FTSE Close: 888 rejects takeover, Petrofac surges

London stocks dip, 888 rejects takeover, Petrofac surges, and Cornerstone FS soars.

Mark Rogers

Mark Rogers

This news article is older than 30 days.

Monday saw stock prices in London take a dip. The FTSE 100 index closed 0.2% lower, while the FTSE 250 ended 0.3% down. The AIM All-Share also closed down by 0.2%.

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The FTSE 100 saw a downturn in mining stocks, notably Anglo American leading the losers with a 3.7% decrease. Other major mining companies like Glencore, Rio Tinto, and Antofagasta also experienced declines of 3.1%, 2.7%, and 2.6%, respectively. Shell and BP, influenced by lower oil prices, were down 1.2% and 1.4%.

Contrary to the trend, Rolls-Royce closed up by 3.1%, prompting JPMorgan to upgrade its outlook for the jet engine maker due to higher customer advances from long-term service agreements.

In the FTSE 250, 888 surged by 19% after rejecting a £700 million takeover bid from Playtech, deeming the offer undervalued at 156 pence per share. Playtech shares rose by 1.1%.

Petrofac saw a 22% jump, despite predicting a free cash flow miss. The energy industry services provider is exploring strategic and financial options, including potential asset sales, to strengthen its finances.

On AIM, Cornerstone FS shares soared by 35%, with the cloud-based payment services provider anticipating 2023 earnings before interest, tax, depreciation, and amortisation to exceed current market expectations.

On the flip side, Fusion Antibodies faced a 23% decline, reporting a widened loss and reduced revenue for its latest half-year. However, the company remains optimistic about its growth prospects.

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