Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Ferguson
Ferguson LON:FERG has this morning announced that a private equity buyer has been found for its Wolseley operations in the UK. There had been talk of a demerger, but given the current economic climate, the deal which is worth US$420m was clearly seen as the better option. The division is reported as having generated just under $1900m of revenues for the last financial year and a trading profit of $8m. Future pension liabilities have however been retained by Ferguson.
ITM Power
It’s slim pickings on the first day back after the Christmas break so looking beyond the main board and over at AIM, ITM Power LON:ITM – which now has an impressive market cap of close on £3bn – has this morning updated that the fit out of the company’s ‘Gigafactory’ has reached handover point, with only minor COVID-19 delays. The company also advises that interim results will be published on January 28th, although with the share price having already doubled over the last two months, can the momentum be sustained?
Great Western Mining
Again on the AIM board, Great Western Mining LON:GWMO has confirmed this morning that the first silver and gold has been poured from its site in Nevada. There’s no detail yet as to the quality of the output but the note talks up prospects of new mineral seams which it can tap. Perhaps one to watch, given the underwhelming performance of the share price over the last two years.
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