Diploma buys Peerless Aerospace, Travis Perkins CEO stepping down
By Josh White
Date: Wednesday 27 Mar 2024
(Sharecast News) - London open
The FTSE 100 is expected to open eight points lower on Wednesday, having closed up 0.17% on Tuesday at 7,930.96.
Stocks to watch
Diploma said it had bought Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets for £236m. Diploma said it had bought Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets for £236m.
Travis Perkins CEO Nick Roberts is stepping down from his position and the company's board after serving for five years, it was announced on Wednesday. The FTSE 250 company said the decision came as the board and Roberts mutually agreed it was the right time to find a new leader to guide the business forward. Roberts would continue in his role until a suitable successor was found, with the nominations committee engaged in a thorough search for his replacement.
Newspaper round-up
Almost 8 million UK jobs could be lost to artificial intelligence in a "jobs apocalypse", according to a report warning that women, younger workers and those on lower wages are at most risk from automation. The Institute for Public Policy Research (IPPR) said that entry level, part-time and administrative jobs were most exposed to being replaced by AI under a "worst-case scenario" for the rollout of new technologies in the next three to five years. - Guardian
The CBI has used gagging clauses to prevent staff from discussing their experiences of sexual misconduct and bullying at the organisation, the Guardian can reveal. Up to 10 non-disclosure agreements (NDAs) have been signed in the past year after the lobbying group's sexual misconduct scandal, in which more than a dozen staff alleged they had been victims of sexual harassment, assault and rape. Those agreements have been accompanied by substantial financial settlements from the CBI. - Guardian
Europe plans to build enough new gas power stations to supply 60 million homes despite a target of decarbonising electricity grids by the middle of the 2030s. About 72 gigawatts-worth of new gas-fired power stations are planned across the Continent, according to a report from pressure group Beyond Fossil Fuels. Gas power capacity across the Continent is on track to rise by 27pc under current proposals, despite a promise among G7 nations to decarbonise electricity grids by 2035. - Telegraph
The boss of the world's biggest investment group has warned that "snowballing" US government debt has reached "very dangerous" levels. Larry Fink, the chairman and chief executive of BlackRock, raised the alarm in his annual letter to investors, saying that "in America, the situation is more urgent than I can ever remember". - The Times
Two Nottingham-based entrepreneurs have banked more than £100 million after they sold their graphic design software company to Canva, of Australia, in a deal worth "several hundred million pounds". Gary Bates, 54, and Jim Bryce, 59, owned about two thirds of Serif, which is known for its Affinity range of software for professional designers. - The Times
US close
A late dive sent US stock markets into the red on Tuesday, extending their recent losing streak into its third day, as investors continued to take profits following last week's record highs.
Economic data released during the session was relatively positive, but that wasn't enough to keep equities above water following early gains, with eyes turning to additional key indicators due in the coming days.
The Dow slipped 0.1%, the S&P 500 fell 0.3% while the Nasdaq declined 0.4%, with all three benchmarks continued to pull back after hitting fresh closing highs last Thursday.
US durable goods orders rose more than expected last month. According to the U.S. Department of Commerce, in seasonally adjusted terms, orders increased 1.4% over the month of February to $277.9bn, ahead of the 1% rise predicted.
The S&P/Case-Shiller 20-City Composite index showed prices in January were up 6.6% on last year, picking up from the 6.2% annual growth seen in December. This was slightly below the 6.7% increase expected by economists but the highest rate of growth since November 2022.
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