Deliveroo shares jumped in early trading on Tuesday a day after rival Delivery Hero bought a 5.1 per cent stake in the British food delivery company, sending its stock soaring the most since its disastrous debut on the London Stock Exchange.
Deliveroo’s shares were up 10.18 per cent to £3.74 at 11.35am London time in a further vote of confidence for the company’s stock after Germany’s Delivery Hero snapped up a £300 million ($415.9m) stake in the company.
The move saw Deliveroo's shares rise by as much as 11 per cent on Monday – the biggest gain since the company’s initial public offering in March – after the business disclosed on the LSE, where its shares are listed, that a holding of 5.09 per cent had been built up by the Berlin-based competitor.
Delivery Hero bought the shares at an average price of about £2.70 apiece when it started acquiring them in April, the company’s chief executive, Niklas Oestberg said in a series of tweets.
The company was “oversold” at the IPO, he said, has a “decent profit margin” and “felt undervalued to us".
At that price, Delivery Hero may have spent about £235m on the stake, according to analyst calculations. Mr Oestberg said the company was not buying any more Deliveroo shares “at this point".
“We considered all possible scenarios back in April when we start acquiring our stake. In no scenario would this be a bad investment long term,” Mr Oestberg tweeted.
He also said he has known Deliveroo’s chief executive “for many years” and has “a huge respect for what he and his team have built”.
The deal makes Delivery Hero a top-10 shareholder in Deliveroo. The Berlin-based company already owns stock in a number of companies in the industry, including Just Eat, Spain’s Glovo and India’s Zomato.
Deliveroo needed a boost to its share price after its disastrous debut on the LSE on March 31, that resulted in its share price falling by 30 per cent on its first day of trading, wiping more than £2bn off the company's £7.59bn value.
Despite the surge in the share price over the past couple of days, it is still down 12 per cent from the IPO price.
Danni Hewson, a financial analyst at AJ Bell financial analyst, said Delivery Hero’s stake in the company caused intrigue for the markets.
“Confirmation that German rival Delivery Hero had acquired a stake in the business sent shares soaring to heights not seen since it made its eventful debut on the stock exchange," Ms Hewson said.
"Could this be the first step in a well-orchestrated take-over campaign?”
Deliveroo, which did not comment on the Delivery Hero stake, will release its half-year results on Wednesday, which investors hope will be positive after orders rose sharply in the second quarter of this year, up 88 per cent from the same period a year ago.
Orders in the UK and Ireland were particularly strong, growing by 94 per cent to 38 million in the three months to the end of June, while the group's international segment grew by 83 per cent to 40 million over the same period.
While investors might hope for a takeover by Delivery Hero, Ms Hewson said they will also be considering Wednesday’s results, "which should show revenue growth, though the business will have to answer questions about projected sales now hospitality has firmly reopened for business".
London's FTSE 100 inched slightly higher on Tuesday, up 0.1 per cent as optimism about strong corporate earnings eclipsed fears over a global jump in coronavirus cases and gains in travel and leisure stocks were cut short by weakness in heavyweight banks as they tracked bond yields lower.
Travel stocks have gained about 11 per cent since the UK eased lockdown restrictions on July 19. The industry has been among the top sectoral performers so far this month on optimism for travel demand to pick up pace.
However, Ms Hewson said the FTSE 100 "was struggling for direction like a new driver without their satnav" on Tuesday morning as investors assessed a weak session on Wall Street overnight and slowing growth in UK consumer spending.
“With the flood of big companies reporting on both sides of the Atlantic slowing to a trickle and with trading volumes seeing their usual summer lull, there is a sleepy feel to the markets at present," she said.
“Mounting concern that the spread of the Delta variant might set back the Chinese recovery, after it became the first major economy to emerge from the pandemic, is a risk the world will be watching.”
Results
%3Cp%3E%3Cstrong%3EStage%203%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Einer%20Rubio%20(COL)%20Movistar%20Team%20-%204h51%E2%80%9924%E2%80%9D%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20-%2014%22%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20-%2015%22%3Cbr%3E%3Cstrong%3EGeneral%20classifications%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders)%20-%207%22%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20-%2011%22%3C%2Fp%3E%0A
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
Match info:
Leicester City 1
Ghezzal (63')
Liverpool 2
Mane (10'), Firmino (45')
Manchester United v Club America
When: Thursday, 9pm Arizona time (Friday UAE, 8am)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Pakistanis%20at%20the%20ILT20%20
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UAE currency: the story behind the money in your pockets
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
OPINIONS ON PALESTINE & ISRAEL
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
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The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The%20specs
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Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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