UK indices were flat once again, following a similar Asian trading session as Brent Crude slipped at and after the US open from $45.50/bbl to c. $44.24/bbl into the London close. Despite largely flat aggregates, there were some large stock specific moves particularly within the FTSE 250.
G4S(+16.16%) leapt higher after issuing half year results. The security group announced an increase in both revenue and pretax profit, despite disclosing a mainly flat period year-on-year in terms of contract wins. Pretax profit came in at £115.0m, up from £80.0m as revenue increased to £3.53bn from £3.42bn year-on-year as G$S said the bottom line benefitted from an improvement in margins as it continued to boost productivity in the business.
Entertainment One(+10.34%) jumped higher after speculation regarding a takeover bid circulating yesterday was confirmed in early trade today. The Canadian content producer issued a statement to the effect that it had rebuffed an approach from ITV. The offer valued the company at 236.00 pence per share, putting the company valuation as a whole around £1.01bn. The content producer, which also owns the majority of the Peppa Pig cartoon franchise was first reported to be a target of ITV in April.
At the close European indices were up as the FTSE 100 closed +0.22%, the Cac 40 -0.36% and the Dax 30 -0.39%.