Daily market update: stock market losses contained, Tesla, Assura, Spectris

“The markets are not yet reacting with any degree of panic to the US airstrike on Iran’s nuclear facilities as they await to see how Tehran responds,” says AJ Bell Investment Director Russ Mould.

“The promised two-week hiatus as the US weighed its decision didn’t materialise as the Trump administration acted on Saturday. After briefly spiking above $80 per barrel when the market opened in Asia on Monday, Brent pared those gains to trade modestly higher.

“If Iran decided to block the Strait of Hormuz, through which a large proportion of the world’s oil and liquefied natural gas passes, then energy prices could move substantially higher. That could hurt consumers and businesses around the world as it would push up the cost of energy, transport and raw materials.

“The double-digit energy price gains seen since Israel’s first missile strike on Iran 10 days ago will have already had some inflationary impact.

“Thanks to the significant weighting for BP and Shell – which are direct beneficiaries of higher oil prices and which combined represent around 10% of the FTSE 100 index – the UK market was spared heavier losses seen in other European markets. However, it was still on the back foot as airlines chalked up losses as flights to destinations in the Middle East were cancelled.

“US futures point to modest losses on Wall Street when trading begins later today. There may be some attention on Tesla after the company launched its first robotaxi service in a US city – in Austin, Texas – on Sunday.

“Already delayed from earlier in June, any further hold up could have hit a share price which has been on the skids for much of 2025.”

Assura

“A landlord to various doctors’ surgeries, Assura has found itself the target of a prolonged takeover fight. The board seem happy to back whoever is offering the most amount of money. One minute the board are siding with the KKR/Stonepeak private equity consortium and the next they’re cosying up to Primary Health Properties. Today it is the turn of PHP to get the upper hand as it has trumped KKR’s best and final offer.

“Several Assura shareholders had already expressed a desire to back PHP’s previous bid because it meant they could continue to get investment exposure to Assura’s assets. PHP is listed on the London Stock Exchange and is offering a mixture of cash and shares. KKR’s offer is all in cash, meaning Assura investors would be denied any future upside from the underlying assets. It’s unusual to see two competing parties fight this long, but it now looks like PHP has won the battle.”

Spectris

“KKR needs to get its skates on if it serious about wanting to buy Spectris. Having been beaten by Primary Health Properties in the race to buy Assura, KKR won’t want to lose a second takeover battle in the same day.

“Advent has struck a deal to buy Spectris at a chunky premium to the market value before bid interest was revealed earlier this month. Spectris’ board has recommended the all-cash offer and it’s now up to shareholders to vote on it. KKR has already expressed interest in Spectris and will need to make a formal offer fast if it stands a chance of derailing the Advent bid.

“The fact we’ve got two bid battles in Spectris and Assura just goes to show how the UK stock market continues to be on sale. If investors don’t recognise the good value opportunities on offer, trade buyers or private equity firms will keep swooping on targets and pick them off one by one.”

These articles are for information purposes only and are not a personal recommendation or advice.