Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Crest Nicholson reject Bellway’s approach
Notes are flying this morning from both Bellway LON:BWY and Crest Nicholson LON:CRST after it was disclosed that the former had made an all share bid for the latter in early May. That has been rejected by Crest’s board but media picked up on the story yesterday afternoon, forcing the publication of statements.
That of course coincides with yesterday’s badly received numbers from Crest that saw the share price tumble almost 12%. In light of that, the story could have some way to run yet but the terms of the offer implied a value for Crest of 253p, some way above the 212p price now seen.
- UK Stock Market News: Dunelm, Bellway, BP
- UK Stock Market News: Marks and Spencer, Tesco, B&M
- Companies Reporting: Bellway, LVMH, ASML, Whitbread, Netflix
#2. Tesco sees further market share gains
Supermarket giant Tesco LON:TSCO has its Q1 trading update out today showing a 3.4% increase in like for like retail sales against the same period a year ago. Market share has also nudged a little higher, advancing to 27.6%, with the note also pointing out that sales of its Finest products are up 12.5% as consumers continue to switch spend from premium retailers.
#3. Raspberry Pi shares to debut on main market
And following the company’s well-publicised IPO at the start of the week, Raspberry Pi [LON:RPI] shares will today start trading on the main market of the LSE.
