The hygiene and pest control company Rentokil saw its shares advance to the top of the FTSE-100 in early trade this morning following the news of a non-executive director appointment. Whilst such news rarely tends to elicit much reaction, the appointee is the head of research at Trian Fund Management, an entity that already owns 2.26% of Rentokil. The new NED – Brian Baldwin – notes that Train believes Rentokil has significant potential and runway for growth. Having a shareholder of this size onboard certainly has potential to ensure interests are aligned. The Rentokil share price was 4% higher just after 9am.
The aviation sector has had a solid start to the day, especially those airlines with heavier exposure to Europe, following a broker upgrade for Air France/KLM. That was sufficient to send the Eastern European low cost carrier Wizz Air soaring to the top of the FTSE-250, whilst the likes of easyJet and British Airways owner IAG also found support. An hour into the day and the Wizz Air share price was up by around 3%.
The micro-cap, clinical stage biopharmaceuticals company Ovoca Bio published interim results this morning which received a robust welcome from the market. Losses have been trimmed and the company is awaiting the receipt of some significant rebates from authorities in Australia worth around £300k, something that may well be seen as the key driver behind this morning’s rally. The Ovoca share price had traded as much as 75% higher shortly after the bell, but a little of that upside has now been given back.
Headlines we expect on Thursday
Mitchells & Butler Trading Statement
This time last year Full year LfL food sales +8.6%, drink sales +9.9%
Avation Final Results
This time last year Revenue $99.3m, Post tax profit $12.2m, Cash $116.9m
