Yahoo Finance Trending tickers: Saudi Aramco, Bitcoin, Currys and Marks & Spencer
The latest investor updates on stocks that are trending on Monday
Saudi Aramco (2222.SR)
Saudi Aramco boosted its 2023 dividend by 30% despite a drop in annual net profit due to lower oil prices and output cuts.
The world's biggest oil company said profits fell 25% to $121bn (£91bn) after a record year in 2022. But the figure is still the second-highest profit ever for the Saudi state-backed company.
“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing to the Tadawul stock market.
Aramco reported in its annual accounts that dividends to shareholders increased by 30% to $97.8bn in 2023.
The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the oil firm's payouts, which also include royalties and taxes.
Read more: FTSE 100 LIVE: European markets fall as Currys rejects takeover bid
The price of Brent crude, the benchmark oil price, fell from as high as nearly $120 a barrel in the middle of 2022 to as low as $67 a barrel last year.
Bitcoin (BTC-USD)
Bitcoin hit a new record high on Monday, rising above $71,312, as the surge in the biggest cryptocurrency continues.
It adds further to a rally that has taken the cryptocurrency from less than $16,000 in late 2022 to over $71,000.
Read more: Crypto live prices
The momentum continues to be driven by flows into US spot ETFs and hopes of a Federal Reserve interest rate cut.
Bitcoin was up 3% on Monday and more than 61% since the start of the year.
Currys (CURY.L)
US activist investor Elliott has announced it is abandoning its attempt to take electricals retailer Currys private after having two bids rejected.
It had initially proposed an offer that valued the electricals chain at £700m, and then raised it to £756m.
Currys rejected a second indicative bid from Elliott last month, while China-based online giant JD.com (JD) has also said it is considering an offer.
But Currys rebuffed the approaches, stating that Elliott "significantly undervalued" the business.
In a statement, Elliott confirmed it is “not in an informed position to make an improved offer for Currys on the basis of the public information available to it”.
Read more: Stocks that are trending today
It added: “Elliott therefore confirms it does not intend to make an offer for Currys.”
Currys shares dropped 7% in early trading but the FTSE 250 (^FTMC) company’s valuation remains higher than before the US investor’s initial bid.
Its shares were trading at about 59p, up from 47p before Elliott’s first approach.
Marks & Spencer (MKS.L)
Marks & Spencer’s added 2% after RBC Capital Markets upgraded the retailer to “outperform” from “sector perform”.
"The M&S share price has come in 17% from recent highs, due to investor repositioning and concerns over the UK consumer and costs outlook," the bank said.
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"But there has been no great change in its strong fundamentals in our view. At 10x CY24E P/E, the shares appear to be pricing no growth, but we think M&S can deliver this with a progressive cash returns policy, thus broadening its appeal to long term investors."
