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Now, let's take a look at some of the stocks on the move today here in Europe'm Caroline Hepkar with Stephen Carroll and we joined Bublinberg reportter Teba at a Bio. Good morning. So mining stocks down this morning, including the London listed Pan African Resources. What's the story here here?
So we're seeing gold producer Pan African Resources as one of the biggest losers on the stock six hundred today. It's down as much as nine percent this morning, and really this comes amidst a downturn for miners and industrial stocks as a whole, as the war in Iran continues. It's due to a gold cell off, which way it's seeing continue this morning, the precious metal has been down
as much as eight percent losses pairing slightly now. But this downturn is really being spurred by the risk of inflation tied to the conflict in the Middle Least and further expectations of higher interest rates. The metal has already wiped out this year's gains. It's been falling for nine
consecutive days today. So the thinking here is really that higher interest rates could dampen demand for metals and weaken the appeal of what's called non yielding assets like gold, and a source telling Bloomberg that gold has a liquidity issue and that this rapid sell off is being driven by investors need to raise cash. So one to watch there.
And TIA. In the telecom space in Italy, we're looking at some m and a movement around Telecommetalia.
Yeah, telecom Metalia actually leading the gains in this stock six hundred today, it's up as much as eight percent, and that's as it's seen a ten point eight billion dollar bid for its ownership. This comes from the firm Post Italian, which is the state controlled Italian post provider.
The move would fold.
Telecomatalia's phone, cloud and data operations directly into Post Italian's retail network, and it already offers phone banking and insurance services, and that deal would see the former phone monopoly return to government ownership three decades after its privatization. Post chief executive officer has been beefing up his telecom assets in the last few years. The companies have started to coordinate more closely on mobile services. It raised its stake in
Telecom Italia last year. So investors reacting positively to that takeover news this morning. But conversely, shares in Post Italian are falling today, So perhaps the market is not quite as keen on the other side of that takeover equation. Hm.
Okay, so that on Telecom Italia. What about Spire health here in the UK really plunging because of some takeover news.
Yeah, well, Caroline, you might remember on Friday that we did talk about Spire Healthcare, who shares were actually up then on the news of this potential takeover by private equity firms Bridgepoint and Triton. Well, it's really the opposite story today. Shares have sunk as much as twenty one percent this morning, hit their lowest level since March twenty twenty one, and that's because a Spire has confirmed in a statement on Friday evening that its discussions with both
Bridgepoint and Triton have ended. However, they did say the board remains in discussions with other parties in relation to a potential sale, but there's no certainty there that an offer will be made. Let's Remember that this is, of course, the latest bump in a road in what's becoming an ongoing takeover saga for Spy, which dates back to at least July twenty twenty one, when Ramsey House offer to buy Spire collapsed as well.
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