Barclays buoyed by new CEO’s remarks
Mon: Barclays was buoyant following a weekend report which said incoming chief executive Jes Staley will speed up the lender’s retreat from investment banking.
ITV shares barely moved after it said it will purchase UTV Media’s television assets for £100m. The company will hold 13 of the 15 regional licences for the Channel 3 network.
Broker Investec initiated coverage on Poundland with a ‘hold’ recommendation and a 300p price target, saying it sees “better opportunities elsewhere with less risk”.
The integration of the 99p Stores acquisition is expected to add 69% to full year pre-tax profit over the next three years and return Poundland to around 20% growth in the 2017 and 2018 financial years, but Investec had concerns about the quality of the sites, estimating “at least a third were bought from administration”.
The FTSE 100 was down 26 pts at 6,352 as the commodities market weakened.