MARKET REPORT: Foreign predators are now stalking Hiscox insurer

Hiscox has become the latest company to be mentioned as a takeover target.

Insurer Lloyd’s of London rose higher in the FTSE 250 index after reports that rivals in Japan and Italy are ready to make a takeover.

Tokyo-based Sompo and Trieste-based Generali are among the suitors circling the London-listed firm, according to Insurance Insider.

The shares rose 13.4 percent, or 150 pence, to 1,267 pence, their highest level since March 2020.

This boosted the industry, with blue-chip Beazley up 3.6 per cent, or 23.5 pence, to 684.5 pence and mid-cap Lancashire Holdings adding 5.1 per cent, or 30 pence, to 623 pence.

Insurers plunged into the red last week, gripped by fears of potentially huge payouts after Hurricane Beryl wreaked havoc in the Caribbean.

But Hiscox’s rise has provided some much-needed respite for investors. The FTSE 100 fell 0.1 per cent, or 10.44 points, to 8,193.49 and the FTSE 250 rose 0.06 per cent, or 11.67 points, to 20,798.32.

Online trading platform Plus 500 said clients have become less active due to the European Football Championship.

Revenue rose 8 percent to £310 million in the first half of the year, while profits rose 6 percent to £143 million.

The company said its performance was achieved despite “lower levels of activity in financial markets” – as is often the case when a major football tournament is taking place.

Plus 500 shares fell 3.3 percent, or 76 pence, to 2,238 pence.

Ferrexpo reported its best performance since Russia invaded Ukraine in February 2022.

The Ukrainian iron ore miner’s output in the first six months of the year was 75 percent higher than in the same period in 2023.

The rally came as the company gained access to the Black Sea shipping corridor and sourced alternative energy from Ukraine’s European neighbours. The shares rose 16.5 percent, or 8.6 pence, to 60.6 pence.

ITM Power shares rose after signing a major production deal with an unnamed global industrial customer.

The green energy company said the deal, which will run until the end of 2028, will help it manufacture the equipment needed to produce hydrogen. Shares rose 17.9 percent, or 9 pence, to 59.35 pence.

B&M also advanced after Canaccord Genuity encouraged its clients to buy shares in the discount retailer and set a target price of 600 pence. The shares rose 2.9 per cent, or 13 pence, to 456.5 pence.

Entain, the owner of Ladbrokes and Coral, has strengthened its board with the appointment of Helen Ashton, former finance chief of Asos (up 2.2 per cent, or 8.2p, to 376.6p), who is also a non-executive director of JD Sports (up 0.04 per cent, or 0.05p, to 113.65p).

Gambling shares fell 1.2 percent, or 7.6 pence, to 631.8 pence.

Seeing Machines has joined forces with a French automotive company. The artificial intelligence group announced a strategic collaboration with Valeo and bought its German software company Asaphus for £5m.

Seeing Machines aims to prevent driving-related deaths by installing cameras inside vehicles to detect whether drivers are tired or distracted. But the shares fell 1%, or 0.05p, to 4.63p.

Student accommodation provider Unite Group has raised its rental growth forecast for the 2024-25 academic year amid strong demand for housing from domestic and international applicants.

The company now expects rent to rise by at least 7 percent, up from a previous target of 6 percent.

But fewer rooms have been booked compared to last year’s record.

Shares fell 0.6 percent, or 5.5 pence, to 912.5 pence.

Biome Technologies, which specializes in making biodegradable plastics and building radio frequency systems, issued a profit warning as customers delayed orders and operations in North America were weaker than expected.

As a result, the AIM-listed company expects to make a loss by 2024, while revenues will be “materially below current market expectations”.

Shares fell 42.9 percent, or 30 pence, to 40 pence.