(Bloomberg) -- After more than 20 years, British Land’s time in the prestigious FTSE 100 index is coming to an end, falling victim to the turmoil rising interest rates are causing in the commercial property market. It’ll be replaced by IMI Plc, the Birmingham-based engineering company. It also means Ocado, whose shares have fallen as the cost-of-living crisis squeezes its customers, has narrowly avoided demotion.
Here’s the key business news from London this morning:
In The City
Network International Holdings Plc: The Middle Eastern credit card processor extended a deadline for its suitors to either make a firm offer or walk away by about a week to June 9, according to a statement on Thursday.
- Brookfield Asset Management Ltd. is now the frontrunner to buy the London-listed company after interest from a consortium backed by CVC Capital Partners cooled, people familiar with the matter told Bloomberg
British Land Co.: The real-estate firm lost its blue-chip status after more than two decades in the FTSE 100 index as soaring interest rates roil the UK commercial property market.
- The landlord, whose City of London tenants include UBS Group AG and TP ICAP Group Plc, will be demoted to the FTSE 250 index and replaced by engineering company IMI Plc, LSE Group’s FTSE Russell unit said
Dr Martens Plc: The bootmaker reported more than £1 billion in sales last year, as a result of “very good” performance in EMEA and Japan.
- It, however, owned up to “operational mistakes” in America like its move to its LA distribution center and poorly executed marketing campaigns and online trading
Auto Trader Group Plc: The automobile retailer is selling cars at the fastest pace since its IPO in 2015 as a result of “robust consumer demand” and expects its margins to increase year-on-year.
HSBC Holdings Plc: The bank is in active talks with partners to structure new so-called debt-for-nature swaps in countries in which it already has a presence, Farnam Bidgoli, its managing director and global head of ESG solutions, told Bloomberg.
British business confidence stabilized at “just below neutral” in May, with executives fearful that the shocks roiling the economy are far from over, according to a survey conducted by the Institute of Directors. The findings show confidence at levels felt before Russia’s invasion of Ukraine last year, which may fuel concerns that a nascent recovery is already losing momentum.
In Case You Missed It
Johnson Matthey Plc is planning to sell its medical device components business as the British industrial conglomerate streamlines its portfolio, people familiar said. The company has appointed Goldman Sachs Group Inc. for the potential divestment that could value the medtech business at several hundred million pounds.
As the weekend approaches, investors will be turning their sights to next week’s calendar, which includes the latest revenue numbers from FTSE 100 heavyweight British American Tobacco Plc on Tuesday. The update comes just weeks after the Lucky Strike cigarette maker unexpectedly promoted its finance director Tadeu Marroco to succeed CEO Jack Bowles after a sustained slump in the stock as the company lags rivals in the shift to smoking alternatives.
Wizz Air Holdings Plc is due to report final results for the 12 months through March on Thursday.
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