Business Updates: FTSE, National Grid, Hargreaves Lansdown, and More

The FTSE 100 saw a slight drop of 0.2% in early trading. Key companies releasing reports and updates included National Grid, Hargreaves Lansdown, Nationwide, Aviva, Rolls-Royce, and Wizz Air.

National Grid National Grid announced a $7 billion capital raise via a rights issue, part of a larger £60 billion five-year investment plan primarily focused on strengthening electricity networks. Despite reporting a 4% increase in underlying operating profit, share prices fell by 6.5% due to the dilution effect of the rights issue.

Hargreaves Lansdown The investment platform Hargreaves Lansdown rejected a £4.67 billion takeover proposal, stating that the offer undervalued the company. Founder Peter Hargreaves continues to hold a significant stake, influencing potential takeover outcomes.

Tesla Tesla's sales in Europe experienced a decline, with 13,951 vehicles sold last month, marking a 2.3% drop from the previous year.

Market Movements

  • Rolls-Royce shares decreased by 1.8% following an unchanged annual forecast.
  • Wizz Air saw a 5.9% increase after projecting a higher annual profit.
  • Hargreaves Lansdown's shares surged by 11.8% post-takeover news.
  • AJ Bell gained 8% after reporting interim results.

Raspberry Pi Cambridge-based tech firm Raspberry Pi announced plans to float on the London Stock Exchange, potentially valuing the company at £500 million.

Competition and Markets Authority (CMA) The CMA revealed a formal investigation into the UK veterinary market, raising concerns over pricing and competition.

Bloomsbury Publishing Bloomsbury Publishing announced the retirement of Chair Sir Richard Lambert and raised full-year profit expectations due to a 57% increase in earnings driven by high demand for fantasy fiction titles.

Anglo American and BHP Anglo American agreed to enter talks with BHP after rejecting a £39 billion takeover offer.

Nationwide Building Society Nationwide Building Society announced a £100 Fairer Share bonus for 3.85 million members despite a decline in pre-tax profit from £2.2 billion to £1.77 billion.

US Justice Department The US DOJ is set to file a competition lawsuit against Live Nation Entertainment. The expected lawsuit, supported by multiple state attorneys general, will challenge Live Nation's business practices, alleging a reduction in competition and customer choice.

These updates encapsulate the crucial developments from various sectors and highlight the ongoing financial dynamics within the market.