Poundland gets provisional approval for 99p Store acquisition

25th Aug 2015 07:22

(ShareCast News) - London openCity sources predict the FTSE 100 will open 56 points higher than Monday's close of 5,898.87.Stocks to watchThe UK competition regulator has provisionally given approval for Poundland Group to acquire rival 99p Stores Ltd. The Competition and Markets Authority gave provisional clearance for the deal, which will create a combined network of around 800 UK stores but, crucially, is not expected to result in a substantial lessening of competition for consumers due to the thriving competition in the sector.RSA Insurance has received a revised proposal from Zurich Insurance regarding a possible all cash offer for the company at 550p per share. Under the terms of the proposal, which came in just before the expiry of a takeover panel deadline, RSA shareholders will retain the right to receive the 3.5p interim dividend announced on 6 August.Antofagasta posted a drop in core first-half earnings as revenue fell on the back of declining copper and by-product prices and shipment delays. For the six months ended 30 June, earnings before interest, tax, depreciation and amortisation were down 48.6% from the first half of 2014 at $561.6m, as revenue slid 31.4% to $1.79bn. Earnings per share, meanwhile, came in at 8.8 cents, which is a 72% drop from the same period last yearIn the pressA tumultuous fall in Chinese equities dubbed "Black Monday" by Xinhua, the official state news agency, triggered a ferocious sell-off in international markets yesterday as fear spread of the potential impact of slowing growth in China on the global economy. The market turmoil appeared to reduce the chances of the US Federal Reserve lifting interest rates next month and could even spur it to keep them on hold until 2016. - The Financial TimesA collapse in the value of Chinese shares sent tremors through stock markets yesterday, triggering the ugliest day of global trading since the depths of the financial crisis eight years ago. Billions of dollars were wiped off the value of indices across the world in a day of frenetic selling during which the Shanghai composite plunged 8.5pc, its worst daily fall since 2007. - The Daily TelegraphSterling and the dollar took a pounding on currency markets yesterday as speculation mounted that central banks in Britain and the US would respond to the stock market rout by freezing interest rates until well into next year. The pound suffered its most volatile trading day against the euro in six years as traders quashed any idea of the Bank of England lifting the cost of borrowing from its record low of 0.5 per cent this year. - The TimesUS closeUS stocks ended a volatile session off their worst levels but still sharply lower on the back of a major selloff that saw Chinese shares plunge to their lowest point since 2007. The Dow Jones Industrial Average, which had fallen by over 1,000 points at the open, ended down 588.47 points or 3.6%, while the Nasdaq closed 3.8% or 179.79 points weaker. The S&P 500, meanwhile, slumped 77.65 points or 3.9%, formally entering correction territory.On the corporate front, growing concerns over China led to widespread losses. Alibaba, which had tumbled nearly 15% during the session, ended off its lows, down 3.4%, while Yahoo, which has a stake in the Chinese e-commerce giant, closed 4.3% weaker.