FTSE returns the moment it slides
Shares of Deliveroo slipped to their lowest level after rival Uber Eats announced plans to expand its service to Germany in the coming weeks, intensifying competition among food delivery companies. Although the news has no direct implications for Deliveroo from the London list, which withdrew from Germany in 2019, “I remind you that there are deep-pocket competitors in this industry,” Berenberg analyst Sarah Simon told Bloomberg. Uber’s senior vice president of delivery, Pierre-Dimitri Gore-Coty, told the Financial Times that Germany would be “strategically important.” Shares in Deliveroo, which found it difficult to increase earnings from listing in late March, jumped 9.8p to 233p, extending the decline to 40pc below its quotation. They were joined by another food delivery service, Just Eat Takeaway, which fell 214p to £ 77.16, marking it as one of the worst on the market. Germany is one of the most lucrative markets. The broader market has endured some declines since Tuesday, although the FTSE 100 failed to return from the 7,000 level, rising 35.42 points to 6,895.29. FTSE 250 threw 22.82 points 22,085.73. Tobacco giants British American Tobacco and Imperial Brands jumped from 44p to 27.36 pounds and 32.5p to 14.98 pounds, respectively. A drop followed on Tuesday for both stocks on news that the Biden administration is considering tougher cigarette restrictions. However, health care was better than that day. According to Michael Hewson, market analyst at CMC Markets, “positive reading by U.S. medical device company Intuitive Surgical” sent medical device maker Smith & Nephew to more than a two-month high and to the top of the FTSE 100. He added 52p to £ 14.66. Drug maker AstraZeneca upgraded 126p to £ 76.20 after the Indian Serum Institute said it would sell its vaccine to private hospitals for $ 8 (£ 5.70) per dose. Among others in the pharmaceutical sector, Hikma Pharmaceuticals and GlaxoSmithKline were among the top 10 winners on the benchmark. Ladbrokes parent Entain rose 36 points to the world’s highest level of £ 16.63 after BetMGM – a US joint venture with a casino operator in Las Vegas – said it was targeting a net revenue of $ 1 billion in 2022. He also said he expected US sports betting a market worth $ 32 billion, more than previously expected. The U.S. venture is the largest operator of “iGaming” – online casinos and bingo – and the second largest sports betting company behind FanDuel, which is owned by FTSE 100 rivals Flutter Entertainment. Shares of Flutter rose 20p to £ 146.95. Bunzl, meanwhile, measured the biggest drop in distribution and outsourcing, from 80p to £ 24.24, although it said it expected “robust” revenue growth for 2021. It reported a base revenue increase of 1.4 per mille in the first three months. years.