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Highlights:
- After chancellor Jeremy Hunt reversed tax cuts, the UK equity markets saw an upbeat movement.
- Prime minister Liz Truss on Tuesday apologised for "mistakes" which she made in the first few weeks on the job.
The UK equity markets started the day on a stronger note, following major announcements from chancellor Jeremy Hunt on Monday. Hunt, in a major reversal on Monday, dumped almost all the tax cuts announced during the mini-budget by the previous chancellor, Kwasi Kwarteng. Hunt's decision to junk the mini-budget calmed the country's financial markets to some extent, which have remained turbulent for the past few weeks.
Prime minister Liz Truss on Tuesday, apologised for "mistakes" which she made in the first few weeks on the job after she was forced to scrap her tax-cutting plans. She further added that she would lead the Conservative Party's campaign in the next general elections.
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The bond market witnessed a sense of calmness, with the gilt yields slightly down. The currency markets, however, couldn't hold its Monday's gains, with the pound sterling losing over 0.2% against the US dollar. The Bank of England has refuted the media claims that claimed it might hold off the sales of some of its UK government bonds.
Kalkine Media® takes a look at some London-listed stocks that are trending today.
THG Plc (LON: THG)
Formerly known as The Hut Group, the Manchester Airport-headquartered firm is a major British e-commerce retailer. Its shares soared after reports claiming that Japan's SoftBank will sell its stake to its co-founder Matthew Moulding and Qatar's sovereign wealth fund.
The move ends the speculations about Softbank's disastrous investment and also strengthens Moulding's control of THG. Softbank is said to be making a loss of £450 million on its investment after selling it for £31 million.
Following the news, THG's shares witnessed a surge of over 12.5% on Tuesday. The news should bring some smiles to investors' faces as its prices have been on a declining trend, losing more than 80% of their value over the past year. With a market cap of £571.25 million, THG shares, as of 11:59 am GMT+1, were trading at GBX 51.58.
Shell Plc (LON: SHEL)
The multinational oil and gas company has reportedly advanced to the second bidding stage to acquire Nature Energy. According to a Reuters report, the sale could value the Danish biogas producer at around US$2 billion and is likely to be finalised by yearend. The development highlights the rising interest of firms in low-carbon businesses.
Shares of this FTSE 100 constituents witnessed a spike of over 1% after the news broke out. As of 12:07 pm GMT+1 on Tuesday, the energy giant's shares were trading at GBX 2,294.50, up 1.24%. As of 18 October, SHEL enjoys a market cap of £161,625.63 million and an EPS of 2.59.
Moneysupermarket.com (LON: MONY)
The price comparison website posted a strong performance in the latest quarter as its customers flocked to look for the best deals on travel, savings, and loans. The group's total revenue hit £102 million in the quarter to 30 September, about one-third higher than the £76.4 million it posted for the same period last year.
Shares of MONY witnessed a rally of 6.95% and were trading at GBX 212.40 as of 12:17 am GMT+1 on Tuesday.
Note: The above content constitutes a very preliminary observation or view based on industry trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
