FTSE rises as stocks ignore jump in UK inflation – –

FTSE rises as stocks ignore jump in UK inflation – –

The FTSE 250 company which has spent hundreds of millions of dollars on the rights to some of the world’s biggest hits plans to raise another £ 150million to continue its buying spree.
Hipgnosis Songs Fund Merck founder Mercuriadis urges investors to release funds for another wave of song rights deals that cancel royalty payments.

Mr. Mercuriadi is a former manager of Beyonce whose company owns the rights to songs by Ed Sheeran and Adele.

He added: “This increase gives our investors in public markets, historic and new, the only chance for the next 12 months to access Hipgnosis’s existing portfolio as well as a pipeline comprising some of the most important songs. and the most successful of all time, at very attractive valuations given the continued explosive growth of streaming which will significantly increase future revenues. ”

Hipgnosis has spent £ 1.2bn on more than 57,000 songs since listing on the London Stock Exchange three years ago.

However, investors in Hipgnosis did not see the allure of continued buying madness and the fund’s shares ended the session down 1.6 pc to 122 pence.

London markets have spent the day fluctuating, following news that UK inflation has exceeded the Bank of England’s 2% target to 2.1%. But the pound climbed to $ 1.4110 on the prospect that higher interest rates could come sooner than expected.

By the end of the session, traders had ignored a surge in prices for clothing, fuel as well as restaurant meals and the blue chips ended on a new pandemic high, up 12.47 points to 7,184, 95 – the highest closing price since February 2020 for a second consecutive day.

The FTSE 250 spent most of the day in the red or flat, before closing 14.06 points lower at 22,617.66.

Engineer Renishaw leads the benchmark for earnings, up 3.16 pc. The rally was too late, however, to prevent the title from being relegated after Friday’s close and replaced by broadcaster ITV.

At the other end of the FTSE 100, grim news about the extension of coronavirus restrictions weighed on the index.

Following reports that the UK Treasury will extend the current ban on commercial evictions until March 2022, British land dropped from 0.6pc to 502.2p and Land titles was down 0.4pc to 702.2p.

FTSE 250 Hammerson, which owns the Bullring in Birmingham, fell further, down 4% to 39.68%.

Sainsbury’s however increased following a leak from Whitehall which suggests long-term homework is here to stay. Supermarket shares were up 1.18pc at the end of the market to 256.80p.

Despite the high costs related to coronaviruses, the supermarket saw an increase in food sales during the pandemic, as online grocery profits more than quadrupled in the year through March.

Shares of a professional services provider listed on AIM Christie Group Also jumped 9% on Wednesday, after the company said it expected a strong second half and was involved in the sale of 164 hotel businesses at the end of May.


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