UK’s Entain experienced a drop of as much as 5.5%, making it the biggest percentage loser on the FTSE 100 index. This decline follows legal action initiated by Australia’s financial crime watchdog against Entain’s unit, which owns Ladbrokes. The case involves allegations of breaches related to anti-money laundering and counter-terrorism financing laws on its online betting platforms. Entain’s CEO, Gavin Isaacs, cautioned investors about the possibility of a significant financial penalty resulting from these proceedings. As of the last close, Entain’s stock has decreased by approximately 18% this year.

Shares of Saga rose 5.3% after announcing a 20-year insurance partnership with Ageas, which will pay Saga £80 mln upfront and acquire its Insurance underwriting business for £65 mln. Ageas will handle distribution, pricing, underwriting, claims, and customer service, while Saga retains marketing. SAGA shares are down ~11% YTD.

Shares of Videndum, a provider of hardware and software solutions related to content, fell by 10.9% to 228p, making it the biggest loser on the FTSE small cap index. The company projects its FY24 revenue to be approximately 280 million pounds ($353.72 million), down from 306.9 million pounds reported last year. It has indicated a slower-than-anticipated market recovery and expects to achieve 10 million pounds in cost savings for FY24. Analysts at Jefferies noted, “While there is still significant recovery potential and restructuring costs to be realized, management must effectively manage costs and cash, as the market recovery is slower than expected, and debt levels need to be reduced.” Including today’s losses, the stock has declined by 32.5% year-to-date.

Shares of Bunzl Plc, a specialist in international distribution and services, increased by 1.31%. RBC has upgraded the stock from “sector perform” to “outperform” and raised the price target from 3,350p to 4,000p. According to RBC, BNZL’s positive earnings outlook, which is supported by margin growth, mergers and acquisitions, and share buybacks, is undervalued compared to its ‘defensive growth’ peers. The brokerage also notes that BNZL’s robust revenue in North America and expected growth in stable markets indicate it should be valued similarly to other leading growth companies, with a smaller discount. In October, the company reaffirmed its full-year guidance. The average rating from 18 brokerages covering the stock is “hold,” with a median price target of 3,515p, according to LSEG. As of Friday’s close, the stock has risen approximately 12% year-to-date.