Business

STOCKS TO WATCH: Putin announces withdrawal for Russia’s London firms

STOCKS TO WATCH: Vladimir Putin announces withdrawal for Russia’s London firms

City-wide disbelief reigned as British authorities refused to evict Russian firms from the London Stock Exchange after invading Ukraine.

But now the exit of Russian-incorporated companies is gaining momentum thanks to none other than Vladimir Putin.

Lukoil announced last week that it would delist from the UK’s main stock exchange by June.

Focused: Vladimir introduced a law banning foreign listings for Russian companies

It follows a law introduced by Putin in mid-April that banned foreign listings for Russian companies.

They can still request exemptions — as retail giant Magnit did last week — but it’s not clear how flexible the Kremlin is willing to be.

The LSE has suspended shares in dozens of Russian firms since March, meaning the companies have not benefited from its presence in London.

But after former FTSE 100 root holder Evraz – the steelmaker backed by outlaw oligarch Roman Abramovich – was sanctioned in recent days, speculation is mounting that a wave of new departures will follow in the coming weeks.

Clear sailing for Harbor Energy?

Harbor Energy is gearing up to release first-quarter earnings, which will come immediately after Shell and BP’s blockbuster results.

Harbor is probably a better indicator of how rising oil and gas prices are affecting groups operating in the North Sea, as it is one of the UK’s largest producers.

One for the windfall rudder watchers.

Vin Murria faces a new deadline for M&C Saatchi

Another month, another deadline for UK tech queen Vin Murria to come up with an improved offer for M&C Saatchi.

Murria, 59, has until 5pm on Tuesday to take her next move.

The AIM-listed ad group has been on guard since its first bid via the Advanced AdvT bid vehicle in January.

M&C Saatchi said it was still in talks with the serial entrepreneur when it announced the fourth extension of the up-or-shut-up period in late April.

But Murria – the company’s vice chairman and largest investor – faces an uphill battle after the ad group presented sparkling results that showed it has returned to profitability, with revenue up by a fifth.

Despite this, there could still be a fifth overtime.

Argo Blockchain to start bitcoin mining in Texas

Argo Blockchain has a big week ahead as its purpose-built facility in Texas is set to start mining bitcoin.

Far from being a spade and shovel job, the Dickens County location is home to massive amounts of energy-guzzling supercomputer hardware that can access new Bitcoins.

However, the timing could be better.

Mining will begin after a slump that saw the flagship digital currency fall by a fifth this year to around $36,000 (£29,000).

Argo shares have also taken a hit, falling by more than a third. Investors will be curious to see if hitting the mining milestone will be enough to ward off another attack by mysterious research firm Boatman Capital.

Advertisement

STOCKS TO WATCH: Putin announces withdrawal for Russia’s London firms

Source link STOCKS TO WATCH: Putin announces withdrawal for Russia’s London firms

Back to top button