Insider Trading Signs Detected in Third of UK Takeovers by FCA
Regulators suspect that insider trading may be a factor in almost a third of takeover bids in the UK. According to the Financial Conduct Authority (FCA), indications of suspicious activity were identified in relation to 30.3% of takeover bids in 2023. This number is actually lower than the 35.3% seen in 2022, as reported by The Times.
The FCA has started using new techniques to analyze its data, revealing that illicit activities have been more widespread for a number of years than previously realized. By addressing flaws in its previous methods of flagging red flags, the FCA has identified an increase in suspect cases. By including suspicious share purchases made on the day bid announcements are later released, the rate of questionable instances has risen from around 20% to over 30%.
Turning to the market, the FTSE 100, the UK’s primary stock index, was down by 23 points, standing at 8,310 shortly after opening this morning. Meanwhile, Brent crude oil futures were up by 0.26%, trading at $72.06 per barrel.
In terms of company news, notable businesses reporting today include Ashtead Group with Q2 Results, Moonpig Group with Half Year Results, and NCC Group with Q1 Results. Investors will be eagerly awaiting updates from these companies to gauge their performance in the current market environment.
