THE DAILY BRIEFING

MERGER OFF Jacob Rothschild has abandoned plans for a £5bn merger between his investment company RIT Capital Partners and troubled Alliance Trust.

RIT had approached its Dundeebased rival about a potential tie-up. But it has decided not to make an offer – underlining the problems facing Alliance Trust. Shares in Alliance dipped 0.7pc, or 3.5p to 513p while RIT fell 0.6pc, or 10p to 1594p.

Alliance Trust has been under pressure from activist investors who have criticised its performance and the pay packet of senior staff. Yesterday it said its turnaround plan ‘has already started to make good progress’.

STRONG SHOW Tech company Iomart saw profits rise by more than a fifth and revenues lift 16pc.

The AIM-listed firm reported profits of £13m in the 12 months to the end of March, up from £10.8m a year earlier, while revenues rose to £76.3m, compared to £65.8m a year ago.

The company specialises in cloud computing that helps employees based in different locations to collaborate on projects. Its strong performance was helped by acquisitions.

Shares rose 2.6pc, or 7p to 273.75p.

ROBOTIC SIM Vodafone will provide SIM cards for the world’s first robotic suit that will help stroke patients or those suffering spinal injuries.

The mobile phone firm will supply SIM cards to Ekso Bionics, which makes the battery-powered exoskeleton suits that can be strapped on over the patient’s clothing to help them move around. Voda shares fell 0.24pc, or 0.55p to 231.15p. SHARE OFFER T-Mobile is offering free shares worth nearly £30 each to 10m phone customers in the US.

Those who pay monthly for their mobile phone will each get one share, worth 2955p, but can gain up to 100 more if they recommend T-Mobile. OIL RECOVERY Oil has risen to an eight-month high as the weaker dollar and disruptions to supply push up prices. Crude hit $51.30 a barrel – its highest level since October and well above the 12-year low of less than $28 reached early this year.

The price has been pushed up by the weak dollar, which makes commodities traded in the currency such as oil cheaper, boosting demand.

BROKER BRAKE The £1.1bn merger of Tullett Prebon and Icap’s voice broking business faces delays after the competition watchdog raised concerns over their combined dominance of the oil market.

The Competition and Markets Authority said it would hold an in depth investigation into the deal unless the firms can come up with a plan to satisfy its concerns surrounding the broking of oil products.

Tullett shares fell 3.4pc, or 11.1p to 314.1p, and Icap was down 1.9pc, or 8.4p to 425.7p.