Yahoo Finance Trending tickers: Entain | Hang Seng | Persimmon
The latest investor updates on stocks that are trending on Monday
Entain (ENT.L)
The owner of Ladbrokes and Coral's stock fell in early trade on Monday in London as it was revealed over the weekend the company is seeking to claw back tens of millions in bonuses from former bosses, according to a Sunday Times report.
The bookmaker faces a possible $600m (£472.6m) fine due to criminal allegations linked to its Turkish business. This would be one of the biggest corporate fines ever to be handed out.
Authorities started investigating the firm’s suppliers in 2019, and a year later started to look at the GVC Group, which subsequently rebranded as Entain.
Read more: LIVE: FTSE falls as UK employers plan 5% pay rises over the next year
The charges relate to allegations of bribes in its Turkish arm, which was sold in 2017.
“Like any other business, Entain’s board has a duty to act in the best interests of the company and its shareholders," a spokesperson for the company said.
Half-year results showed that, earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at £499.4m, up from £471m a year before. Group revenues increased 13% year-on-year to £2.3bn.
Hang Seng (^HSI)
Hong Kong's major stock index dipped as much as 2% on Monday in Asia before finishing around 1.6% lower, as signs of trouble continued for China's biggest property developer.
Property developer Country Garden (2007.HK) said it would suspend trading in some bonds as its shares dived around 16%.
The company had said days earlier it had swung to a multi billion dollar loss in the first half of the year.
There are already fears in financial markets about data pointing to stagnating growth in China and this has only contributed to the soured mood. Last week official figures showed China had slipped into deflation for the first time in more than two years.
Persimmon (PSN.L)
UK housebuilder Persimmon took another hit on Monday following yet more troubling figures for Britain's real estate sector. Its stock was one of the biggest fallers among the FTSE 100 (^FTSE) having declined around 2.9% as of the time of writing.
New figures which show a rise in tax proceeds from property disposals hint at a bigger-than-expected selloff by landlords in the UK. Volumes of houses sold between April and May rose from levels seen in February and March of 22,000 to 25,000, according to Savills.
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This comes amid a challenging environment in which mortgage rates have ramped up due to interest rate rises. It come coupled with declining house prices and lower numbers of first-time buyers.
Last week, Persimmon revealed a 65% fall in half-year profit, amid lower home completions and higher build cost inflation.
The group had 4,249 new property completions during the period, down from 6,652 in the prior half year, however, profit guidance for the year remained unchanged.
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