MARKET REPORT: Vodafone shares sink because it rejects Italian merger bid

Telecoms big Vodafone sank into the crimson after it snubbed the newest try by a French agency to merge their Italian companies.

The FTSE 100 group was approached by Iliad in December final yr over a tie-up.

Yesterday, the French agency, which has a 2.5 per cent stake in Vodafone, provided extra beneficial phrases to get the deal over the road. 

After Vodafone rejected its newest provide, Iliad mentioned it would press on with its stand-alone technique.

Vodafone, which fell 2.1 per cent, or 1.43 p, to 67.32 p, mentioned: ‘We said in December that we are exploring options with several parties in Italy. We are no longer in talks with Iliad but discussions with others continue.’

Snubbed: Vodafone has rejected a revised proposal from French agency Iliad to merge the 2 companies’ Italian companies

The FTSE 100 dipped 0.47 per cent, or 35.74 factors, to 7630.57 whereas the FTSE 250 inched up 0.04 per cent, or 8.45 factors, to 19,357.95.

Mining big Antofagasta made beneficial properties as analysts at Citigroup remained upbeat over its progress prospects following final month’s approval to increase its copper mine Centinela. Shares added 1.7 per cent, or 29 p, to 1735 p.

There was additionally excellent news for Anglo American – up 0.3 per cent, or 4.8 p, to 1896.6 p – after the miner’s diamond arm flagged up a surge in demand following sturdy buying and selling within the US over Christmas, India restarting imports and costs rising as soon as once more.

De Beers, which mines in Botswana, Canada, Namibia and South Africa, estimated it bought £290million of diamonds from December 20 to January 30, greater than double the quantity between November 9 and December 19.

Safety barrier maker Hill & Smith obtained a vote of confidence from analysts at Jefferies who urged purchasers to purchase, as they imagine it might probably rise even larger.

The funding financial institution mentioned the group is doing its greatest to capitalise on the ‘generational infrastructure investments’ within the US, such because the Inflation Reduction Act, which ought to drive progress over the following few years. Shares rose 1.3 per cent, or 24p, to 1874 p.

Stock Watch – ITM Power

Green vitality agency ITM Power shot up 24.5 per cent, or 11.71 p, to 59.6 p after a profitable turnaround plan. 

Last January it mentioned it needed to overcome points equivalent to mission delays and price overruns.

After finishing a 12-month plan, chief government Dennis Schulz mentioned it had ‘addressed the most pressing issues to right the ship’ and ‘tangibly improved’ efficiency.

Revenue greater than quad-rupled to £8.9million within the first half to October 31, whereas losses fell from £54million to £21million.

There was much less to cheer for Harbour Energy following a downgrade from Goldman Sachs. It dropped 5.4 per cent, or 16 p, to 278.8p.

An replace on James Halstead’s first-half buying and selling was a combined bag after the flooring agency mentioned its earnings will probably be as much as 20 per cent larger than the identical interval final yr regardless that gross sales slowed in some European markets. 

Shares fell 2 per cent, or 4p, to 198p.

Inspiration Healthcare, which makes medical merchandise equivalent to ventilators for new child infants in hospitals, mentioned it made revenues of £37million within the 12 months to the top of January.

This was beneath market forecasts and shares tumbled 29.9 per cent, or 16p, to 37.5p. 

The former chief government of video video games writer Devolver Digital has returned to the job.

Harry Miller, who helped set the corporate up and is chairman, changed Douglas Morin after he stepped down following three years on the helm.

Graeme Struthers, one other co-founder who has been chief working officer since 2022, has additionally joined the board.

The boardroom reshuffle got here as Devolver swung again into revenue within the second half of 2023. Shares rose 2.6 per cent, or 0.5p, to 19.5p.

An on-line gaming firm backed by David Beckham remained upbeat over its future following a strong set of outcomes and new sponsorship offers with manufacturers equivalent to Sky Glass.

Guild Esports mentioned revenues rose 24 per cent to £5.53million within the yr to the top of September whereas its losses practically halved to £4.5million.

Beckham, the previous captain of the England soccer staff, holds a 3.33 per cent stake. The inventory fell 3.9 per cent, or 0.02p, to 0.63p.