Trump to appeal tariff ruling, warns of economic consequences
Investing.com -- British stocks advanced on Monday as the pound strengthened, with gains in Kainos, BAE Systems, and Tesco helping lift the broader market.
As of 1104 GMT, the blue-chip index FTSE 100 rose 0.1% and the British GBP/USD gained 0.2% against the dollar to above 1.35.
DAX index in Germany rose 0.3%, the CAC 40 in France gained 0.09%.
Norway selects UK’s Type 26 frigates in historic defense deal
Norway has chosen the United Kingdom to supply new Type 26 frigates in what officials describe as the largest military acquisition in the country’s history, boosting BAE Systems PLC (LON:BAES) shares on Monday.
Prime Minister Jonas Gahr Støre made the announcement Sunday, stating that the partnership with the UK will provide Norway with the best foundation for meeting defense goals approved by the Storting, the country’s parliament. The frigates are scheduled for delivery beginning in 2030.
Norwegian authorities selected the UK proposal after evaluating competing offers from France, Germany, and the United States over several months.
Kainos raises full-year forecast, shares soar
In other market news, Kainos Group PLC (LON:KNOS) shares jumped over 19% after the company raised its full-year revenue outlook, citing stronger-than-expected first-half sales.
The UK-based firm said adjusted profit before tax is expected to align with consensus estimates of £65.1 million to £74.7 million, against revenue estimates of £393.4 million. This update follows strong performance in the final quarter of the previous financial year.
Domino’s Pizza Group PLC (LON:DOM) saw its shares rise more than 4% after announcing a £20 million share buyback program. The program began immediately following the announcement and will continue until completion, with the aim of reducing the company’s share capital.
Tesco stock advances after JPMorgan puts it on Positive Catalyst Watch
Tesco PLC (LON:TSCO) shares climbed over 2% after J.P. Morgan placed the retailer on its Positive Catalyst Watch.
The brokerage maintained its "overweight" rating while raising its price target to 500p from 450p, citing stronger-than-expected earnings momentum and margin visibility.
UK watchdog opens investigation into Greencore-Bakkavor deal
Meanwhile, the UK Competition and Markets Authority has initiated a preliminary investigation into Greencore Group’s (LON:GNC) planned £1.2 billion acquisition of Bakkavor Group PLC (LON:BAKK).
The deal would combine two of the country’s largest convenience and chilled food suppliers.
The CMA stated in a Monday notice that it had received sufficient information to begin its first-stage investigation.