European Stock Markets
A plunge in Micro Focus’ share price on a gloomy revenue outlook sent
the UK’s top share index down to a two-week low on Monday, with weakness
in commodities-related sectors adding pressure.
Barclays (BARC.L) jumped around 4 percent after activist investor Sherborne (SIGC.L) acquired 5 percent of voting rights in the bank.
Investors have been putting pressure on Barclays to become a profitable investment banking force. It has struggled due to low volatility and tougher regulations on capital requirements.
The blue-chip FTSE 100 .FTSE index was down 1.2 percent at 7,077.00 points by 1005 GMT as materials and energy stocks fell on the back of weaker metals and oil prices.
Shares in software company Micro Focus (MCRO.L) plummeted 58.5 percent and it was on track for its biggest ever one-day loss after its CEO quit and it cut its revenue outlook.
Micro Focus has had problems stemming from assets it bought from Hewlett Packard Enterprise HPE.N., on which it spent $8.8 billion in 2017.
Micro Focus fell around 17 percent back in January after a disappointing set of results and outlook.
Elsewhere British mid caps .FTMC were down just 0.3 percent, outperforming the broader European market, propped up by a 25 percent jump in Hammerson's (HMSO.L) shares.
Shares in the UK retail landlord rose following news that it had been approached by French shopping centre operator Klepierre (LOIM.PA) earlier in the month.
As Brexit uncertainties continue to weigh on UK stocks, overseas businesses have found cheaper UK companies attractive takeover targets.
Investors have been putting pressure on Barclays to become a profitable investment banking force. It has struggled due to low volatility and tougher regulations on capital requirements.
The blue-chip FTSE 100 .FTSE index was down 1.2 percent at 7,077.00 points by 1005 GMT as materials and energy stocks fell on the back of weaker metals and oil prices.
Shares in software company Micro Focus (MCRO.L) plummeted 58.5 percent and it was on track for its biggest ever one-day loss after its CEO quit and it cut its revenue outlook.
Micro Focus has had problems stemming from assets it bought from Hewlett Packard Enterprise HPE.N., on which it spent $8.8 billion in 2017.
Micro Focus fell around 17 percent back in January after a disappointing set of results and outlook.
Elsewhere British mid caps .FTMC were down just 0.3 percent, outperforming the broader European market, propped up by a 25 percent jump in Hammerson's (HMSO.L) shares.
Shares in the UK retail landlord rose following news that it had been approached by French shopping centre operator Klepierre (LOIM.PA) earlier in the month.
As Brexit uncertainties continue to weigh on UK stocks, overseas businesses have found cheaper UK companies attractive takeover targets.
No comments:
Post a Comment