Dodge & Cox doubles stake in Entain, mixed movements in UK and European markets

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Dodge & Cox doubles stake in Entain, mixed movements in UK and European markets
Credit: © Reuters.

On Tuesday, investment management firm Dodge & Cox increased its stake in Entain, the owner of Ladbrokes (LON: LCL ) and Coral, from 5.01% to 10.33%, becoming the second-largest shareholder behind The Capital Group Companies. This move comes despite a reported 6% drop in Entain's Q3 online gaming revenues and a £45 million hit from favorable football results.

Meanwhile, the FTSE 100 remained stable as the FTSE 250 fell by 1.3%. European stock markets presented mixed outcomes due to recession fears in the eurozone and JP Morgan's warning about potential equity pressure.

In other market news, Prudential (LON: PRU ) reported a recovery in Hong Kong's economy, with sales and profits increasing by 40% and 37%, respectively, over the nine months ending September.

Melrose Industries expanded its partnership with GE Aerospace through a £4 billion agreement. This deal aims to increase Melrose's role in the after-market support of GE's GEnx engine.

Ten Lifestyle Group saw a 7% rise in shares following the extension of two large contracts and the securing of two new deals. Despite Bank of America (NYSE: BAC ) reinstating its 'Buy' rating on Ocado (LON: OCDO ), anticipating benefits from ecommerce recovery and easing inflation, shares fell by 2.3%.

Easyjet's shares rose following the conclusion of an investigation into a data breach that occurred in 2020. Harland & Wolff secured an £8.5 million contract from Cory to build ten waste transport barges, adding to their previous £18.1 million (GBP1 = USD1.2299) contract for 23 barges.

Kitwave expects its annual results to meet market forecasts after a strong financial year but announced the impending departure of co-founder Paul Young next March. Gulf Marine Services raised its profit forecasts due to increased business opportunities, while Aptamer saw an 11.1% slide in shares following a warning about lower first-half revenues.

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