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FTSE modestly lower as BoE keeps rates on hold
StockMarketWire.com
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The FTSE 100 was down 0.1% at 6,753.54 just after midday as the Bank of England, like the US Federal Reserve overnight, decided to keep interest rates on hold.
Ocado Retail, the joint venture between Ocado Group and Marks & Spencer, has seen a 40% growth in revenue in the 13 weeks to February 28, 2021.
Retail revenue grew from £428.8 million in the 13 weeks to March 1, 2020, to £599 million in the first quarter of 2021. The group's share price fell 3.9% to £20.03.
Vodafone Group told investors that its Vodaphone Business operation can deliver c8% pa growth in addressable markets totalling over €100 billion. Its share price dipped 0.2% to 136.7p.
National Express has reported a 28.7% fall in group revenue for 2020, in spite of a strong start to the year that saw a near 20% revenue rise. During the period under review ending December 31, 2020.
The company reduced its net debt by £400 million to £941.6 million and won new contracts across all divisions, including a first entry into Portugal, to the tune of £900 million. Its share price was down 2.7% at 305.5p.
Online gambling company 888's share price surged 5% to 350.5p. It reported a sharp fall in annual profit as a jump in revenue was offset by higher costs.
The company also proposed a hike to its dividend, citing 'record-breaking performance'. For the year ended 31 December 2020, pre-tax profit fell 41.1% to $26.7 million year-on-year while revenue increased 52% to $849.7 million.
Meanwhile, sportswear giant JD Sports Fashion said it had completed its $495 million acquisition of US-based DTLR Villa LLC. The acquisition, completed on 17 March 2021, was first announced on 1 February. Its share price dipped 0.7% to 854p.
National Grid has agreed to acquire PPL WPD Investments, the holding company of Western Power Distribution, for an equity value of £7.8 billion.
In addition, National Grid has agreed to sell The Narrangansett Electric Company (NECO) to PPL Energy Holdings for an equity value of US$3.8 billion (£2.7 billion). The share price was flat at 830.9p.
Technology company Aveva's share price rose 1% to £34.10 as it said it had received all required antitrust and regulatory clearances including clearance from the Committee on Foreign Investment in the United States, paving the way for the company to complete its acquisition of OSIsoft.
Finally, telecommunications and mobile money services Airtel Africa said The Rise Fund had agreed to invest $200 million in the company's mobile money business at a $2.65 billion valuation. Its share price rose 5.4% to 88.5p.
Story provided by StockMarketWire.com
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