DCC shares weighed down by major placement

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DCC shares weighed down by major placement
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Shares in DCC (LON:DCC) declined by 4.86% to 6,955p (as of 11:10 BST) despite announcing that operating profits for the six months ended 30th September will be substantially ahead of the comparative period. Performance in most key regions was in line with expectations, and the group’s recent acquisitions in the US, Germany, Hong Kong, and Macau met forecasts.

The company also announced plans to place 8.9 million new ordinary shares, representing 10% of the firm’s existing issued share capital. The proceeds will be used to continue funding the business’s acquisition focused strategy, including the purchase of North American music and audio sales and marketing group Jam which was announced today.

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