LONDON ( The Deal) -- Markets in Europe opened on a positive note Monday, boosted by some encouraging company results and a few takeover deals in the pipeline.
However, outsourcing provider Serco (SECCF) bucked the trend, dropping 31% to 217.5 pence a share after it announced a $2.4 billion write-down, and announced an $875 million equity raising. It cut its profit forecast, said it would not pay an end-of-year dividend and indicated it was preparing to begin discussions with its banks to loosen covenants. The company admitted it had diversified from its core competencies and spent too much on winning new business.
Watch the video below for a closer look at how European markets are doing in midday trading Monday:
But platinum miner Lonmin (LNMIY) was up by 2.99% at 193.01 pence despite announcing a $326 million pretax loss, revenue down 37% and a sharp cut in capital expenditure, after a crippling five-month strike in South Africa earlier this year. The loss was in line with expectations, and the debt position significantly better than expected. Other miners also rose, helping to push up the resources-heavy FTSE 100.
Russia's VTB Bank rose 3.55% to $1.84 after a hint from its chairman Andrei Kostin, that it might pull its secondary listing from the London Stock Exchange because the British regulator is even stricter than the U.S. in its interpretation of sanctions.