Daily market update: EasyJet, Vodafone, SK Hynix, Hays

Markets were in a calmer frame of mind at the end of the trading week, with gains across much of Asia and Europe, and oil prices easing back.

Vodafone soared after a major shareholder change, taking BT along for the ride. Miners were also in demand as investors regained their risk appetite. Among mid-caps, EasyJet flew higher as a new party entered the takeover battle.

Recruitment consultants have endured a terrible few years amid a softer labour market, but Hays has finally delivered good news to give its share price a new lease of life. It said annual operating profit would be at the top end of forecasts despite the jobs market remaining weak.

All eyes are on SK Hynix’s US market debut on Friday. The Asian technology company has had a blockbuster year thanks to soaring memory chip prices.

SK Hynix’s US listing has arguably come a few months too late as shares in memory chip suppliers have pulled back after a purple patch earlier in the year. However, demand for the US share sale has been stronger than some people might have expected. That implies the memory chip rally might have just taken a breath rather than peaked.

EasyJet

The takeover battle for EasyJet has entered a new phase with private equity group Apollo throwing its hat into the ring. Private credit group Castlelake’s 690p proposal has been trumped by Apollo’s 715p offer and EasyJet’s board has quickly switched allegiance. While there are still unknowns around meeting EU ownership requirements, Apollo says it will take all the necessary steps to get the deal over the line.

The bidding war now comes down to price. Castlelake has already shown determination to get what it wants, hence multiple bids in quick succession. The spotlight now turns back to the original suitor to see if it will dig even deeper to beat Apollo. Shareholders will be putting their feet up and enjoying the ride.

EasyJet founder Stelios Haji-Ioannou remains tight-lipped on the matter. At some point he’s going to have to comment on the takeover activity given his position as the airline’s largest shareholder. Apollo’s offer is much more enticing than Castlelake’s most recent proposal and more reasonable in valuation-terms based on forward earnings expectations. All along, certain shareholders have been concerned that EasyJet was being taken out on the cheap. They might now be happy with the new offer on the table.

Vodafone

Vodafone has been slimming down to have a sharper focus on areas with the best growth potential. After years of miserable performance on the stock market, the shares enjoyed a strong rally in 2025 and early 2026 as investors reassessed Vodafone’s position and applauded its strategic changes. There’s now a new development.

French billionaire Xavier Niel has become Vodafone’s largest shareholder after buying a 16.2% stake from UAE telecoms group e&.

Niel had already been an investor in Vodafone since 2022, and his new investment is subject to regulatory clearance. If approved, the investment would represent yet another twist in the ever-changing ownership structure of UK telecoms groups.

Another French billionaire, Patrick Drahi, built up a 24.5% stake in BT but sold the entire stake to Bharti Enterprises in 2024 to help pay down his debt.

Two years ago, the UK government said e&’s investment in Vodafone posed a national security risk to the country. The investment wasn’t blocked, but national security safeguards were imposed.

It’s possible the UK government will have similar concerns with Niel’s latest purchase, given it also investigated Drahi’s investment in BT on national security grounds. After all, both Vodafone and BT are providers of essential services to businesses and consumers across the country.

The market has responded favourably to Niel’s latest move, with certain investors possibly believing he might want to buy the whole of Vodafone in time. That might not be the case, but it won’t stop market speculation.