By Patrick Munnelly, Market Strategist, Tickmill
On Tuesday, the FTSE 100 in Britain slightly declined, primarily due to the underperformance of financial companies, seeing a 0.3% decrease, marking its second consecutive day of decline.
Qatar Holding to reduce stake in Barclays
Barclays LON:BARC led the market lower early, experiencing a drop in its shares after Qatar Holding announced its intention to reduce its stake in the company. The shares were down by 2.5% at the close, making it one of the top losers on the FTSE 100 index. Qatar Holding is planning to sell approximately £510 million ($643.72 million) worth of shares in Barclays, according to one of the banks involved in the deal. The sale is expected to be priced at 141 pence per share, which is a discount of about 1.4% compared to the closing share price on Monday. Qatar Holding became the largest shareholder in Barclays during the 2008 financial crisis by injecting £4 billion into the bank, a move that helped prevent a taxpayer bailout. The stock has decreased by 12.7% year-to-date. However the British lender was pipped to the bottom spot by the mining community again as miners continued to weigh as mental prices continued to languish with Endeavour Mining [LON:EDV] sitting at the bottom of the blue chip index shedding over 4% on the session.
Rights to Premier League matches boosts BT
On the positive side of the ledger BT Group LON:BT.A sits at the top of the table, experiencing a significant increase in its stock value of 3.3% after it announced a joint venture with TNT Sports to acquire the rights to broadcast Premier League matches. This move is expected to increase BT Group’s revenue and expand its reach in the sports broadcasting industry. The Premier League is one of the most popular football leagues in the world, and securing the rights to broadcast its matches is a highly coveted achievement for any media company. The partnership between BT Group and TNT Sports is expected to result in high-quality coverage of Premier League matches, which will be made available to viewers around the world. This development is a significant milestone for both companies and is likely to have a positive impact on their future growth and success.
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