Holcim Buys Wiltshire Heavy Building Materials In UK
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Holcim said it acquired Wiltshire Heavy Building Materials, a building solutions and material circularity company in the UK. The financial terms of the deal were not disclosed. Wiltshire was founded over thirty years ago and currently employs 80 people. The company generated net sales of over 20 million Swiss francs in 2021. Driving circular construction, Wiltshire recycles 150,000 tons of construction & demolition waste each year into aggregates and concrete with its state-of-the art material recovery system. Wiltshire, which has a strong customer base through sites in Devizes, Theale, Faringdon and Fairford, expands Holcim's Aggregate Industries footprint between London and Southwest England. Miljan Gutovic, Region Head EMEA, said, 'I am excited about the acquisition of Wiltshire, to advance our global goal of recycling 10 million tons of construction & demolition waste by 2025.'
The Switzerland stock market recovered slightly after a weak start Wednesday morning, but faltered within the next few minutes and spent the rest of the day's session in the red, as worries about slowing growth and rising inflation rendered the mood bearish. The benchmark SMI ended with a loss of 113.23 points or 1.07% at 10,477.69. All the constituents of the SMI index ended in negative territory. Credit Suisse fell more than 4%. Logitech drifted down 2.4%, while Partners Group and Swisscom both shed nearly 2%. Sika, UBS Group, Geberit, Swiss Re, Richemont and Roche Holding lost 1.4 to 1.77%. ABB, Lonza Group and Holcim also ended notably lower. Holcim said it has completed the acquisition of Izolbet, a Polish specialty building solutions provider. Among the stocks in the Swiss Mid Price Index, Zur Rose plunged nearly 10%. Tecan Group shed 4.7%. Adecco and Kuehne & Nagel both lost about 3.9%. Julius Baer, Flughafen Zurich, Swatch Group, Dufry, Belimo Holding, AMS and Georg Fischer also ended sharply lower. Bachem Holding surged 2.2% and SIG Combibloc gained about 2.1%. Galenica Sante and Straumann Holding posted moderate gains.
European stocks closed lower on Wednesday, snapping a three-day winning streak, as worries about inflation and economic slowdown resurfaced. Recession woes returned to the fore after a survey showed Euro zone business activity fell more than expected last month, increasing the likelihood of a recession in the 19-member common currency bloc. S&P Global's final composite PMI for the region fell to a 20-month low of 48.1 in September from 48.9 in August, short of a preliminary estimate of 48.2. Elsewhere in the U.K., the seasonally adjusted composite PMI slipped to 49.1 in September from 49.6 in August. The pan European Stoxx 600 drifted down 1.02%. The U.K.'s FTSE 100 ended 0.48% down, Germany's DAX shed 1.21% and France's CAC 40 lost 0.9%, while Switzerland's SMI declined 1.07%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain and Sweden ended with sharp to moderate losses. Czech Republic and Iceland closed modestly lower, while Turkiye closed on a positive note. In the UK market, Ocado Group tumbled 10%. Next, St. Jame's Place, Unite Group, Sainsbury (J), Smurfit Kappa Group, Melrose Industries, Tesco, Legal & General, Segro, British Land, Dechra Pharmaceuticals and Fresnillo lost 3 to 5.3%. Shell, Auto Trader Group, Haleon and BP gained 1.25 to 1.75%.
U.S. stock indexes fell on Wednesday, after giving up late-session gains. The S&P 500 fell about 0.2%, the tech-focused Nasdaq Composite lost around 0.3% and the Dow Jones Industrial Average declined about 40 points, or around 0.1%. Wednesday's decline continues a weekslong selloff in stocks. Economic data released on Wednesday showed signs of a strong economy, strengthening the belief that a Fed pivot is unlikely and fueling the market dip. ADP's employment report showed that the U.S. private sector added 208,000 jobs in September, and ISM Services Index noted that growth in the U.S. service sector held up better than expected in September. In addition, data showed that the U.S. trade deficit narrowed to $67.4 billion in August from a revised $70.5 billion one month earlier. Out of the 11 sectors within the S&P 500, nine sectors were down during afternoon trading, with the energy and healthcare sectors staying positive. Stocks sold off for most of the trading day but quickly rebounded in late afternoon trading before giving up gains again. Christopher Murphy, co-head of derivatives strategy at Susquehanna International Group, said some of the turnaround could be because of the goldilocks economic data. Twitter shares fell 1% on Wednesday. Shares surged 22% Tuesday after Elon Musk offered to close his $44 billion deal to buy the social-media company on the terms he originally agreed to. In energy markets, Brent crude, the international benchmark for oil prices, edged up 1.6% to $93.32 a barrel, after the Organization of the Petroleum Exporting Countries on Wednesday agreed to slash two million barrels of oil a day. Higher oil prices create further pressure on the economy since gasoline is the biggest contributor to rising consumer prices. Energy stocks rallied. Exxon Mobil gained 4.6%, Halliburton added 4.3% and Phillips 66 advanced 2.8%.
The mood on the stock exchanges in East Asia is predominantly friendly on Thursday - the upward trend since the beginning of the last quarter of the year, which is considered profitable, continues. Only Hong Kong, after the previous day's price fireworks, slipped slightly to the downside with a minus of 0.4 per cent. Elsewhere, prices are up, most notably in Seoul by 1.4 per cent. The Nikkei 225 index in Tokyo improves 0.9 per cent to 27,365 points. The market barometer in Sydney holds its ground. In Shanghai, there is still no trading for the rest of the week due to the "Golden Week" around the National Day celebrations.
In U.S. bond markets, the yield on the benchmark 10-year Treasury note rose to 3.757% from 3.616% Tuesday. Yields and prices move inversely. Higher yields this year have dragged down technology stocks, which usually have lofty multiples.
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