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London Markets: George Soros and Citadel among the winners as Trainline shares plunge

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Shares of ticket seller Trainline fell as much as 33% on Thursday, after the U.K. outlined a railroad infrastructure plan that would include operating a rival ticketing app.

Trainline
TRN,
-22.99%

was shorted by a number of high-profile investors, including billionaire investor George Soros’ SFM UK Management, Citadel Europe and Connecticut hedge fund Paloma Partners, according to the Financial Conduct Authority’s register of short positions.

The new Great British Railways system will allow passengers to book all trips from a single site, with a single compensation system for refunds. Trainline’s commission rates are guaranteed until 2024.

“This has two implications for Trainline — potentially a lot of people will buy tickets from this new centralized body and if the previous labyrinthine ticket pricing system is made easier to navigate, the company will have less of a role in helping passengers find the best available price,” said Russ Mould, investment director at AJ Bell.

“The company now faces a two-year deadline to somehow preserve its relevance under the new setup. It won’t be an easy task,” he added.

The FTSE 100
UKX,
+0.44%

rose 0.6% in midday action, bouncing back after a 1.2% tumble on Wednesday. A day after reporting organic revenue growth at the top end of its guidance range, credit checker Experian
EXPN,
+4.19%

shares rose over 4%.

Copper miners Antofagasta
ANTO,
-2.73%

and Fresnillo
FRES,
-2.88%

declined after Wednesday’s slide in copper futures.

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