Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Frasers’ Mulberry bid sidelined
Yesterday, Frasers Group LON:FRAS made a bid for Mulberry LON:MUL at 130p per share. The ever-growing retail giant already has interest in almost 40% of the fashion company but management have been quick to reject the bid, which stands at an 11% premium to Friday’s closing price.
#2. Mothercare shares suspended as results deadline missed
Keeping with retail and the once prolific UK brand Mothercare LON:MTC may be absent from your local high street, but they continue with operations in other corners of the globe. However having missed their reporting deadline yesterday as they work through a refinancing which is disrupting the audit process, the company has been forced to request the suspension of its shares as of today.
#3. Bakery chain Greggs on a roll as inflation pressures ease
Another set of bumper results from Greggs LON:GRG reflecting both the company’s winning product mix and appeal to the market as the cost of living crisis persists. Total sales for the 13 weeks to 28th September are up 10.6% and expectations are that inflationary pressures will now land at the lower end of the previously stated 4-5% range. Full year outcomes are still expected to land within previous forecasts.
