9th Oct 2026 08:00
(Alliance News) - DCC Energy agrees to sell its technology division for USD725 million, Airtel Africa's mobile money business prepares to begin trading in London, and Permanent TSB attracts takeover interest from Scotchstone Capital.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.8% at 10,526.80
GBP: higher at USD1.3235 (USD1.3214 at previous London equities close)
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ECONOMICS
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The UK's Office of Rail & Road launches a consultation on proposed safeguards to ensure fair competition in the online rail ticket market under Great British Railways. The regulator says its draft Retail Code of Practice would require GBR to give independent ticket retailers fair, transparent, and non-discriminatory access to fares, products, and industry systems, without giving its own retail business an unfair advantage. The proposals also include measures to manage conflicts of interest, protect commercially sensitive information and ensure transparency in market-wide decisions. GBR would be required to comply with the code through its licence, allowing the regulator to take enforcement action where necessary. The consultation closes on December 11, and the final code is expected in spring 2027.
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BROKER RATINGS
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RBC cuts Pennon Group to 'sector perform' (outperform) - price target 400 (575) pence
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RBC raises Morgan Advanced to 'outperform' (sector perform) - price target 330 (250) pence
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COMPANIES - FTSE 100
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DCC Energy agrees to sell Nexora, its technology division, to investment subsidiaries of funds managed or advised by One Equity Partners for an enterprise value of USD725 million on a cash-free, debt-free basis. The disposal is expected to complete on or after March 1, 2027, subject to regulatory approvals. DCC Energy estimates net proceeds of USD701 million, which would add 42p per share to shareholders under its recommended acquisition by Dragon Bidco Ltd. The additional payment is on top of the 6,525p per share cash offer and could reach a maximum of 125p per share, depending on the disposal proceeds. DCC Energy warns that the sale remains subject to regulatory conditions and that it does not guarantee additional consideration will become payable.
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Airtel Africa PLC says its mobile money business, Airtel Mobile Commerce NV, expects conditional dealings in its shares to begin on the London Stock Exchange's Main Market at 0800 BST on Friday, following its initial public offering. The company, trading as Airtel Money, says shares will trade under the ticker AMC, with admission to the Financial Conduct Authority's Official List and unconditional dealings expected to begin on Wednesday, October 14. The offer price was set at 196 pence per share, implying a market capitalisation of GBP5.3 billion, approximately USD7.0 billion, as announced on October 1. Only investors allocated shares in the offering will be able to participate in conditional dealings. Airtel Money Chief Executive Officer Ian Ferrao says: "Today is a landmark moment for Airtel Money. Our listing in London marks an important new chapter for our business and reflects what we have built across Africa and the significant opportunity ahead."
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COMPANIES - FTSE 250
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SSP Group says like-for-like sales rise 4% in the fourth quarter ended September 30, despite subdued passenger numbers in Asia Pacific, the Eastern Mediterranean and the Gulf due to the Middle East conflict. The travel food and beverage operator expects full-year revenue to rise 5% to around GBP3.8 billion at constant currency, while earnings per share are forecast to increase 18% to around 14.0p, in line with market expectations. Operating profit is expected to fall slightly short of plan to around GBP230 million, while free cash flow after interest is forecast at around GBP70 million. SSP expects its Continental European operating margin to improve to around 3% from 2.2% the year before, supported by its restructuring programme. The company is also launching a new share buyback programme worth up to GBP50 million after completing its previous programme.
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JPMorgan Global Growth & Income reports a net asset value total return of 16.7% for the financial year ended June 30, underperforming its MSCI All Countries World Index benchmark, which returns 27.7% in sterling terms. The investment trust delivers a share price total return of 15.1%, while its five-year cumulative NAV return stands at 76.9%, ahead of the benchmark's 75.3%. The company repurchases 34.5 million shares for GBP198.3 million during the year, adding 0.98p to NAV per share. It pays four interim dividends totalling 23.00p per share for financial 2026 and plans to increase its annual dividend to 24.8p per share in financial 2027, marking its eleventh consecutive year of dividend increases.
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Seraphim Space Investment Trust says it invests USD15.0 million in satellite navigation company Xona Space Systems Inc through its C share portfolio, following a new financing round that significantly increases the valuation of its existing holding. The space technology investment company says the financing lifts the fair value of its ordinary share portfolio holding by approximately GBP52.2 million from its March 31 valuation, equivalent to 22.0p per ordinary share before performance fees. The existing holding is now valued at USD106.5 million, rising to USD121.5 million including the new investment, making Xona Seraphim's second-largest portfolio holding. The company expects to substantially reflect the valuation uplift in its September 30 portfolio valuation. Xona is developing a commercial satellite navigation system designed to deliver centimetre-level positioning accuracy using satellites in low Earth orbit.
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OTHER COMPANIES
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Scotchstone Capital confirms it is considering making an offer for Permanent TSB Group Holdings. The investment firm says there is no certainty that an offer will be made or what terms any potential offer might carry. Scotchstone says it intends to maintain strict confidentiality regarding relevant discussions and does not currently plan further public disclosures unless required by law or regulatory authorities.
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Hargreaves Services says it has been selected by Sizewell C Ltd to design, manufacture, install and commission three foul water treatment facilities for the construction of the Sizewell C nuclear power project. The Newcastle-upon-Tyne-based infrastructure and environmental services group expects the contract to run for two years from early 2027, contributing revenue in financial 2027 and 2028, which both end on May 31. Hargreaves says the award will help underpin existing revenue and underlying pretax profit forecasts for both years. Current market expectations are for revenue of GBP292.1 million and underlying pretax profit of GBP17.9 million in financial 2027, rising to GBP305.2 million and GBP18.6 million respectively in financial 2028.
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By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to [email protected]
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Related Shares:
DCCAirtel Mob (wi)Airtel AfricaSSP GroupJPMorgan Global Growth & IncomePerm Tsb GrpHargreaves ServPennonMorgan Advanced Materials