Anglo American (AAL.L)

Anglo American has announced a group restructuring that includes the sale of several assets to boost its portfolio, a day after rejecting a mega takeover bid from Australian rival BHP (BHP.L).

As part of the split, the miner will divest or demerge its diamond unit De Beers, spin off its platinum-metals subsidiary Anglo American Platinum, and sell its steelmaking coal assets, while exploring options for putting its nickel operation on care and maintenance before divesting it.

The reorganisation will reduce costs by $1.7bn (£1.36bn), it said.

The announcement comes a day after the London-listed miner rejected a sweetened £34bn offer from BHP, saying it continued to significantly undervalue the company and was “highly unattractive” for its shareholders.

“We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction,” chief executive Duncan Wanblad said.

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Investors still believe that BHP will lift its offer again and possibly add cash before 22 May, the deadline under UK rules to return with a binding offer or walk way.

"The language in the release suggests it's not the best and final offer," Todd Warren, a portfolio manager at Tribeca Investment Partners, told Reuters.

GameStop (GME)

Shares in GameStop, the video game retailer whose popularity among pandemic-era traders helped coin the idea of a meme stock, were surging in pre-market trading after a single post by a social media account named “Roaring Kitty”.

The internet persona, whose real name is Keith Gill, posted a picture on X of a video gamer leaning forward on their chair as if to indicate he’s taking the game seriously, making his first post on the platform since 2021.

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Gill is a day trader whose videos during the meme-stock bubble encouraged millions of others into the market, in turn propelling stocks such as GameStop to record heights.

The tweet was enough to drive a rally in GameStop on Monday which caused losses approaching $1bn for short sellers, according to data from S3 Partners.

With GameStop soaring 74%, short-selling hedge funds suffered a mark-to-market loss of $838m in the brick-and-mortar video game retailer, data firm S3 Partners said.

Vodafone (VOD.L)

Vodafone has reported a 2.2% rise in organic earnings for 2024, meeting market forecasts, after it returned to top-line growth in the final quarter helped by gains in the UK and Germany.