London Markets: Private-equity firm steals London spotlight for second day

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It was the second straight banner day for a private-equity firm in London, with 3i Group rising after reporting its latest results.

3i
III,
+3.01%

shares rose 4% after posting a 12.2% total return for the fiscal first-quarter ending June 30. 3i’s performance was buoyed by the European retailer Action, in which 3i holds a 53% stake, which saw a 151% rise in operating profit on a 31% increase in sales. In June, when nearly all stores were open in both 2020 and 2021, Action’s like-for-like sales rose 15%.

Bridgepoint Group extended Wednesday’s gains, when the firm surged 29% in its trading debut.

The broader FTSE 100
UKX,
+0.21%

wavered between gains and losses, held down by the profit warning from consumer products giant Unilever. Unilever
ULVR,
-5.78%

shares skidded 4% after warning rising costs would keep operating margins flat. Rival Reckitt Benckiser
RKT,
-2.97%

slipped 2%.

Morgan Sindall
MGNS,
+12.06%

was the star of the midcaps, with the construction and regeneration company jumping 14% after saying results would be significantly ahead of its previous expectations.

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