Entain shares rose after a US fund doubled its stake in the gaming giant.
Dodge & Cox, which also invests in pharmaceutical giant GSK (up 0.7 per cent, or 9.4 pence, to 1,405 pence), France’s Sanofi and Google owner Alphabet, increased its stake in the owner of Ladbrokes and Coral from 5.01 percent to 10.33 percent.
Having first purchased Entain in September last year, the San Francisco-based investment firm is the second-largest shareholder behind The Capital Group Companies. The shares added 1.6 per cent, or 14.8 pence, to 934.4 pence.
Dodge & Cox’s new investment came after the blue-chip company reported last week that its online gaming revenue fell 6 percent in the three months to the end of September.
Entain also took a £45m hit for punter-friendly football results in October.
The American fund Dodge & Cox, which also invests in GSK, France’s Sanofi and Google owner Alphabet, increased its stake in Ladbrokes and Entain, owner of Coral, from 5.01% to 10.33%.
The FTSE 100 was broadly stable at 7,417.76, but the FTSE 250 fell 1.3 per cent, or 236.37 points, to 17,747.47.
European stock markets were mixed as recession fears persisted in the eurozone and investment bank JP Morgan warned that stocks will come under pressure amid a cocktail of economic woes.
Back in London, Prudential signaled a recovery in Hong Kong’s economy.
The insurance group, which focuses on Asia and Africa, said sales soared 40 per cent to £3.55bn in the nine months to the end of September, while profits rose 37 per cent to £1,690. million pounds.
The shares rose 0.02 per cent, or 0.2p, to 899.6p.
Melrose was on the move after the company, which spun off its automotive business in April into a standalone company called Dowlais (up 0.7 per cent, or 0.8 pence, to 108.95 pence), signed a £4bn with aircraft engine supplier. GE Aerospace.
Stock Watch – Ten Lifestyle Group
Shares in Ten Lifestyle Group gained 7 per cent, or 6p, to 93.5p as the business looked set to grow next year.
Its platform offers luxury lifestyle services from travel to dining for private members and corporate clients.
He extended two big contracts worth between £2m and £5m.
Diez also secured two deals each valued between £250,000 and £2 million.
And the fifth deal he announced was a small contract worth less than £250,000.
The deal will expand the pair’s long-term partnership and see Melrose become more involved in aftermarket support of GE’s GEnx engine. The shares rose 3.5 per cent, or 17.2p, to 507p.
Ocado’s retail and technology solutions divisions are benefiting from a recovery in e-commerce shopping and a reduction in inflation, according to Bank of America.
As a result, the broker reinstated its coverage with a “buy” rating and a price target of 850p.
The shares, however, fell 2.3 per cent, or 12.2p, to 530p.
Another company to fly high was Easyjet after the data regulator dropped its investigation into a hack in 2020 that affected millions of the budget airline’s customers.
It was also boosted, along with the rest of the industry, by Ryanair’s strong results. The shares gained 1.2 per cent, or 4.8 pence, to 396 pence.
Harland & Wolff, the Belfast shipyard that built the Titanic, has won a contract worth £8.5 million from recycling company Cory to build ten barges that will be used to transport waste.
This comes on top of the deal the couple signed last year to build 23 barges for £18.1m. The shares rose 3.5 per cent, or 0.5p, to 14.75p.
Kitwave, the wholesale company that sells and delivers everything from fresh food to alcohol and tobacco, convenience stores, restaurants and leisure centres, said its annual results should meet market forecasts after a strong financial year.
And its boss, Paul Young, co-founder of the group in 1987, will resign after the next annual general meeting in March.
He will be replaced by chief operating officer Ben Maxted.
The shares fell 5.7 per cent, or 15p, to 250p.
Tanker maintenance company Gulf Marine Services raised its profit forecasts for this year and 2024 to reflect greater business opportunities. That lifted the shares 4.2 per cent, or 0.53p, to 13.1p.
But there was little enthusiasm for Aptamer after the biotech company warned that first-half revenue will be lower than a year earlier.
The shares fell 11.1 per cent, or 0.15p, to 1.2p.
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