Hammerson sells stake in Paris centre, passenger numbers rise for Wizz and Ryanair
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The FTSE 100 is expected to open 15 points higher on Monday, having closed up 0.15% on Friday at 7,631.74.
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Hammerson said it had sold its 25% stake in Italie Deux, a shopping centre in central Paris, and all of a separate extension for €164m to IKEA owner Ingka Centres. This sale represents a 4% discount to December 31 book value and a net equivalent yield of 5.0%, Hammerson said, adding that the cash would be used to strengthen its balance sheet and reduce net debt. Together with the £195m of disposals completed in 2022, the group has generated total proceeds of £360m towards its target of £500m by the end of this year.
Low-cost airlines Wizz Air and Ryanair have both reported strong rises in March passenger traffic. Wizz Air carried 4.26 million passengers, representing a 72.3% increase compared to March 2022, at a load factor of 92.2%, up 5.00 percentage points. Ryanair passenger numbers grew 12% to 12.6 million at a load factor of 93% up six percentage points.
Animal genetics company Genus announced the appointment of Jorgen Kokke as its new chief executive officer on Monday, with him set to take over from incumbent Stephen Wilson on 1 July. Wilson would remain actively involved in the company until his retirement on 30 September. Genus said Kokke had spent the last 14 years in global business leadership roles at Ingredion, a food and beverage ingredient solutions company, and was most recently executive vice-president, and president of the Americas geography.
Newspaper round-up
More than half of UK consumers have cut back on discretionary spending since the start of the year, with nearly two-thirds choosing to reduce the amount they spend on eating out, according to research from KPMG. As households grapple with a swath of bill increases and tax hikes coming into effect from the start of this month, the survey of 3,000 consumers also found that 49% plan to spend less on non-essentials now that energy bill support payments have come to an end, while 30% will use their savings to cope. – Guardian
Switzerland’s federal prosecutor has launched an investigation into whether last month’s state-backed takeover of the stricken bank Credit Suisse by its bigger rival UBS broke Swiss criminal law. The office of the attorney general said it was looking into potential breaches by government officials, regulators and executives at the two banks who thrashed out an emergency merger over a frantic weekend in mid-March to prevent a wider financial meltdown. – Guardian
Britain must rethink its net zero ban on new petrol and diesel cars after Brussels watered down restrictions across Europe, the chairman of JCB has said. Lord Bamford insisted that “the internal combustion engine certainly has a future”, in comments that will add to pressure for Rishi Sunak to drop a 2030 crackdown on non-electric vehicles. – Telegraph
Dr Martens will start using recycled leather in some of the boots made in its factory in Northampton. The FTSE 250 shoe manufacturer is one of a group of investors set to inject $18 million into Gen Phoenix, a producer of sustainable leather. Other backers include Jaguar Land Rover and Tapestry, the home of luxury brands such as Coach and Kate Spade. – The Times
Arriva is set to become the latest passenger transport company to change hands. The company runs CrossCountry and Chiltern train services for the Department for Transport; the London Overground for Transport for London; its own Grand Central train operator between London and the north of England; and bus services in London and around the country. – The Times
US close
Stocks closed in the green on Wall Street on Friday, with the Dow Jones Industrial Average up 1.26% at 33,274.15.
The S&P 500 added 1.44% to 4,109.31, and the Nasdaq Composite was ahead 1.74% at 12,221.91.