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UK stocks open flat at Brexit uncertainty offsets vaccine hopes
StockMarketWire.com
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UK stocks opened flat on Monday as fears of a potentially imminent no-deal Brexit and ongoing political tension between the US and China tempered optimism about Covid-19 vaccines.
At 0822, the benchmark FTSE 100 index had nudged up just 3.11 points to 6,553.34.
Cloud communication provider Imimobile jumped 47% to 591.25p after it accepted a £543 million takeover offer from networking company Cisco Systems.
Imimobile investors would get 595p a share, a 48% premium to the company's closing price on Friday.
Retailing group Frasers, formerly known as Sports Direct, fell 2.0% to 425p on confirming it was in negotiations with the administrators of Debenhams about a potential rescue transaction for the latter's UK operations.
Frasers, however, added that 'time is short' and that its position was complicated by the recent administration Arcadia, Debenhams' biggest concession holder.
Miniature wargames maker Games Workshop rallied 6.7% to £10.550 as it guided for a 53% jump first-half profit, buoyed by bumper sales.
Games Workshop also declared an interim dividend of 60p per share, though that was down 40% year-on-year.
Home-improvement retailer Kingfisher weakened 0.9% to 266.5p as it more than halved a cost-savings target, having decided to return rates relief received from the government due to the Covid-19 crisis.
Kingfisher said it now expected its annual pre-tax profit would include about £85 million of non-recurring cost savings, down from previous guidance of about £175 million.
Internet of things investor Telit Communications slipped 0.5% to 200p on announcing that a takeover offer lobbed by largest shareholder DBAY Advisers 'fundamentally' undervalued the company.
DBAY on Friday flagged a possible offer of £1.90 per share, but then announced it had bought some Telit shares at a highest price of £1.948. Under UK takeover rules, any offer would need to be at or above that price.
Real estate group Land Securities fell 2.6% to 706.7p after it acquired an office-led building at 55 Old Broad Street, London, from PGIM Real Estate for £87 million.
Fellow property group CLS dropped 2.2% to 222p as it exchanged contracts to acquire two office properties in Berlin, Germany, and Watford, United Kingdom, for a combined £55.9 million.
Alternative asset and corporate services provider Sanne shed 1.5% to 566.41p on announcing that it had acquired private equity fund administrator Private Equity Administrators from founders for up to €30.3 million.
Sanne also said it expected to deliver underlying earnings per share for the year ending 31 December in-line with expectations, 'despite the market backdrop remaining uncertain'.
Infrastructure debt investor Sequoia Economic Infrastructure Income Fund was flat at 108.2p, even as its net asset value total return per share for the six months through September rose 6.9%.
Sequoia Economic Infrastructure declared an interim dividend of 3.125p per share, up from 3.0625p year-on-year, and reiterated its target for the full year of 6.25p per share.
Auto dealer Vertu Motors reversed 0.2% to 27.9p following news that it had acquired a market area of 12 sales outlets in England from Inchcape for £18.7 million, giving it a significant exposure to BMW and Mini vehicles.
Vertu also said its performance had remained ahead of prior year and original budget levels, with pre-tax profit in the nine months through November up around 15%.
Story provided by StockMarketWire.com
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