The London-listed energy giant BP saw its share price spike in early trade on Monday after news broke over the weekend that activist investor Elliott has taken a stake in the business. There’s no corporate filing regarding the news yet, but with the stock trading at a discount to its peers, there’s clearly opportunity to be had, with many believing that board level and strategic changes may now follow. The BP share price was up 7% in early trade.
A funding update from Supply@Me Capital, the inventory monetisation fintech platform provider, has laid bare the extent of problems it faces in recovering outstanding debts from a client, who is now undergoing a restructuring process. Management believe that they can navigate through this cashflow crunch, but there’s clearly a degree of concern here and the company’s share price has started the session with elevated volatility. It’s currently trading around 30% lower and the market cap is now well under £1m.
A boardroom update from the chemicals company Johnson Matthey is out today, with news that the chair won’t be standing for re-election in May, but more curiously there looks to be a fairly swift departure happening for the CFO. A designate has been appointed who starts today, whilst the incumbent will remain in place until the end of next month to ensure an orderly transition. The lack of plaudits in the RNS were eye catching but the valuation has at least so far put in a resilient performance, with the Johnson Matthey share price up 0.7% by 9am.
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