London stocks dipped early on Monday as investors continue to remain uncertain about the UK’s economy. Boris Johnson pulled out of the race for Prime Minister, with Rishi Sunak now looking as the favourite.
The FTSE 100 is trading 0.38% lower. Although the FTSE 250 is up 0.46%. Below sees some of the latest news stories from London-listed stocks.
- Frasers increased its investment in Hugo Boss.
- The group now has 3,025,000 shares of common stock, representing 4.3% of Hugo Boss’s share capital.
- Furthermore, Frasers have 20,089,000 shares via put options, representing 28.5% of Hugo Boss.
- Elsewhere, it was reported on Sunday that Frasers group has built a 5% stake in Asos to become the fourth largest investor.
- Supreme provided a trading update for the six months that ended 30 September.
- The group traded in line with expectations, and its vaping division was a significant profit driver.
- In addition, Supreme remains positive about future growth prospects, with Supreme focusing on delivering organic growth whilst integrating its recent vaping acquisitions.
- Auto Trader announced the sale of one of its subsidiaries, Webzone, on Monday.
- The business has been sold to Mediahuis Ireland for consideration of 30 million euros.
- Webzone, which trades in the Republic of Ireland under Carzone, contributed to total revenue of £4.9 million for the year.
- Auto Trader shares are up 3.46%.
- Pearson’s nine-month trading update saw the group post underlying sales up 7%.
- The group posted strong trading performance and reaffirmed full-year sales, and adjusted operating profit expectations.
- Meanwhile, the group is on track to deliver £100 million of efficiencies in 2023, accelerating improved margin expectations from 2025 to 2023.
- Pearson gained 3.22% on Monday morning.