Spreadex Market Update
Markets moving upwards on Monday morning; Bwin belle of the ball
The battle for Bwin looks like it has only just begun, with this weekend bringing the news that 888 Holdings has made a move for its betting rival, hot on the heels of GVC Holdings which announced similar intentions last week. Like GVC’s bid, 888’s offer would be a reverse takeover as its is market cap around £200 million less than Bwin’s; still, far closer than GVC, whose market cap is less than half of its takeover target. Since Bwin is currently the belle of the ball it is unsurprisingly that once again it has been one of the morning’s big winners, leaping a further 4% at open after already having grown by around 15% at the tail end of last week.
Monday didn’t go exactly as planned for BHP Billiton; the multinational commodities company let its South32 spin-off, a collection of its non-core assets, out of the box this morning and things were less explosive than hoped for as the newly formed stock opened at the lower end of estimates. This had a knock on effect for BHP proper, which fell by around 5% in the face of its limp spin-off launch.
After last week’s Eurozone rollercoaster saw daily swings of over 100 points, the Eurozone was cheerier this Monday morning as the DAX jumped up by around a percent. Of course, whether this is indicative of the region’s performance throughout the day is unclear; the only certainty with the Eurozone of late is that nothing is certain. Well, beyond the usual fretting over Greece, with a leak from the IMF over the weekend suggesting the Washington-based institution feels there is no chance of Greece being able to meet its summer payments without another bailout. Given the region’s recent form, the increasingly gloomy discussions over Greece are likely to make their presence felt as the day continues.
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