Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,
Speaker 1: your roundup of companies making moves in the stock market,
Speaker 1: harnessing the power of Bloomberg Data.
Speaker 2: Now, let's take a look at some of the stocks
Speaker 2: on the move today here in Europe'm Caroline Hepkar with
Speaker 2: Stephen Carroll and we joined Bublinberg reportter Teba at a Bio.
Speaker 2: Good morning. So mining stocks down this morning, including the
Speaker 2: London listed Pan African Resources. What's the story here here?
Speaker 3: So we're seeing gold producer Pan African Resources as one
Speaker 3: of the biggest losers on the stock six hundred today.
Speaker 3: It's down as much as nine percent this morning, and
Speaker 3: really this comes amidst a downturn for miners and industrial
Speaker 3: stocks as a whole, as the war in Iran continues.
Speaker 3: It's due to a gold cell off, which way it's
Speaker 3: seeing continue this morning, the precious metal has been down
Speaker 3: as much as eight percent losses pairing slightly now. But
Speaker 3: this downturn is really being spurred by the risk of
Speaker 3: inflation tied to the conflict in the Middle Least and
Speaker 3: further expectations of higher interest rates. The metal has already
Speaker 3: wiped out this year's gains. It's been falling for nine
Speaker 3: consecutive days today. So the thinking here is really that
Speaker 3: higher interest rates could dampen demand for metals and weaken
Speaker 3: the appeal of what's called non yielding assets like gold,
Speaker 3: and a source telling Bloomberg that gold has a liquidity
Speaker 3: issue and that this rapid sell off is being driven
Speaker 3: by investors need to raise cash. So one to watch there.
Speaker 2: And TIA. In the telecom space in Italy, we're looking
Speaker 2: at some m and a movement around Telecommetalia.
Speaker 3: Yeah, telecom Metalia actually leading the gains in this stock
Speaker 3: six hundred today, it's up as much as eight percent,
Speaker 3: and that's as it's seen a ten point eight billion
Speaker 3: dollar bid for its ownership. This comes from the firm
Speaker 3: Post Italian, which is the state controlled Italian post provider.
Speaker 2: The move would fold.
Speaker 3: Telecomatalia's phone, cloud and data operations directly into Post Italian's
Speaker 3: retail network, and it already offers phone banking and insurance services,
Speaker 3: and that deal would see the former phone monopoly return
Speaker 3: to government ownership three decades after its privatization. Post chief
Speaker 3: executive officer has been beefing up his telecom assets in
Speaker 3: the last few years. The companies have started to coordinate
Speaker 3: more closely on mobile services. It raised its stake in
Speaker 3: Telecom Italia last year. So investors reacting positively to that
Speaker 3: takeover news this morning. But conversely, shares in Post Italian
Speaker 3: are falling today, So perhaps the market is not quite
Speaker 3: as keen on the other side of that takeover equation. Hm.
Speaker 2: Okay, so that on Telecom Italia. What about Spire health
Speaker 2: here in the UK really plunging because of some takeover news.
Speaker 3: Yeah, well, Caroline, you might remember on Friday that we
Speaker 3: did talk about Spire Healthcare, who shares were actually up
Speaker 3: then on the news of this potential takeover by private
Speaker 3: equity firms Bridgepoint and Triton. Well, it's really the opposite
Speaker 3: story today. Shares have sunk as much as twenty one
Speaker 3: percent this morning, hit their lowest level since March twenty
Speaker 3: twenty one, and that's because a Spire has confirmed in
Speaker 3: a statement on Friday evening that its discussions with both
Speaker 3: Bridgepoint and Triton have ended. However, they did say the
Speaker 3: board remains in discussions with other parties in relation to
Speaker 3: a potential sale, but there's no certainty there that an
Speaker 3: offer will be made. Let's Remember that this is, of course,
Speaker 3: the latest bump in a road in what's becoming an
Speaker 3: ongoing takeover saga for Spy, which dates back to at
Speaker 3: least July twenty twenty one, when Ramsey House offer to
Speaker 3: buy Spire collapsed as well.
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