Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
London Stock Exchange Group
London Stock Exchange Group [LON:LSE] has this morning confirmed it will sell its entire holding in Borsa Italiana to Euronext. The move is seen as having the potential to smooth the way for regulators to LSEG’s acquisition of Refinitiv. Cash in excess if EUR4 billion is expected to be received on closing the deal, the proceeds of which will be used to fund the Refinitiv purchase and for ‘general corporate purposes’.
There’s a half year trading update out from Speedy Hire [LON:SDY] covering the period to September 30th. Having reacted quickly to the COVID pandemic, trading has been in line with the board’s expectations with revenues down 20% from a year earlier. Net debt is lower than it was six months ago and all tax payments deferred as part of COIVD support measures have now been settled. However, with uncertainty over the outlook, the company has elected not to provide any forward guidance.
Stagecoach Group [LON:SGC] has published a trading statement in respect of its financial year ending May 1st, 2021, with the company noting that the current climate makes it very difficult to reliably predict future financial performance. Regional UK bus operations have seen revenues return to 50-60% of prior year levels, but there’s concern that fresh restrictions could see these numbers slide again. The company notes it has adjusted liquidity of £745m, with around 20% of that set to expire next October.
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