Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
London Stock Exchange
The London Stock Exchange Group [LON:LSE] has published its Q1 earnings today for the period to March 31st. Total income is up 13% to £615m, with the company highlighting increased equity trading volumes as a key driver here. Standing out amongst many businesses, the note states that the board intends to propose a 2019 full year dividend is payable, given the strength of the balance sheet.
Big Yellow [LON:BYG] has this morning announced the completion of an £80m placing, having only declared its intention to raise money after the market closed last night. The speed of these funding rounds is becoming somewhat contentious as it’s precluding smaller investors from the offer. It should be noted that there was no deep discount here – the new shares were offered at just 1% below last night’s closing price – but this theme could see added scrutiny in the months ahead. The funds are ear-marked for buying up new sites to expand operations.
We’re seeing a steady trickle of companies announcing they qualify for the COVID Corporate Financing Facility, the latest of which is Wizz Air [LON:WIZZ], Eastern Europe’s largest low-cost airline. The stock is listed in London, but the headquarters are in Budapest, Hungary, a situation which is worthy of note simply because it has the potential to raise eyebrows – and could well see the lending criteria called into question.
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