The FTSE 100 slipped slightly into Monday afternoon, down 0.1% to 8,221.46, while the FTSE 250 eked out a modest 0.03% gain to 20,832.69.
Kingfisher added 1.1% following an upgrade from UBS, shifting to ‘neutral’ from ‘sell’. The DIY retailer, which owns B&Q and Screwfix, also kicked off a £75 million share buyback, part of its larger £300 million programme, set to wrap up by November.
Rightmove climbed 1.6%, navigating another chapter in the ongoing takeover saga with Rupert Murdoch’s REA Group. The latest bid, at 770p per share, marked a step up, but it’s still seen as insufficient. Rightmove’s resistance signals UK firms aren’t willing to sell on the cheap, especially with undervaluation still lingering.
Meanwhile, Alphawave IP nosedived 25%. The chipmaker slashed its 2024 revenue forecast to $310-$330 million, down from March’s guidance of $345-$365 million. Weaker first-half results, impacted by a merger between key AI clients in Korea, contributed to the stark revision. Alphawave’s pretax loss swelled to $49.9 million from last year’s $6.6 million, as revenue plummeted to $91 million, almost halving from $187.2 million.
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