Manchester United shares jump on sale reports
Manchester United is reportedly being put up for sale by the Glazer family after years of poor performance on the pitch, and pressure from fans off it. Manchester United shares closed around 10% higher overnight in US trade.
“It’s expected there will be plenty of interested parties wanting to get a slice of the action whether through a partnership, full or partial sale, but it will come at a hefty price,” said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.
Halfords EBITDA falls
Halfords shares sank on Wednesday after first half underlying EBITDA fell 20.5% compared to 2021 as spending on discretionary items fell. The group said they would focus on lines providing reoccurring revenue in the face of the cost-of-living crisis.
“Halfords’ decision to focus on building its more reliable service revenue stream couldn’t have come soon enough, as consumers battling cost pressures are moving away from more discretionary spend,” said Matt Britzman, Equity Analyst at Hargreaves Lansdown.
FTSE 100 outperforms Europe
Strong commodities stocks helped the FTSE 100 outperform European indices on Wednesday. The FTSE 100 was 0.49% higher at 7,489 with Glencore, BP and Shell leading the gains.
Federal Reserve minutes eyed
Investors were awaiting the Federal Reserve’s minutes on Wednesday for any hints of the trajectory on interest rates. US inflation has been falling, but still remains stubbornly high. With the US economy showing no signs of major weakness there is little impetus for the Fed to change the current course or rate increases.
Bitcoin rebounds
Bitcoin has bounced off major support at $16,000 as the FTX saga continues. A break below this level would mark a major deterioration in the cryptocurrency.
