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WELCOME TO TAKING STOCK, IT'S A ROUND UP OF TODAY'S BUSINESS NEWS & INVESTMENT VIEWS.
INDICES
FTSE 100: 7,591 +0.05%
Just above 200 day moving average whcih is at 7,533
FTSE 100 MONTH HIGH: 8,014 - February 2023
FTSE 100 MONTH LOW: 6,826 - October 2022
Worst Indices
FTSE 250 18,757.73 -0.57%
FTSE AIM All-Share 787 -0.29%
AIM 12 MONTH HIGH: 934 - August 2022
AIM 12 MONTH LOW: 775 - October 2022
CURRENCIES / BONDS / COMMODITIES
UK 2 Year Government Bond Yield is now above 5%. It hasn't been this high since July 2008.
3 Top Business Stories
1. The average UK tenant now spends more than 28% of their pay before tax on rent.
It means people are spending more of their wages on rent than at any other time in the last 10 years, according to property portal Zoopla.
Average rents for new lets have also risen, jumping 10.4% in a year making it harder for people to afford places.
2. The UK economy could fall into recession if the Bank of England lifts interest rates as high as some investors expect.
New analysis from Bloomberg Economics show that Britain could tip into a shallow recession if the Bank of England pushes its benchmark lending rate to 6%
Currently, the money markets indicates there’s a slightly greater than evens chance that BoE base rate hits 6% by February 2024, up from 4.5% at present (with a rise to 4.665% expected on Thursday).
3. Supermarket inflation has eased to its lowest level this year but remains high, forcing people to change how they eat and cook as household budgets are strained, according to the data firm Kantar.
Annual grocery inflation in Great Britain declined to 16.5% in the four weeks to 11 June, down from 17.2% last month and a record 17.5% in March. It remains at its sixth-highest level since the financial crisis in 2008, Kantar said. The biggest price rises were for eggs, cooking sauces and frozen potato products.
Today's Winners & Losers
WINNERS
1. Lookers PLC - Recommended all-cash offer +33%
The boards of directors of Global Auto Holdings Limited and Lookers plc have reached agreement on the terms of a recommended all-cash offer by Bidco 120p which is 35.3% premium the Closing Price on 19 June 2023
LOSERS
1. Bidstack Group - Annual Report & Accounts and Notice of AGM
Revenue up 101% at £5.3m* (FY21:£2.6m), Loss after tax £7.7m (FY21: £6.3m) & Cash balance at 31 December 2022 up 21% at £8.7m (31 December 2021: £7.1m)
The Group is currently negotiating a convertible loan facility with a strategic investor and expects to be able to make further updates in due course.
2. Somero Enterprises - Trading Update
Elevated interest rates, tightened bank lending standards and, to a lesser degree, construction permitting delays due to large complex projects creating bottlenecks in the approval process in certain portions of the US, have led to an increase in delayed starts to non-residential construction projects.
The Company expects H1 2023 revenue will range between 15% and 20% below the record US$ 68.5m revenue reported in H1 2022 and full year 2023 revenue will approximate US$120.0m, approximately 10% below 2022 revenue of US$133.6m.
Most Read RNS's
1. Bidstack Group - Annual Report & Accounts and Notice of AGM
2. Revolution Beauty - Potential legal proceedings against the Company's founder and former CEO
On 19 May 2023, the Company sent a letter of claim to Mr Minto. The claim alleges that Mr Minto breached his fiduciary, statutory, contractual and/or tortious duties to the Company.
Certain of the matters alleged contributed to the delay in the audit of the Group's FY22 results, and to the suspension of the Company's shares from trading on AIM. The Company is looking to recover material sums relating to the exceptional costs the Company incurred as a result of the matters alleged.
3. Atlantic Lithium - Initial Infill Drilling Results
Neil Herbert, Executive Chairman of Atlantic Lithium, "Initial infill results at the Ewoyaa South-2 deposit are encouraging and show good continuity of mineralisation between drill sections"