important events
The biggest fall on the UK stock market this morning came from Bankis Bank, which fell 38% following a profit warning.
Vankiss Bank, formerly known as Provident Financial, ditched its 140-year-old name in January last year as it moved away from the doorstep lending business that had made it a household name in the UK.
You can see part of the decline that the former “Provi” has experienced in recent years. This morning's plunge of 38% pales in comparison to the calamitous story of the lender's share price since 2016.
Vankiss, which is currently focused on credit cards, said in a statement to the stock market that 2024 will be worse than expected.
The Group expects a return to moderate lending growth from the beginning of the second quarter.However, earnings are expected to be significantly lower than market consensus expectations Towards 2024.
Currys stock drops 11% after Elliott Advisors exits
Currys' shares fell 11% after the approach by private equity investor Elliott ended.
Currys was valued at £728m on Friday, so Monday morning's move means the company's notional value has been wiped out by around £80m.
At least for now, there will be no bidding wars to deliver large takeover premiums to shareholders of FTSE 250 companies.
Chinese online retailer JD.com has also expressed interest. They have one week left to decide whether to make a firm commitment or withdraw.
European stock markets were in the red this morning.
It follows the slumping Asian markets. Japan's Nikkei The benchmark index fell 2.2% on Friday as computer chip stocks fell after their U.S. rivals fell.
Below is a snap of the opening of European stock markets from Reuters.
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European STOXX 600 falls 0.4%
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UK's FTSE 100 falls 0.4%
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France's CAC 40 fell 0.5%, Spain's IBEX fell 0.3%.
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The Euro STOXX index fell by 0.6%.Eurozone blue chips fell 0.7%
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Germany's DAX fell 0.6%
Bitcoin hits new all-time high
good morning. Welcome to live coverage of business, economics and financial markets.
Bitcoin experienced a deep “crypto winter” after reaching previous highs, but has now reached new highs of over $71,000 after an impressive rally.
On Monday morning UK time, the cryptocurrency hit a record of $71,209, further fueling its rally from below $16,000 in late 2022.
Bitcoin price soared to a record $68,550 in November 2021 on the euphoria of retail investors. Many had received funds to help them survive the coronavirus pandemic lockdown. Many economists believe that historically low interest rates also contributed to the rise in prices.
The crypto winter meant that many of the same investors who raised money in crypto got burned. But after U.S. regulators approved a new Bitcoin exchange-traded fund (ETF), institutional investors are increasingly interested in the largest cryptocurrency by market capitalization.
Elliott abandons approach to buy Currys
UK company news, mid-sized electronics retailer curry It appears to have fended off interest from U.S. private equity investors. Elliott Advisors.
Currys reported on Monday that it had rejected a formal offer after Elliott's approach was rejected by the retailer's board of directors.
International private equity investors are targeting UK companies that are undervalued relative to their peers on a number of metrics.
Elliott said in a statement to the stock market:
Elliott Advisors (UK) Limited, on behalf of the funds it advises, will present remedial proposals to Currie's after multiple attempts to engage with the Currie's board were rejected. I confirmed that I was not in a well-informed position. Basis of available public information. Therefore, Elliott admitted he had no intention of making an offer to Currys.
Under UK takeover rules, Elliott cannot make a new bid for Currys for at least six months (unless it receives approval from Currys' board or there is a change in circumstances).
