Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Spire Healthcare [LON:SPI] has this morning reported the extension of a deal with private medical insurer BUPA. A contract between the two parties, which accounts for almost half of all Spire’s revenues, will be extended to March 2022. Pricing has also been agreed although the share price has a long way to go if it hopes to return to the heights of three years ago.
Ocado and Marks & Spencer
The deal between Ocado [LON:OCDO] and Marks & Spencer [LON:MKS], which was announced earlier in the year, has been cemented today. It has been confirmed that 50% of Ocado Retail Limited has been sold to M&S although the former won’t be selling the latter’s goods for another year, owing to current commitments with Waitrose. By many accounts this could be seen as better news for M&S as it offers them space on a full service grocery platform which will be selling popular branded goods, Ocado own brand products as well as 6500 M&S food lines.
The day’s big corporate news is arguably interim results from HSBC [LON:HSBA]. In what is seen as a surprise move, the CEO has been tipped out after just 18 months at the helm, in a bid to accelerate growth. Shares are already down in Asian markets as a result of the news, with investors focusing on this rather than the 16% increase in pre-tax profits or news of the share buy-back program being sustained.