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“Blue-chips edged higher as confusion over the future direction of Brexit negotiations continues to weigh on sentiment,” says AJ Bell Investment Director Russ Mould.
“Investors welcomed a possible takeover of Ladbrokes Coral by GVC. The two firms have held talks before but the latest move has been given added impetus by the Government review on gaming machines and the final price that GVC would be prepared to pay will be determined by how much the maximum stake on fixed-odds betting terminals is reduced. Ladbrokes Coral has an abundance of the terminals in its High Street betting offices and the current maximum stake of £100 will certainly be slashed with ministers considering a new limit of between £2 and £50. Ladbrokes Coral’s shares were up by more than 24.9% while GVC was up by over 5.3%.
“Packaging group DS Smith's shares were up in early trading despite a fall in interim pre-tax profits. The 5% drop in profits was due to costs relating to its acquisition of Interstate Resources in the US. Adjusted operating profit rose by 6% on a constant currency basis with margin pressure from higher paper prices offset by significant volume growth and two months' contribution from Interstate. DS Smith’s shares were up by more than 2.7%.
“Insurance and investment group Legal & General’s shares edged higher after it revealed it was on track for a record year for earnings and profits. The group’s core divisions are generating formidable momentum and the business is now well-positioned and focused on the products and geographies where it sees optimum growth and cultural alignment. L&G’s shares were more than 0.5% higher in early trading.”
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