REA Group considering bid for Rightmove, Kainos revenue to miss market forecasts
By Josh White
Date: Monday 02 Sep 2024
(Sharecast News) - London open
The FTSE 100 is expected to open 24 points higher on Monday, having closed down 0.04% on Friday at 8,376.63.
Stocks to watch
Australian real estate advertising company REA Group has confirmed speculation that it is considering a possible cash and share offer for UK property platform Rightmove. REA, majority owned by Rupert Murdoch's News Corp, said in a statement on Monday that it sees "clear similarities" between the two groups, but has not yet approached, nor had any discussions with, Rightmove regarding any potential offer.
IT provider Kainos said it expected full-year revenues to be below market forecasts due to the tougher trading environment in services as clients delayed decisions on projects, but adjusted pre-tax profit would be in line with consensus estimates. The consensus revenue and profit figures are £415.5m and £79.1m respectively. Full-year 2024 reported revenue was £382.4m.
Big Yellow Group has secured planning consent for a total of 307,000 square feet across two London sites, it announced on Monday. At Kensington Olympia, permission was granted for a 176,000 square foot development adjacent to a major events centre, with the new store expected to open in 2027. Additionally, a 131,000 square foot replacement store at Staples Corner has been approved, with completion anticipated in 2026, leading to the closure of the existing leasehold store.
Newspaper round-up
Uber and other ride-hailing apps should be forced to publish data on drivers' workloads so that regulators can tackle exploitation and cut carbon emissions, campaigners argue. Analysis by the pressure group Worker Info Exchange suggests drivers for Uber and its smaller rivals may have missed out on more than £1.2bn in wages and costs last year because of the way they are compensated. - Guardian
The North Sea industry has warned the government not to toughen its windfall tax on oil and gas profits in the autumn budget, claiming it risks losing £12bn in tax receipts and jeopardising 35,000 jobs. The industry's trade association, Offshore Energies UK (OEUK), has presented Treasury officials with data analysis that appears to show that proposed changes to the tax regime would devastate the sector's predicted investment over the second half of this decade. - Guardian
Charging consumers higher ticket prices as the level of demand increases will be reviewed by the Government, the Culture Secretary has said. Ticketmaster has faced a flurry of criticism for its use of "dynamic pricing" after Oasis fans reported paying more than £300 for one of the Britpop band's reunion shows. Fans had expected to pay around £150 and Ticketmaster was the only one of three platforms to have engaged in the practice. - Telegraph
Abercrombie & Kent is preparing for a potential float following a post-pandemic boom in luxury holidays. The travel company's parent, Abercrombie & Kent Travel Group, has begun conversations with bankers about floating on the stock market within 18 to 24 months. However, executives are weighing up whether to list in New York, London or another European stock market. - The Times
Businesses face paying thousands of pounds in fines if they do not uphold new protections for employees introduced by Labour as part of its overhaul of workers' rights. The Times has been told ministers are considering a warning system which would allow companies to make improvements before being hit with fines. - The Times
US close
Wall Street stocks closed higher on Friday as investors digested a key inflation reading.
At the close, the Dow Jones Industrial Average was up 0.55% at 41,563.08, while the S&P 500 advanced 1.01% to 5,648.40 and the Nasdaq Composite saw out the session 1.13% firmer at 17,713.62.
The Dow closed 228.03 points higher on Friday, extending gains recorded in the previous session and setting the blue-chip index on a course for another record close.
Friday's primary focus was last month's personal consumption expenditures price index, with the Federal Reserve Bank's preferred inflation gauge rising in July, according to the Commerce Department, in line with preliminary estimates.
The personal consumption expenditures index increased by 0.2% month-on-month or 2.5% on a year-on-year basis, exactly in line with consensus estimates.
Stripping out volatile food and energy prices, core PCE also increased 0.2% for the month but was 2.6% higher on the year, slightly softer than the 2.7% estimate.
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