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Let's look at some stocks on the move today here in Europe. I'm Caroline Hepgeat alongside Tom McKenzie. We're joined by Bloomberg reporter Chloe Male. Good morning, Chloe. Let's start with SSE, the energy company looking to fund major investments and their share pi's doing well.
Yeah, particularly well this morning and the chees rose to record actually after SEC announced that it will raise two billion pounds from investors and that equity raise will be used at to fund some major projects in grid infrastructure and renewable energy. So overall SEC will spend thirty three billion pounds over the next few years on those big projects, with eighty percent of that are going on upgrading UK
power grids. So and Liz said that investors are really welcoming the cloud and the visibility on growth and on funding that we have now got over the next five years for SSE. It's interesting because obviously we remember another equity raise from an energy company, which was AUSTED, which announced that nine billion dollar equity raise earlier this year, but that was obviously received very differently given the position
the company was at the time. But now for SEC this is seen as very positive and a way for that company to be part of that push towards electrification and that expansion in AI data centers as well.
And some dealmaking from the Dutch lender, ab and am Row making a significant day and a deal and investors actually cheering this.
Yeah, they're investors are quite quite happy about that. So for ab and am Ro, there was two good things happening this morning. The profit came in ahead of estimates in the earnings were pretty pretty decent, pretty resilient. But crucially, as you mentioned, this is the new deal that really
got investors excited. So it is buying NIBC from Blackstone for nine hundred and sixty million years and that is to expand its footprint in the retail banking sector in the Netherlands specifically, So and Liz said that the deal made a lot of strategic sense, even though it will take actual actually a bit of time maybe to positively contribute to earnings, and it may also dent abe an
Amah's ability to do more buybacks. But for now, investors do seem quite keen on the deal, so the has reacted very positively this morning.
Uncertainty is about the budget tied with the housing market, hitting Taylor Whimpy in the UK.
Yeah quite badly, and also dragging down the rest of the house building sector this morning. So Taylor Whimpy, which is one of the biggest housebuilders in the UK, said that the uncertainty around all of the potential text changes that we're going to get in the budget later this month was really hurting that UK housing market, hurting sales and that was also so it was in the red and then also Barrett red Roads is the biggest UK housebuilder,
was also in the red. Person and Berkeley, all of those names were struggling this morning after that commentary from
Taylor Wimpy. The Labor Party obviously had made the housing market a key part of its agenda when it came to power, but that has turned out to be a lot more difficult than expected perhaps and UK building activity has contracted at the sharpest pay since the pandemic, and that has really put into question the pledge that was really key to the Labor manifesto of building one point five million homes over the next five years, and for
Taylor Wimpy, that's obviously a big dragon had already downgraded its guidance earlier in the year. We have seen profit warnings across the sector and that really cautious commentary across the industry. So now, of course, the focus is really going to be on what Rato Reaes were actually announce and if there's any major measures surrounding that housing market.
Later this month, the Stock Mover's Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street. For the latest market moving headlines, Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.