Rolls-Royce lifted by he­li­copter deal

The Daily Telegraph - Business - - Business - louis ash­worth mar­ket re­port

EN­GI­NEER­ING gi­ant Rolls-Royce got a much-needed boost yes­ter­day, af­ter win­ning the con­tract to pro­vide engines for a new gen­er­a­tion of US army he­li­copters.

The FTSE 100 group will pro­duce the propul­sion sys­tem for Bell Tex­tron’s V-280 Valor air­craft, which is com­pet­ing to win the con­tract for the US Fu­ture Long-Range As­sault Air­craft pro­gramme.

Un­like tra­di­tional he­li­copters with a ro­tor disk, the V-280 has two sets of blades that can be ro­tated for­wards for level flight or up­wards to hover.

The an­nounce­ment of­fered some much-needed re­lief for the group, which rose 20.8p to 285.60p. It has seen its share price bat­tered in re­cent months amid dis­rup­tion in the aerospace sec­tor.

It left Rolls as one of the FTSE 100’s big­gest ris­ers. The group’s gains were over­shad­owed only by Har­g­reaves Lans­down, which popped up 161p to £17.50 af­ter po­ten­tial in­vest­ment plat­form ri­val Robin­hood scrapped plans to launch in the UK.

The blue-chip in­dex ended fairly flat, af­ter shed­ding early gains as a buoy­ant mood on global mar­kets prompted by the suc­cess­ful end of ne­go­ti­a­tions over a Euro­pean res­cue fund faded.

GVC Hold­ings was the big­gest faller, drop­ping 64p to 808p af­ter an­nounc­ing HMRC is in­ves­ti­gat­ing its for­mer Turk­ish busi­ness.

Per­sim­mon also slipped and Dave Jenk­in­son, the house-builder’s out­go­ing boss, has sold 50,000 shares – his sec­ond batch in less than two months. Mr Jenk­in­son, 52, off­loaded 50,000 shares on Mon­day at £26.20 each, net­ting him £1.3m.

It fol­lowed his sale on June 5 of 89,581 shares at £24.70 each, or £2.2m in to­tal. He still owns over 700,000 shares in the com­pany.

In Fe­bru­ary, Mr Jenk­in­son an­nounced his plans to step down from the house-builder. He had taken over 15 months be­fore, fol­low­ing the exit of pre­de­ces­sor Jeff Fair­burn – who left amid a row over his £75m bonus. Per­sim­mon shares fell 87p to £25.27.

Pharma gi­ant As­traZeneca also slid, drop­ping 272p to £90.48, the day af­ter touch­ing an all-time high af­ter pos­i­tive re­sults for the vac­cine it is de­vel­op­ing along­side Ox­ford Univer­sity re­searchers.

An­a­lysts raised doubts over whether the Ox­ford treat­ment would prove suf­fi­cient, with UBS’s Michael Leuchten also not­ing that As­tra has said it does not see the vac­cine as a com­mer­cially-driven ven­ture.

On the FTSE 250, book­ing app Train­line jumped 44.20p to 443.20p af­ter an­nounc­ing it had hired Jody Ford, the chief ex­ec­u­tive of on­line print­ing com­pany Pho­to­box, to be­come its first-ever chief op­er­at­ing of­fi­cer from late Septem­ber.

In an state­ment, Train­line said Mr Ford, who worked at eBay for 10 years, “will be cen­tral to driv­ing Train­line’s growth strat­egy and per­for­mance”.

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