Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's look at some stocks on the move today here
Speaker 3: in Europe. I'm Caroline Hepgeat alongside Tom McKenzie. We're joined
Speaker 3: by Bloomberg reporter Chloe Male. Good morning, Chloe. Let's start
Speaker 3: with SSE, the energy company looking to fund major investments
Speaker 3: and their share pi's doing well.
Speaker 1: Yeah, particularly well this morning and the chees rose to
Speaker 1: record actually after SEC announced that it will raise two
Speaker 1: billion pounds from investors and that equity raise will be
Speaker 1: used at to fund some major projects in grid infrastructure
Speaker 1: and renewable energy. So overall SEC will spend thirty three
Speaker 1: billion pounds over the next few years on those big projects,
Speaker 1: with eighty percent of that are going on upgrading UK
Speaker 1: power grids. So and Liz said that investors are really
Speaker 1: welcoming the cloud and the visibility on growth and on
Speaker 1: funding that we have now got over the next five
Speaker 1: years for SSE. It's interesting because obviously we remember another
Speaker 1: equity raise from an energy company, which was AUSTED, which
Speaker 1: announced that nine billion dollar equity raise earlier this year,
Speaker 1: but that was obviously received very differently given the position
Speaker 1: the company was at the time. But now for SEC
Speaker 1: this is seen as very positive and a way for
Speaker 1: that company to be part of that push towards electrification
Speaker 1: and that expansion in AI data centers as well.
Speaker 3: And some dealmaking from the Dutch lender, ab and am
Speaker 3: Row making a significant day and a deal and investors
Speaker 3: actually cheering this.
Speaker 1: Yeah, they're investors are quite quite happy about that. So
Speaker 1: for ab and am Ro, there was two good things
Speaker 1: happening this morning. The profit came in ahead of estimates
Speaker 1: in the earnings were pretty pretty decent, pretty resilient. But crucially,
Speaker 1: as you mentioned, this is the new deal that really
Speaker 1: got investors excited. So it is buying NIBC from Blackstone
Speaker 1: for nine hundred and sixty million years and that is
Speaker 1: to expand its footprint in the retail banking sector in
Speaker 1: the Netherlands specifically, So and Liz said that the deal
Speaker 1: made a lot of strategic sense, even though it will
Speaker 1: take actual actually a bit of time maybe to positively
Speaker 1: contribute to earnings, and it may also dent abe an
Speaker 1: Amah's ability to do more buybacks. But for now, investors
Speaker 1: do seem quite keen on the deal, so the has
Speaker 1: reacted very positively this morning.
Speaker 3: Uncertainty is about the budget tied with the housing market,
Speaker 3: hitting Taylor Whimpy in the UK.
Speaker 1: Yeah quite badly, and also dragging down the rest of
Speaker 1: the house building sector this morning. So Taylor Whimpy, which
Speaker 1: is one of the biggest housebuilders in the UK, said
Speaker 1: that the uncertainty around all of the potential text changes
Speaker 1: that we're going to get in the budget later this
Speaker 1: month was really hurting that UK housing market, hurting sales
Speaker 1: and that was also so it was in the red
Speaker 1: and then also Barrett red Roads is the biggest UK housebuilder,
Speaker 1: was also in the red. Person and Berkeley, all of
Speaker 1: those names were struggling this morning after that commentary from
Speaker 1: Taylor Wimpy. The Labor Party obviously had made the housing
Speaker 1: market a key part of its agenda when it came
Speaker 1: to power, but that has turned out to be a
Speaker 1: lot more difficult than expected perhaps and UK building activity
Speaker 1: has contracted at the sharpest pay since the pandemic, and
Speaker 1: that has really put into question the pledge that was
Speaker 1: really key to the Labor manifesto of building one point
Speaker 1: five million homes over the next five years, and for
Speaker 1: Taylor Wimpy, that's obviously a big dragon had already downgraded
Speaker 1: its guidance earlier in the year. We have seen profit
Speaker 1: warnings across the sector and that really cautious commentary across
Speaker 1: the industry. So now, of course, the focus is really
Speaker 1: going to be on what Rato Reaes were actually announce
Speaker 1: and if there's any major measures surrounding that housing market.
Speaker 2: Later this month, the Stock Mover's Report from Bloomberg Radio.
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