UK and European markets closed mixed amid heightened geopolitical tensions following Iran’s large-scale drone and missile attack on Israel over the weekend.
The dollar climbed and sent the yen to its lowest level since 1990, after U.S. retail sales increased more than expected in March.
Oil prices fell, as market participants dialled back risk premiums following Iran’s attack on Israel late on Saturday which the Israeli government said caused limited damage.
Gold prices rose as growing tensions in the Middle East prompted investors to seek refuge in the safe-haven assets.
Inchcape raced ahead on Monday after the automotive distributor announced the disposal of its UK Retail operations to Group 1 Automotive UK for £346m.
The deal, which does not need approval from Inchcape's shareholders, is part of the company's strategy to focus on being a "higher margin, capital-light, cash generative, diversified, scalable and global distribution business", the company said in a statement.
After the completion of the disposal, expected to happen in the third quarter, Inchcape will then hand £100m back to shareholders by way of a share repurchase over the following 12 months. The rest of the money will be used to fund future growth.
CLIENT LOGIN
CLIENT LOGIN
