1 00:00:00,080 --> 00:00:09,960 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report, 2 00:00:10,240 --> 00:00:13,440 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:13,680 --> 00:00:15,880 Speaker 1: harnessing the power of Bloomberg Data. 4 00:00:16,880 --> 00:00:19,079 Speaker 2: Let's take a look at some of the individual stocks 5 00:00:19,120 --> 00:00:22,160 Speaker 2: on the move today here in Europe. I'm Caroline Hebkear 6 00:00:22,360 --> 00:00:27,120 Speaker 2: and I'm joined by Kit Rees. So Kit thanks for 7 00:00:27,160 --> 00:00:31,200 Speaker 2: being with me. BP ouseing their CEO last week. Now 8 00:00:31,200 --> 00:00:33,840 Speaker 2: they're getting rid of a whole division. What's the news. 9 00:00:35,040 --> 00:00:37,720 Speaker 3: Yes, So it's been a busy few weeks of newsflow 10 00:00:37,800 --> 00:00:41,200 Speaker 3: for BP, the oil major. So it's agreed to sell 11 00:00:41,240 --> 00:00:44,760 Speaker 3: a majority steak in its castrol business to Stone Peak Partners. 12 00:00:45,000 --> 00:00:47,839 Speaker 3: So this is part of its plans to divest some 13 00:00:48,320 --> 00:00:50,880 Speaker 3: of the assets from its portfolio. So we'll raise about 14 00:00:50,880 --> 00:00:53,840 Speaker 3: six billion dollars for sixty five percent stake in the group. 15 00:00:54,080 --> 00:00:56,120 Speaker 3: And it looks like the deal is set to complete 16 00:00:56,160 --> 00:00:58,920 Speaker 3: to the end of next year. So BP's been grappling 17 00:00:58,920 --> 00:01:01,200 Speaker 3: with quite a few issues. It made a sort of 18 00:01:01,320 --> 00:01:04,800 Speaker 3: unsuccessful foray into the renewables world, so now it's pivoting 19 00:01:04,880 --> 00:01:07,760 Speaker 3: back to focus on fossil fuels, and it's had pressure 20 00:01:07,800 --> 00:01:11,760 Speaker 3: from activist investor Elliott in order to kind of accelerate 21 00:01:11,800 --> 00:01:13,959 Speaker 3: this revap. So this is part of the move to 22 00:01:14,040 --> 00:01:17,240 Speaker 3: kind of go towards oil and gas and away from 23 00:01:16,319 --> 00:01:20,319 Speaker 3: other parts of the business. So the shares this morning 24 00:01:20,440 --> 00:01:22,920 Speaker 3: that I've just zero point one percent, which is quite 25 00:01:22,959 --> 00:01:25,440 Speaker 3: a small move, but it looks like a good move 26 00:01:25,480 --> 00:01:29,039 Speaker 3: in the right direction. Investors will probably be quite pleased 27 00:01:29,040 --> 00:01:30,959 Speaker 3: about us. But you know, the outlook for next year, 28 00:01:31,000 --> 00:01:33,560 Speaker 3: we'll have to see how much more VP does, what 29 00:01:33,640 --> 00:01:35,920 Speaker 3: its new CEO is going to be doing in terms 30 00:01:35,920 --> 00:01:39,440 Speaker 3: of strategy, and to see if the shares can can 31 00:01:39,600 --> 00:01:40,440 Speaker 3: continue to recover. 32 00:01:41,280 --> 00:01:44,759 Speaker 2: Yeah, absolutely, that is the one for us to think about. 33 00:01:44,800 --> 00:01:47,960 Speaker 2: Then in the new year, as a VP does seem 34 00:01:48,000 --> 00:01:51,480 Speaker 2: to be seeing its share price increase. In terms of 35 00:01:52,120 --> 00:01:54,320 Speaker 2: other things that we're thinking about. Is that time of 36 00:01:54,400 --> 00:02:00,840 Speaker 2: year where we hand out some informal awards. You're giving 37 00:02:00,880 --> 00:02:02,520 Speaker 2: a gong to Abivas. 38 00:02:02,600 --> 00:02:07,160 Speaker 3: Why yes. So this is a French biotechnology company, and 39 00:02:07,280 --> 00:02:11,160 Speaker 3: biotech tends to be quite a binary Beth investors. So 40 00:02:11,840 --> 00:02:16,160 Speaker 3: these companies have drugs in development and either the trial 41 00:02:16,200 --> 00:02:19,320 Speaker 3: results are positive and we see huge kind of rallies 42 00:02:19,320 --> 00:02:21,119 Speaker 3: in the shares, or the negative and you can see 43 00:02:21,200 --> 00:02:24,040 Speaker 3: very big falls. So Abuvax's shares are up more than 44 00:02:24,120 --> 00:02:28,120 Speaker 3: one six hundred percent this year, making it easily the 45 00:02:28,160 --> 00:02:31,680 Speaker 3: top perform in the stock six hundred index, basically because 46 00:02:31,680 --> 00:02:34,640 Speaker 3: it got positive trial results for its bow disease drug. 47 00:02:35,720 --> 00:02:39,440 Speaker 3: So this is a positive development for the company. Biotechs 48 00:02:39,480 --> 00:02:42,920 Speaker 3: which have successful trial results can attract M and A interest, 49 00:02:43,000 --> 00:02:45,760 Speaker 3: especially from US companies. But they're going to be a 50 00:02:46,080 --> 00:02:48,600 Speaker 3: few key catalysts we'll be watching out for next year. 51 00:02:49,000 --> 00:02:52,239 Speaker 3: So it's going to get its Phase three maintenance results 52 00:02:52,280 --> 00:02:55,680 Speaker 3: for its ulcerative colitis treatment in the second quarter, and 53 00:02:55,720 --> 00:02:57,799 Speaker 3: there's also going to be some trial results for its 54 00:02:57,840 --> 00:03:01,120 Speaker 3: crone disease treatment in the second half. So we'll have 55 00:03:01,160 --> 00:03:04,040 Speaker 3: to see if it can sustain these absolutely enormous gains 56 00:03:04,040 --> 00:03:06,639 Speaker 3: which are putting it on track forwards best year on record. 57 00:03:07,840 --> 00:03:11,480 Speaker 2: Okay, I like to think about that stock then an 58 00:03:11,480 --> 00:03:15,440 Speaker 2: interesting one. Not everyone though, get us to be the best, 59 00:03:15,680 --> 00:03:17,440 Speaker 2: So tell us about B and M kit. 60 00:03:18,560 --> 00:03:21,360 Speaker 3: Yeah, so this is sadly the second worst performer in 61 00:03:21,400 --> 00:03:23,880 Speaker 3: the stock six hundred index the shares, but the B 62 00:03:23,960 --> 00:03:27,120 Speaker 3: and M shares have more than half this year, and 63 00:03:27,160 --> 00:03:29,960 Speaker 3: it's on track Ford's worst year on record, following also 64 00:03:30,000 --> 00:03:33,200 Speaker 3: what was a pretty underwhelming twenty twenty four, so it's 65 00:03:33,200 --> 00:03:36,040 Speaker 3: been a sort of a series of unfortunate events. The 66 00:03:36,120 --> 00:03:39,840 Speaker 3: company is grappling with the higher cost of hiring and 67 00:03:39,920 --> 00:03:43,680 Speaker 3: also rising competition from lower cost rivals. It operates in 68 00:03:43,720 --> 00:03:48,119 Speaker 3: the discount retailer segment of the market, and low income households, 69 00:03:48,160 --> 00:03:50,360 Speaker 3: who are kind of its main customers, have also been 70 00:03:51,160 --> 00:03:55,160 Speaker 3: grappling with the cost of living crisis, so the company's 71 00:03:55,200 --> 00:03:58,400 Speaker 3: cut guidance several times this year. It's CUFO has exited 72 00:03:58,600 --> 00:04:01,240 Speaker 3: following an accounting error, and it's also got a relatively 73 00:04:01,320 --> 00:04:04,280 Speaker 3: new CEO, and he said that the turnaround could take 74 00:04:04,360 --> 00:04:06,960 Speaker 3: up to eighteen months, so we'll have to see how 75 00:04:07,000 --> 00:04:09,600 Speaker 3: this pans out for BNM next year to see if 76 00:04:09,600 --> 00:04:12,480 Speaker 3: it can deliver on its revamp. It said that it's 77 00:04:12,520 --> 00:04:15,960 Speaker 3: looking to do things such as cutting key food prices 78 00:04:16,000 --> 00:04:18,760 Speaker 3: and reducing the number of products, but it could be 79 00:04:18,960 --> 00:04:22,159 Speaker 3: a long way for the chefs to recover next year. 80 00:04:23,320 --> 00:04:27,360 Speaker 1: This Stock Movers report from Bloomberg Radio. Check back with 81 00:04:27,440 --> 00:04:30,000 Speaker 1: us throughout the day for the latest roundup of companies 82 00:04:30,080 --> 00:04:33,200 Speaker 1: making news on Wall Street and for the latest market 83 00:04:33,200 --> 00:04:37,680 Speaker 1: moving headlines. Listen to Bloomberg Radio Live catch US on YouTube, 84 00:04:37,760 --> 00:04:41,279 Speaker 1: Bloomberg dot com, and on Applecarplay and Android Auto with 85 00:04:41,360 --> 00:04:42,839 Speaker 1: the Bloomberg Business app.