Takeovers, generators and debts

The FTSE 100 opened its account for April in negative territory with further profit taking ahead of US jobs figures due later today. Wall Street closed mixed overnight, while Asian markets were firmly lower.

“Supermarket giant Sainsbury’s has won its battle to buy Argos after owner Home Retail agreed a deal totalling around £1.4bn,” says AJ Bell Investment Director Russ Mould.

“The battle, though, will leave scars on many High Streets with dozens of Argos stores likely to close as Sainsbury’s moves operations to under-occupied space in its supermarkets. 

“Electricity generator Drax cheered investors by confirming that it expects earnings to be at the top end of forecasts following a 12-month contract with National Grid.

“Debt purchaser and manager Arrow Global was top of the FTSE All Share Index following the acquisition of Netherlands-based InVesting to create a leading player in the €12bn-plus Benelux debt purchasing market.”

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