tennessee.

 

Ashmore Group said chairman Peter Gibbs would retire following the company’s annual general meeting in October. He would be succeeded by current senior director David Bennett. Clive Adamson would become a senior independent director and chair of the audit and risk committee.

 

Nestle said its management and board were delivering results after the world’s largest packaged food maker came under renewed pressure from activist shareholder Third Point to be bolder and faster in its overhaul. The maker of KitKat chocolate bars and Nescafe instant coffee is currently implementing an “accelerated long-term value creation strategy,” it said in a statement today without referring directly to Third Point.

 

Skoda plans to produce a new mid-sized sports utility vehicle in India as part of a £885.24m($1.16bn) investment by its parent Volkswagen to revive sales in one of the world’s fastest growing automobile markets. Volkswagen also plans to expand its manufacturing unit at Aurangabad in western India and set up a new engineering centre to help raise its market share to 5% by 2025.

 

Dell Technologies Inc said it would buy the tracking stock of VMware Inc in a cash and stock deal, taking a step closer to a return to the public market and ending a months-long review of its business. Dell, which owns 80% of VMware, issued the tracking stock in 2016 to fund its purchase of data storage firm EMC Corp.

 

Oil Prices fell as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.

 

Gold Prices stayed close to this year’s low as the US Dollar strengthened again.

Market Close

UK 100 7,547.9 -89.1 -1.2%
UK 250 20,605.9 -225.1 -1.1%
GER 30 12,238.2 -67.8 -0.6%
FRA 40 5,276.8 -46.8 -0.9%
U.S. 30 24,157.53 -113.88 -0.5%
U.S. 500 2,708.42 -9.95 -0.4%
OIL (BRENT) 77.87 -1.36 -1.7%
GOLD 1,244.73 -7.87 -0.6%

UK Risers & Fallers

Marks and Spencers 299.5 +4.4 +1.5%
Micro Focus 1341.5 +18 +1.4%
Vedanta 813 +166.2 +26%
Smith & Nephew 1340.5 -57.5 -4.1%
NMC Health 3460 -122 -3.4%
Playtech 561.7 -191.3 -25.4%

Reported Economic Data

9.30am: UK Manufacturing PMI 54.4 54.1 54.4
3:00pm: US ISM Manufacturing PMI 58.7 58.2 60.2

 

Sources:

 

https://uk.reuters.com/article/us-dell-vmware/dell-to-buy-out-vmware-tracking-stock-in-move-to-go-public-again-idUKKBN1JS11X?il=0

 

https://uk.reuters.com/article/uk-skoda-india/volkswagens-skoda-to-invest-1-2-billion-to-revive-india-sales-idUKKBN1JS1N5?il=0

 

https://uk.reuters.com/article/uk-nestle-thirdpoint/nestle-says-it-is-delivering-results-after-activist-shareholder-attack-idUKKBN1JS1D5?il=0

 

https://uk.reuters.com/article/uk-global-oil/oil-falls-as-saudi-russian-output-rises-idUKKBN1JR2A4?il=0

 

http://www.stockmarketwire.com/article/6035814/Ashmore-Group-chairman-Peter-Gibbs-to-retire-in-October.html

 

 

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