Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
1. Moonpig proposes buyout of Smartbox UK
Custom greetings card play Moonpig (LON:MOON) has this morning advised that it plans to buy Smartbox UK, also known as Buyagift, for £124m in cash. The timing here may be seen as interesting with consumer budgets being squeezed, but the note outlines why this is seen as being a financially attractive proposition which will increase margins in the medium term.
2. Update on Ted Baker sale process
The board of Ted Baker (LON:TED) have this morning provided an update on the formal sale process of the business, having selected a single counterparty who will now perform due diligence checks on the business. The note stresses that there can be no certainty that an offer will be made, but this may provide further support to the share price. .
3. Production disruption being seen by IOG
The AIM listed net zero gas infrastructure company (LON:IOG) has this morning issued an operational update. This highlights some short-term disruption to production and is likely to do little to help support confidence in the business right now, although interruptions are expected to be very limited. Given the high underlying price of gas, assurances over the fact this is just a brief outage, can any dip here present a decent buying opportunity for the medium term?
