WEBVTT - Pan African Resources Falls, Telecom Italia Gains, Spire Plunges

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,

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<v Speaker 1>your roundup of companies making moves in the stock market,

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<v Speaker 1>harnessing the power of Bloomberg Data.

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<v Speaker 2>Now, let's take a look at some of the stocks

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<v Speaker 2>on the move today here in Europe'm Caroline Hepkar with

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<v Speaker 2>Stephen Carroll and we joined Bublinberg reportter Teba at a Bio.

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<v Speaker 2>Good morning. So mining stocks down this morning, including the

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<v Speaker 2>London listed Pan African Resources. What's the story here here?

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<v Speaker 3>So we're seeing gold producer Pan African Resources as one

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<v Speaker 3>of the biggest losers on the stock six hundred today.

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<v Speaker 3>It's down as much as nine percent this morning, and

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<v Speaker 3>really this comes amidst a downturn for miners and industrial

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<v Speaker 3>stocks as a whole, as the war in Iran continues.

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<v Speaker 3>It's due to a gold cell off, which way it's

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<v Speaker 3>seeing continue this morning, the precious metal has been down

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<v Speaker 3>as much as eight percent losses pairing slightly now. But

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<v Speaker 3>this downturn is really being spurred by the risk of

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<v Speaker 3>inflation tied to the conflict in the Middle Least and

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<v Speaker 3>further expectations of higher interest rates. The metal has already

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<v Speaker 3>wiped out this year's gains. It's been falling for nine

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<v Speaker 3>consecutive days today. So the thinking here is really that

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<v Speaker 3>higher interest rates could dampen demand for metals and weaken

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<v Speaker 3>the appeal of what's called non yielding assets like gold,

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<v Speaker 3>and a source telling Bloomberg that gold has a liquidity

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<v Speaker 3>issue and that this rapid sell off is being driven

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<v Speaker 3>by investors need to raise cash. So one to watch there.

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<v Speaker 2>And TIA. In the telecom space in Italy, we're looking

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<v Speaker 2>at some m and a movement around Telecommetalia.

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<v Speaker 3>Yeah, telecom Metalia actually leading the gains in this stock

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<v Speaker 3>six hundred today, it's up as much as eight percent,

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<v Speaker 3>and that's as it's seen a ten point eight billion

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<v Speaker 3>dollar bid for its ownership. This comes from the firm

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<v Speaker 3>Post Italian, which is the state controlled Italian post provider.

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<v Speaker 2>The move would fold.

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<v Speaker 3>Telecomatalia's phone, cloud and data operations directly into Post Italian's

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<v Speaker 3>retail network, and it already offers phone banking and insurance services,

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<v Speaker 3>and that deal would see the former phone monopoly return

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<v Speaker 3>to government ownership three decades after its privatization. Post chief

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<v Speaker 3>executive officer has been beefing up his telecom assets in

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<v Speaker 3>the last few years. The companies have started to coordinate

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<v Speaker 3>more closely on mobile services. It raised its stake in

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<v Speaker 3>Telecom Italia last year. So investors reacting positively to that

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<v Speaker 3>takeover news this morning. But conversely, shares in Post Italian

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<v Speaker 3>are falling today, So perhaps the market is not quite

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<v Speaker 3>as keen on the other side of that takeover equation. Hm.

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<v Speaker 2>Okay, so that on Telecom Italia. What about Spire health

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<v Speaker 2>here in the UK really plunging because of some takeover news.

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<v Speaker 3>Yeah, well, Caroline, you might remember on Friday that we

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<v Speaker 3>did talk about Spire Healthcare, who shares were actually up

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<v Speaker 3>then on the news of this potential takeover by private

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<v Speaker 3>equity firms Bridgepoint and Triton. Well, it's really the opposite

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<v Speaker 3>story today. Shares have sunk as much as twenty one

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<v Speaker 3>percent this morning, hit their lowest level since March twenty

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<v Speaker 3>twenty one, and that's because a Spire has confirmed in

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<v Speaker 3>a statement on Friday evening that its discussions with both

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<v Speaker 3>Bridgepoint and Triton have ended. However, they did say the

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<v Speaker 3>board remains in discussions with other parties in relation to

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<v Speaker 3>a potential sale, but there's no certainty there that an

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<v Speaker 3>offer will be made. Let's Remember that this is, of course,

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<v Speaker 3>the latest bump in a road in what's becoming an

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<v Speaker 3>ongoing takeover saga for Spy, which dates back to at

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<v Speaker 3>least July twenty twenty one, when Ramsey House offer to

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<v Speaker 3>buy Spire collapsed as well.

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