Shares in the quality assurance company Intertek jumped higher at the open on Tuesday following news that a revised offer had been tabled for the business. Last Wednesday, management rejected an offer from EQT at £54 a share, with the same suitor returning today with a £58 per share proposal. Whether management react more enthusiastically this time round remains to be seen but the Intertek share price was up 7% in early trade.
Banking giant HSBC slumped off the back of Q1 results this morning. Profits fell short of expectations and whilst the RoTE (Return on Tangible Equity) figure was still ahead of guidance, the trajectory is downward. On top of this, impairment charges were higher and there’s also concerns that the Middle East conflict could in a worst-case scenario see a mid to high single digit percentage negative impact on profits. Investors marked down the HSBC share price by more than 5% shortly after the open, trimming more than £1bn from the company’s market cap.
Shares in the AIM listed exploration and resource development company Empire Metals moved higher this morning off the back of news that a drilling campaign had been completed. Initial assays have confirmed the high-grade core of Titanium reserves which management herald as being of distinct scale, globally unprecedented and of potential strategic significance. The Empire Metals share price was trading up 10% by 8.45am.
Most read news on Investegate this morning
Statement re Possible Offer - - Intertek Group (ITRK)
Signing Ceremony and Advisors Appointed - - Helium One Group Ltd (DI) (HE1)
£6M Funding Secured to Fully Fund Pilot Plant - - Fulcrum Metals (FMET)
