London midday: FTSE touch higher but Chemring surges on deal news
By Michele Maatouk
Date: Monday 24 Feb 2025
(Sharecast News) - London stocks were still a touch firmer by midday on Monday as investors mulled news that Germany's conservatives have won the national election, as expected, but Chemring surged on deal speculation.
The FTSE 100 was up 0.1% at 8,671.35. Germany's DAX powered ahead, however, up 0.9% and outperforming its European peers.
Russ Mould, investment director at AJ Bell, said: "The FTSE 100 made a steady start to the week as German elections largely delivered the result the market was expecting.
"There were gains elsewhere in Europe as a business-friendly government under new chancellor Friedrich Merz looks to have a clear path to victory.
"How the market response develops will likely depend on whether his CDU party only needs one other coalition partner to achieve a majority - making for more stable government - or if it will need to rely on support from other parties to get policy changes through."
In equity markets, British Gas owner Centrica was still on the rise after well-received results last Thursday, when it hiked its dividend and announced a £500m share buyback as full-year earnings beat forecasts.
National Grid gained as it announced the sale of its US onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners, for $1.7bn.
Chemring surged to the top of the FTSE 250 following a Sky News report that private equity firm Bain Capital has made an approach to buy the defence group, with one source suggesting an initial offer may have been tabled at 390p-a-share.
Deliveroo jumped as Just Eat Takeaway.com agreed to be bought by Dutch private equity firm Prosus in a €4.1bn deal.
On the downside, discount retailer B&M European Value Retail slumped as it cut profit guidance again, citing an uncertain economic outlook and said chief executive Alex Russo would retire at the end of April. The company said annual adjusted EBITDA was now expected to be in the range of £605m to £625m, down from previously-trimmed guidance of £620m to £650m outlined in January.
The latest cut also includes the potential impact of exchange rate volatility on the valuation of stock and creditor balances.
Market Movers
FTSE 100 (UKX) 8,671.35 0.14%
FTSE 250 (MCX) 20,592.69 -0.10%
techMARK (TASX) 4,726.62 0.60%
FTSE 100 - Risers
Centrica (CNA) 151.20p 4.20%
BAE Systems (BA.) 1,298.50p 3.42%
Vodafone Group (VOD) 67.70p 2.27%
SSE (SSE) 1,525.00p 2.04%
United Utilities Group (UU.) 977.40p 1.66%
GSK (GSK) 1,452.50p 1.64%
National Grid (NG.) 972.60p 1.50%
British American Tobacco (BATS) 3,009.00p 1.48%
Smurfit Westrock (DI) (SWR) 4,279.00p 1.42%
Land Securities Group (LAND) 578.00p 1.31%
FTSE 100 - Fallers
Entain (ENT) 719.60p -2.49%
Antofagasta (ANTO) 1,776.00p -2.42%
Flutter Entertainment (DI) (FLTR) 21,790.00p -2.24%
InterContinental Hotels Group (IHG) 9,694.00p -2.08%
Anglo American (AAL) 2,393.00p -1.93%
CRH (CDI) (CRH) 7,914.00p -1.71%
Standard Chartered (STAN) 1,164.00p -1.61%
Scottish Mortgage Inv Trust (SMT) 1,090.50p -1.58%
Pershing Square Holdings Ltd NPV (PSH) 4,380.00p -1.57%
Fresnillo (FRES) 766.00p -1.35%
FTSE 250 - Risers
Chemring Group (CHG) 410.50p 14.66%
Deliveroo Class (ROO) 144.70p 6.79%
Wizz Air Holdings (WIZZ) 1,569.00p 3.50%
QinetiQ Group (QQ.) 397.40p 3.27%
Wood Group (John) (WG.) 27.08p 2.58%
Tate & Lyle (TATE) 561.50p 2.09%
Diversified Energy Company (DEC) 1,135.00p 1.98%
Drax Group (DRX) 640.50p 1.83%
Genus (GNS) 1,808.00p 1.80%
Harworth Group (HWG) 170.00p 1.80%
FTSE 250 - Fallers
B&M European Value Retail S.A. (DI) (BME) 263.30p -9.49%
Raspberry PI Holdings (RPI) 630.50p -6.11%
North Atlantic Smaller Companies Inv Trust (NAS) 3,660.00p -2.66%
Indivior (INDV) 674.00p -2.11%
Polar Capital Technology Trust (PCT) 356.50p -2.06%
Allianz Technology Trust (ATT) 428.00p -2.06%
Burberry Group (BRBY) 1,042.00p -1.98%
Currys (CURY) 97.20p -1.92%
Baillie Gifford US Growth Trust (USA) 258.00p -1.71%
Oxford Nanopore Technologies (ONT) 114.80p -1.71%
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