Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. No spring romance yet as Anglo American rejects BHP’s advances
Anglo American LON:AAL have this morning issued a statement rejecting BHP Group’s approach to buy the business, concluding that the offer significantly underplays its value. Focusing on its exposure to the copper market and an expectation that further significant growth will be seen here in the years ahead,
BHP’s next play will obviously be closely followed but the bigger question – given the premium proposed yesterday – is once again why is the London market allegedly still unable to accurately value even the biggest companies? Given management are acknowledging this, at what point are they painted into a corner where they have to accept a hostile bid or find a better listing venue.
- UK Stock Market News: Ibstock, Dunelm, Pearson
- Three Quick Facts: Kingfisher, Anglo American, boohoo
- Three Quick Facts: HSBC, Pearson and Vertu Motors
#2. Pearson Q1 numbers show performance on track
There’s a Q1 update from educational published Pearson LON:PSON this morning, putting the company on track to deliver against FY expectations. Management are reporting no real surprises with the strongest growth being seen in English language learning with the company’s decision to exit specific business areas seemingly leading to no adverse impact on performance.
#3. Senior’s trading update shows revenues ahead
Specialist engineering company Senior LON:SNR published a Q1 trading update this morning, noting performance in line with expectations, strong growth in commercial aerospace and an unchanged outlook for the full year. Revenues are up 7% YoY on a constant currency basis and the company notes it has accounted for the reduced demand being seen off Boeing’s 737 MAX program.
