Airtel Africa buys Nigerian spectrum, Vodafone agrees sale of Hungary unit
London open
The FTSE 100 is expected to open 17 points higher on Monday, having closed up 0.87% at 7,699.49 on Friday.
Stocks to watch
Airtel Africa said its Nigerian subsidiary had bought 4G and 5G spectrum from the Nigerian Communications Commission for $316.7m. The company said it had acquired 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz. "This additional spectrum will support our investments in network expansion for both mobile data and fixed wireless home broadband capability, including 5G rollout, providing significant capacity to accommodate our continued strong data growth in the country and exceptional customer experience," the company said on Monday.
Vodafone said it had entered into binding terms in relation to the sale of its Hungary unit to local IT company 4iG and state-owned Corvinus for €1.8bn. The deal, which won't include Vodafone's shared services business VOIS, is expected to create Hungary's second biggest mobile network operator. Proceeds from the sale are intended to be used for deleveraging, Vodafone said on Monday.
AstraZeneca said on Monday that it has agreed to buy US-based clinical-stage biopharmaceutical company CinCor in a $1.8bn deal.CinCor is focused on developing novel treatments for resistant and uncontrolled hypertension as well as chronic kidney disease. AstraZeneca said the deal will bolster its cardiorenal pipeline by adding CinCor's candidate drug, baxdrostat (CIN-107), an aldosterone synthase inhibitor (ASI) for blood pressure lowering in treatment-resistant hypertension.
Newspaper round-up
Almost two-thirds of manufacturers in Britain fear blackouts this winter amid the fallout from the energy crisis, according to an industry survey, as concerns grow about government plans to cut financial support for businesses. As the chancellor, Jeremy Hunt, prepares to announce a sharp reduction in industry support, the trade body Make UK said the impact from sky-high energy costs on manufacturers showed no sign of abating. – Guardian
British households are only halfway through a two-year cost of living crisis, with average incomes likely to fall by more than £2,000, a leading think tank has warned. Typical disposable incomes for working-age family households are on track to fall by 3% in this financial year, and by 4% in the year to April 2024, according to the Resolution Foundation. – Guardian
The British satellite champion OneWeb has shut down one of its first test sites in Alaska amid a struggle to compete with Elon Musk's company SpaceX. Taxpayer-backed OneWeb closed the facility following claims by Alaskan telecoms executives that its service was impractical and costly. Other services remain online in the state. – Telegraph
BP plans to build its first solar farm with battery storage on a site in Tiln Farm, Retford, as it prepares to make the technology the norm globally. Nick Boyle, the head of energy giant BP’s solar joint venture, says he believes battery storage technology will be widely included as part of solar farms, helping to tackle the problem of intermittent energy. - Telegraph
Three prime ministers, four chancellors and three business secretaries in a year have cost Britain its appeal to foreign investors, say manufacturing bosses. Members of Make UK, the manufacturing trade body, have in previous surveys blamed the impact of Brexit on trade costs and customs barriers. However, it is the government’s management of the economy since Britain left the European Union that is now angering industrial leaders. – The Times
US close
Wall Street’s main market gauges were well above the waterline by the close on Friday, with the Dow Jones Industrial Average up 2.13% at 33,630.61.
The S&P 500 added 2.28% to 3,895.08, and the Nasdaq Composite was ahead 2.56% at 10,569.29.