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London’s FTSE 100 was down 3.1% at 7,134.07 in afternoon trade on Wednesday as global slowdown fears rocked markets.
Hargreaves Lansdown slumped a day after Credit Suisse initiated coverage of the stock at ‘underperform’ saying the premium valuation is difficult to support in the face of near-term headwinds and that “momentum looks challenging”.
Going the other way, Flutter Entertainment surged to the top of the index as it agreed an all-share merger with Nasdaq and Toronto-listed Stars Group, a provider of technology-based product offerings in the global gaming industries and the owner of Poker Stars.
Flutter, formerly Paddy Power Betfair, said the deal will create one of the world’s largest online betting and gaming operators.
Under the terms of the transaction, Stars Group shareholders will be entitled to receive 0.2253 new Flutter shares for each of their shares. Following the merger, Flutter shareholders would own around 54.64% of the new company, while Stars Group shareholders would own 45.36%.
Tesco was trading flat, paring earlier losses after a surprise announcement that chief executive Dave Lewis was departing, alongside its interim results, which showed a rise in profit.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: “Tesco appears to be in a good position, and has worked hard to fend off rising competition in the sector. Investors will look forward to hearing Ken Murphy’s plans for defending, and expanding, Tesco’s enviable market position in due course.”
Ferguson was on the rise for the second day in a row as Canaccord Genuity upped its price target on the stock to 6,270p from 6,125p after its results on Tuesday.
FTSE 100 – Risers
Flutter Entertainment (FLTR) 8,278.00p 8.44%Polymetal International (POLY) 1,140.50p 0.09%Tesco (TSCO) 239.50p 0.00%Ferguson (FERG) 6,168.00p -0.29%Unilever (ULVR) 4,850.50p -0.85%Fresnillo (FRES) 683.80p -0.98%Imperial Brands (IMB) 1,839.80p -1.09%Vodafone Group (VOD) 157.60p -1.13%Croda International (CRDA) 4,800.00p -1.23%National Grid (NG.) 869.00p -1.60%
FTSE 100 – Fallers
Kingfisher (KGF) 195.80p -6.41%Hargreaves Lansdown (HL.) 1,888.50p -5.86%Ashtead Group (AHT) 2,136.00p -5.02%Associated British Foods (ABF) 2,191.00p -4.90%Burberry Group (BRBY) 2,010.00p -4.69%3i Group (III) 1,103.50p -4.25%Rolls-Royce Holdings (RR.) 742.60p -4.23%Evraz (EVR) 439.70p -3.79%Centrica (CNA) 70.82p -3.78%Hikma Pharmaceuticals (HIK) 2,067.00p -3.77%
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