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VEC - Vectura News Story

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Sector
Healthcare
Size
Mid Cap
Market Cap £903.9m
Enterprise Value £829.5m
Revenue £190.6m
Position in Universe 457th / 1805

UPDATE 2- British midcaps rise on strong earnings, Vectura shines

Wed 26th May, 2021 9:18am
(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
    * Vectura surges on agreeing to $1.4 bln takeover by Carlyle
    * Marks & Spencer rises on positive profit outlook
    * Croda rises on double upgrade by Goldman Sachs  
    * FTSE 100 flat, FTSE 250 adds 0.9%

 (Updates with market close)
    By Shivani Kumaresan and Devik Jain
    May 26 (Reuters) - British midcaps rose on Wednesday,
boosted by solid earnings updates from companies including Marks
& Spencer and Softcat, while Vectura Group topped the mid-cap
index after agreeing to a takeover by The Carlyle Group.
    The domestically focused mid-cap index  .FTMC  advanced
0.9%, helped by consumer discretionary and industrials stocks. 
    Vectura Group  VEC.L  surged 33.8% to the top of the index,
after the pharmaceutical company focused on inhaled medicines
agreed to a 958 million pound ($1.36 billion) takeover by global
investment firm The Carlyle Group.  urn:newsml:reuters.com:*:nL5N2ND13W
    Marks & Spencer  MKS.L  climbed 8.5% after the retailer said
it was making progress with its turnaround plan, had traded well
in the early weeks of the 2021-22 year and that profits would
recover.  urn:newsml:reuters.com:*:nL5N2ND138
    "The UK stock market has started to regain favour with
investors around the world after a long period in the doldrums
and private equity is pouncing hard and deploying large cash
resources by striking new deals," said Russ Mould, investment
director at AJ Bell.
    "Trade buyers are also in the market, seeing opportunities
to buy rivals and increase market share."
    The blue-chip FTSE 100 index  .FTSE  was flat, with banks,
including HSBC  HSBA.L , Prudential Financial  PRU.L , Standard
Chartered Plc  STAN.L  falling between 0.6% and 1.9%.
    Globally shares rose too after U.S. Federal Reserve
officials reaffirmed a dovish monetary policy stance, reassuring
investors worried about the prospect of rising inflation, while
hinting at talk of debating a "taper".  MKTS/GLOB 
    The FTSE 100 index has gained 8.6% year-to-date on optimism
that speedy vaccine rollouts and constant policy support from
the government would drive a stronger recovery from a
pandemic-led recession.
    Among other stocks, Softcat  SCTS.L  added 6.9% after the IT
services and consulting firm said it expected annual results
ahead of expectations.  urn:newsml:reuters.com:*:nL3N2ND1RJ
    Specialty chemical maker Croda International  CRDA.L 
climbed 2.6% after Goldman Sachs upgraded the stock to "buy"
from "sell".  urn:newsml:reuters.com:*:nL3N2ND211
    Spire Healthcare Group  SPI.L  jumped 26.9% after it agreed
to a takeover offer from Australian hospital operator Ramsay
Health Care  RHC.AX  for about 1 billion pounds ($1.41 billion).
 urn:newsml:reuters.com:*:nL2N2ND0BH

 (Reporting by Shivani Kumaresan and Devik Jain in Bengaluru;
Editing by Subhranshu Sahu, William Maclean)
 ((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))
 
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