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Summary
- Tesco Bank will close down over 213,000 personal and business current accounts of its customers.
- Kanabo Group Plc has acquired the European business of Materia, a Canada-based cannabis producer.
- CEO of FirstGroup Plc will step down on insistence of company’s biggest shareholder, Coast Capital.
The UK’s coronavirus cases are on the declining trend as the country reported just 25,000 cases on Monday after a jump in average daily cases to nearly 55,000 cases on 17 July. Experts say rapid vaccination drive by the government and self-isolation by the people to avoid getting sick has resulted in a massive drop in cases within few weeks. Britain’s Covid recovery is closely watched by the financial market and the health experts as it is one of the few countries to remove most of the legal restrictions from 19 July, which allowed businesses to operate at full capacity, which could boost the economy.
Let us look at 3 FTSE listed companies that are making headlines today:
Tesco Plc (LON: TSCO)
FTSE 100 listed company is the largest supermarket chain in market share, which operates over 7000 shops in the United Kingdom. Besides retail stores, the company also provides banking and financial services, telecom and internet services.
Tesco bank is planning to close down around 213,000 personal and business current accounts after the company found out that the vast majority of its customers are not using the account as their primary account and using it only for limited activities. The account holders will receive a message to withdraw all money from these accounts, and the company plans to close the account at the end of November this year.
Tesco Plc provides banking and insurance products to more than five million customers along with credit cards and personal loans facility; the latest move by the company will allow the lender to focus on those products and services which meets the needs of Tesco customers.
Tesco Plc shares trade at GBX 232.50, up by 0.04% on 27 July at 9.05 GMT+1 with a market cap of £17.96 billion. In the last one year, the stock has given 5.28% returns to its shareholders.
Kanabo Group Plc (LON: KNB)
The company focus on the research and development and sales of medical cannabis products to treat the patient for the CNS disorders. According to the company, it aims to create new standards in medical cannabis, which helps improve the well-being of millions of people worldwide.
Kanabo Group Plc has recently acquired the European business of Materia. The acquisitions will be completed through the issuance of Kanabo shares. Materia, a Canadian cannabis producer, has an EU GMP certified facility in Malta and is a licensed medical cannabis wholesaler in Germany, a dominant market with a forecasted market size of €3.2 billion by 2025. The acquisition will give Kanabo Group access to hundreds of pharmacy chains across Germany, and the combined entity will be marketing new products for European patients and consumers.
Shares of Kanabo Group Plc trades at GBX 16.08, down by 1.08% on 27 July at 9.05 GMT+1 with a market cap of £60.27 million.
FirstGroup Plc (LON:FGP)
FirstGroup Plc is a multinational transport group, which operates transports services in the United Kingdom, Canada, Ireland and the United States. The company’s stock is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The rail and bus operator has announced that its chief executive Matthew Gregory will step down after the company’s AGM on 13 September 2021. Chairman, David Martin will become the interim CEO of the company and run the firm while it looks for a permanent replacement. FirstGroup’s biggest shareholder, Coast Capital which owns around 15% of FirstGroup, has demanded the resignation of the company’s CEO and two board members over the sales of the company’s US-based businesses to Swedish Group EQT which the US-based hedge fund has been opposing. The deal closed last week after 61% of investors voted for its American businesses sell-off for USD 4.5 billion.
FirstGroup Plc shares trade at GBX 82.75, down by 1.96% on 27 July at 9.05 GMT+1 with a market cap of £1.01 billion. In the last one year, the stock has given 159.69% returns to its shareholders.
