FTSE 100 Live 02 April: Index lower ahead of US tariffs, food merger agreed

Yahoo

02-04-2025

08:47 , Graeme Evans
London's junior AIM stock market suffered another setback today when Luke Johnson's leisure group Brighton Pier said it planned to cancel its listing.
The move by the owner and operator of the 126-year-old Brighton Palace Pier follows last month's delisting move by model railway and Scalextric company Hornby.
Brighton Pier said factors in the decision included the 'disproportionate' £250,000 to £300,000 annual cost and red tape burden in maintaining the listing.
It also highlighted the lack of liquidity in the shares as well as changes in the small cap market since the company's flotation in 2013, including 'a lack of visibility' amongst analysts, media and potential investors.
The group joined AIM in November when it was known as Eclectic Bar Group before changing its name following the acquisition of Brighton Pier in April 2016.
It also owns five bars nationwide, eight indoor mini-golf sites and the Lightwater Valley Family Adventure Park in North Yorkshire. Former Pizza Express chair Luke Johnson has led the board since 2015.
The shares, which were above 80p in summer 2022, today halved to 8.5p.
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08:34 , Graeme Evans
Pharmaceutical stocks have been impacted by the tariffs uncertainty, leading to share price falls of 28p to 1441p for GSK and 178p to 11,188p for AstraZeneca.
Hikma Pharmaceuticals declined 30p to 1918p and medical devices business Convatec shed 3.6p to 255.8p.
Other blue-chip fallers included Rolls-Royce with a retreat of 18.4p to 761p.
The FTSE 100 index has dropped 0.2% or 19.57 points to 8615.23, while the mid-cap FTSE 250 benchmark is down 31.49 points to 19,559.37.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ''Investors are on tenterhooks as the clock ticks down what's expected to be the biggest wave of tariffs on US trading partners.
'It's been dubbed Liberation day by President Trump, but it's more like entrapment day, with more countries set to be tangled up in a web of fresh duties.
'The internationally focused FTSE 100 is on the back foot in early trade as concerns swirl about the effect on growth prospects for economies around the world.'
On the FTSE 100 risers board, BP lifted 4.9p to 437.9p and advertising group WPP rallied 10p to 570.2p.
08:24 , Graeme Evans
Topps Tiles has reported an acceleration in sales in its most recent trading quarter.
Excluding the CTD Tiles business it rescued from administration last year, revenues rose 4% to £127.7 million across the six months to 29 March.
Underlying sales growth improved to 4.4% in the second quarter from 3.3% in the three months to December, driven by a strong March performance.
While homeowner sales remain subdued, the company said trade business was strong and that progress with digital initiatives continued at pace.
Alongside the sales update, the tile and flooring chain warned it will face an extra £4 million in costs due to this month's wage and national insurance increases.
The FTSE All-Share company's shares fell 5% or 1.7p to 32.3p.
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08:00 , Graeme Evans
SSE today said renewables output increased 17% in its 2024/25 financial year.
This compares with the increase of 26% reported for the nine months to 31 December and 45% at the half-year stage.
In a brief update, the energy giant said the annual performance reflected the impact of capacity additions and variable weather conditions.
The FTSE 100 company expects earnings per share for 2024/25 of between 155p and 160p, having forecast 154p-163p in its most recent update.
The previous year's figure was 158.5p. It continues to target between 175p and 200p in 2026/27.
The company's operations include onshore and offshore wind farms, hydro, electricity transmission and distribution network.
07:45 , Graeme Evans
Global financial markets are braced for significant volatility once Donald Trump unveils sweeping new tariffs from the White House Rose Garden at 9pm UK time.
Few details have been released in advance of the Liberation Day announcement, including which countries will be targeted.
IG Index said: 'Investors, already rattled by months of tariff-related headlines, remain deeply uncertain about the scope, scale, and targets of the measures, which could include a 25% tariff on auto imports and reciprocal duties against countries taxing US goods.'
The lack of clarity is fuelling investor anxiety, pushing gold to record highs above $3,000 per ounce as a safe haven. Wall Street futures are also pointing lower for later today.
07:20 , Graeme Evans
Supermarket sandwiches supplier Greencore today said it had agreed the key terms of a merger deal with ready meals business Bakkavor.
The planned tie-up creates a leading UK convenience food business with a combined revenue of about £4 billion.
Greencore's cash and shares proposal, which values fellow FTSE 250 stock Bakkavor at £1.2 billion, is subject to due diligence and regulatory clearance.
Bakkavor supplies about 3500 products across meals, pizza & bread, salads and desserts to grocery retailers in the UK and US, as well as international food brands in China.
About 85% of revenues are from the UK, with key customers including Tesco, M&S and Sainsburys.
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07:02 , Graeme Evans
The unveiling of fresh US tariffs later today is set to mean a nervous start for European markets, with the FTSE 100 index seen about 25 points lower.
Leading Asia markets are close to their opening marks, having rallied from initial losses. Gold, meanwhile, continues to trade at record levels above $3100 an ounce.
On Wall Street, the Dow Jones Industrial Average closed slightly lower while the S&P 500 index rose 0.4% and the Nasdaq Composite rallied 0.9%.
London's top flight last night put back a chunk of Monday's heavy losses by adding 51.99 points to 8634.80.
The announcement of US tariffs is due to take place at 9pm UK time.