Market movers: Kingfisher, Tullow Oil, Just Eat, Northern Petroleum, Milestone


UK stocks were flat on Thursday ahead of the latest interest rate decision from the European Central Bank. The ECB is expected to keep interest rates steady.

The FTSE 100 was up 0.01% at 6,663.54. 

Kingfisher (LON:KGF), owner of B&Q and Screwfix, said it is in exclusive talks to buy French home improvement retailer Mr Bricolage. The deal values Mr Bricolage at an enterprise value of around €275mln including debt. 

Tullow Oil (LON:TLW) was the top gainer after UBS analysts upgraded the shares to “buy” from “neutral”. The oil company said yesterday that it planned to issue US$500mln of senior notes to help pay down debt 

JUST EAT (LON:JE.), the world’s largest online takeaway service, made its debut in London. The offer price of 260 pence a share, at the top end of expectations, valued the company at about £1.47bn. The shares rose to 280p in early deals.

Among the FTSE 250, Homeware retailer Dunelm (LON:DNLM) rose after reporting a 9.9% increase in revenue for the third quarter and upbeat comments on its growth prospects. The group, which opened four new stores during the period, said like-for-like (LFL) sales for the quarter grew 5%. 

Shares in Northern Petroleum (LON:NOP) jumped after the company told investors that its proof of concept wells in Alberta, Canada, have been a success. Drilling was completed on time and on budget, and all three wells, targeting the Keg River formation, encountered economically recoverable light oil and production testing has now begun.

Nostra Terra (LON:NTOG) confirmed that drilling has now begun on the significant Gant 1-22H well in Oklahoma. With a 20% working interest, this is Nostra Terra’s biggest stake in a single well in the Chisholm Trail play to date.

Fastjet (LON:FJET) climbed after the low-cost airline and regional carrier Proflight Zambia signed a connection agreement for their destinations across Africa. Passengers of the two airlines will now be able to fly to 15 places in Zambia, Malawi and Tanzania.

Digital media group Milestone Group (LON:MSG) was higher after the company struck a 12-month deal with cleaning group Viper Cleaning Services (VCS) for its OnGuard security solution.

Condor Gold (LON:CNR) said it had identified eight targets outside existing resource areas at the La India project in Nicaragua. Near surface mineralisation with open pit potential have been assigned priority targets ahead of hidden gold mineralisation that may have underground mining potential. 

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