UPDATE 2-UK blue-chips slip as MGM drops takeover plan for Entain

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

 (For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
    * Entain plunges as MGM abandons takeover plan
    * Hammerson down on low first-quarter rents
    * Superdry tumbles on first-half loss
    * FTSE 100 down 0.1%, FTSE 250 sheds 0.1%

 (Updates to market close; Adds details, comment)
    By Shivani Kumaresan
    Jan 19 (Reuters) - London's FTSE 100 reversed early gains on
Tuesday, as Ladbrokes owner Entain slumped after U.S. casino
operator MGM opted out of a $11 billion takeover plan, while
miners also dragged. 
    The FTSE 100 index  .FTSE  closed down 0.1%, declining for
the third consecutive session.
    Entain  ENT.L  plunged 11.9% to the bottom of the blue-chip
index after MGM said it would not submit a revised proposal or
make a firm offer for Entain, which had said the approach
announced two weeks ago significantly undervalued its business.
 urn:newsml:reuters.com:*:nL4N2JU2W7
    Miners dragged even as Rio Tinto  RIO.L  - the world's
biggest iron ore producer - reported a 2.4% rise in
fourth-quarter iron ore shipments, helped by industrial activity
in China.  urn:newsml:reuters.com:*:nL1N2JT1SH
    Rio's shares fell 1.0%, while Anglo American  AAL.L  and
Glencore  GLEN.L  dropped more than 1%. 
    "Today is an example of a period which we are in right now -
which is very much a consolidatory phase," said Craig Erlam, an
analyst at OANDA.
    "In the coming days, we will learn a lot about how impactful
the new U.S. administration will be, with the slimmest of
majority in the Senate."     
    The FTSE 100 tumbled 14.3% in 2020, its worst performance
since the 2008 financial crisis and underperforming its European
peers by a wide margin, as pandemic-driven lockdowns battered
the economy and led to mass layoffs.
    Britain reported a record number of deaths from COVID-19
today with 1,610 people dying within 28 days of positive
coronavirus test, exceeding the previous peak set last week.
 urn:newsml:reuters.com:*:nL8N2JU507
    The mid-cap index  .FTMC  lost 0.1%, with real estate and
consumer stocks being the biggest drag on the index.
    In other company news, shopping centre operator Hammerson
Plc  HMSO.L  fell 2.1% after receiving less than half of the
rents due for the first quarter as stricter COVID-19
restrictions aggravated conditions in Britain's high streets and
rest of Europe.  urn:newsml:reuters.com:*:nL4N2JU1SY
    OXO cube maker Premier Foods  PFD.L  fell 4.8% despite a 90%
jump in the third-quarter online sales, while British fashion
group Superdry  SDRY.L  lost 16.3% after reporting a big drop in
sales in the Christmas quarter.  urn:newsml:reuters.com:*:nL4N2JU1Q5  urn:newsml:reuters.com:*:nL8N2JU178

 (Reporting by Shivani Kumaresan in Bengaluru; Editing by
Subhranshu Sahu, Shailesh Kuber and Alexandra Hudson)
 ((Shivani.Kumaresan@thomsonreuters.com; +1 646 223 8780;))
 
(( 
For related prices, Reuters users may click on - * 
 UK stock report      .L     
 FTSE index:          0#.FTS6  
 techMARK 100 index:  .FTT1X          FTSE futures:      0#FFI:  
 Gilt futures:        0#FLG:          Smallcap index:     .FTSC  
 FTSE 250 index:      .FTMC           FTSE 350 index:     .FTLC  
 Market digest:       .AD.L           Top 10 by vol:      .AV.L  
 Top price gainers:   .NG.L           Top % gainers:      .PG.L  
 Top price losers:    .NL.L           Top % losers:       .PL.L  
 
 
 * For related news, click on - *
 UK hot stocks:       HOT  and  GB      Wall Street:           .N 
 Gilts report:        GB/             Euro bond report  GVD/EUR 
 Pan European stock report:  .EU 
 Tokyo stocks:        .T              HK stocks:            .HK 
 Sterling report:     GBP/            Dollar report:       USD/ 
 
 
 * For company prices, click on - *
 Company directory:   UKEQ           By sector:           FTAX  
 
 
 * For pan-European market data, click on - *
 European Equities speed guide................  EUR/EQUITY  
 FTSE Eurotop 300 index...........................  .FTEU3  
 DJ STOXX index...................................  .STOXX  
 Top 10 STOXX sectors........................  .PGL.STOXXS  
 Top 10 EUROSTOXX sectors...................  .PGL.STOXXES  
 Top 10 Eurotop 300 sectors..................  .PGL.FTEU3S  
 Top 25 European pct gainers....................  .PG.PEUR  
 Top 25 European pct losers.....................  .PL.PEUR ))

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.