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Greggs (GRG) +2.69%, Nvidia (NVDA) +5.27% in Monday’s trading
Greggs (GRG) traded up on Monday after it said that strong recent sales could boost profits, while Nvidia (NVDA) got the blessing of three companies for its $40bn Arm takeover.
Greggs (GRG) shares closed 2.69% higher in London on Monday after the affordable bakery chain said that its post-lockdown recovery had been stronger than anticipated.
Despite fears that competition from restaurants and cafés reopening would hit trading performance, Greggs has seen a 1-3% rise in sales in recent weeks compared to the same period two years ago prior to the pandemic.
If that trend continues, the FTSE 250 group expects it to have a “materially positive” impact on its bottom line for the full year.
The update is encouraging for investors as Greggs noted last month that full-year profits would be boosted if COVID-19-related restrictions did not return in 2021.
Peel Hunt analysts remain cautious, though they noted that the upside forecast bodes well for the coming months.
They said: “We will get chapter and verse on the numbers in early August so we will wait until then to change forecasts.”
After a brief wobble during the morning, Greggs shares eased higher on Monday and eventually finished up 2.69% at 2,628.84p.
In the US, semiconductor company Nvidia (NVDA) advanced 5.27% after three rivals supported the company’s proposed $40bn takeover of UK-based Arm Holdings.
Citi said that the public blessing from Marvell (MRVL), Broadcom (AVGO) and MediaTek was a “big step forward” as it suggests that UK regulators will give the green light to the deal.
However, analyst Atif Malif believes that China could still be a sticking point as it is “less likely” to acquiesce if it can no longer access Arm’s products.
The UK Competition and Markets Authority is still running the rule over the acquisition, which could shake up the industry.
Citi is now stating that there is a 30% probability of it being approved.
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