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The Independent
11-04-2025
- Business
- The Independent
FTSE lifts again in calmer session for global markets
Stocks in London finished higher after a steadier session following recent turbulence amid the fallout of US tariff plans. It represented the second consecutive rise and helped shore up the London markets after a dramatic start to the week. Nevertheless, travel stocks, such as British Airways owner IAG, had a weak session due to worries that a potential global recession will cause people to cut back leisure spending. The FTSE 100 finished up by 0.64%, or 50.93 points, to close at 7,964.18. It was only around 1% lower for the week. Elsewhere in Europe, the other main markets dipped slightly as many traders chose to sell following a particularly sharp improvement – the biggest daily gain for three years – in Thursday's session. The Cac 40 ended 0.3% lower for the day and the Dax index was down 0.94%. In the US, the Dow Jones and S&P 500 both opened in positive territory, but seesawed during a nervy first few hours of trading. Axel Rudolph, senior technical analyst at IG, said: 'Stock indices suffered from investor fatigue and saw their lowest volatility day of the week. 'After a turbulent week, the oil price stabilised as well and was little changed on the day. ' Bar gold, investors aren't flocking to traditional safe haven assets such as the US dollar or Treasuries as they no longer trust the US government.' Meanwhile, in currency the pound was up 0.6% at 1.304 US dollars but was down 0.3% at 1.154 euros when London's markets closed. In company news, BP was among the fallers after the energy giant lowered its outlook for gas production in the first quarter of 2025 and said debts are set to jump. Shares in the oil major were down 2.9% at 331.7p – their lowest level since 2022 – after it said production will be lower in gas and low-carbon energy for the first three months of the financial year, compared with the previous quarter. Toy firm Character Group was firmly in the read after it withdrew its guidance for the financial year in light of the President's tariff plans. The business, which makes Peppa Pig toys under licence, said its ability to accurately forecast its sales to the US – which represented around 20% of revenues for the past year – has been 'considerably obscured' by the trade tariffs. Shares in the business finished down 6.2% at 242p on Friday. London real estate firm Helical rose higher during the session after it announced the £333 million forward sale of its flagship office project at 100 New Bridge Street in the City. Shares were up 6.9% at 186p after Helical reported the deal with an undisclosed S&P 500-listed company. The price of oil was broadly steady during the session, as traders bought into the energy stock despite lingering concerns over economic growth. A barrel of Brent crude oil was up by 0.44% to 63.61 dollars (£48.72) as markets were closing in London. The biggest risers on the FTSE 100 were Fresnillo, up 68p to 991p, Endeavour Mining, up 121p to 2,004p, Tesco, up 13.1p to 327.7p, ConvaTec, up 9.4p to 247.6p, and Glencore, up 8.65p to 253.65p. The biggest fallers on the FTSE 100 were St James's Place, down 37p to 823.4p, BP, down 9.9p to 331.7p, Pershing Square, down 70p to 3,332p, IAG, down 4.9p to 240.8p, and Experian, down 64p to 3,354p.
The Independent
07-04-2025
- Business
- The Independent
FTSE plunges further as global sell-off deepens over US tariffs
The FTSE 100 slid to its lowest level for a year as global stock markets remained in turmoil following US president Donald Trump's tariff announcement last week. Monday's session began with firm drops in the Asian markets after more reciprocal tariff announcements over the weekend weighed on trading sentiment. In London, stocks were also heavily depressed during the session, although they briefly swung higher during a rollercoaster afternoon amid conflicting reports over a potential pause in tariff policy. The FTSE 100 declined by 352.9 points, or 4.38%%, to close at 7,702.08. Axel Rudolph, senior technical analyst at IG, said: 'The global stock market sell-off intensified on Monday after China retaliated against the US with reciprocal tariffs. 'Some Asian stock indices fell by 10% on the day with the S&P 500 entering bear market territory with several European indices close on its heels.' Stateside, the continued downturn moved Wall Street towards 'bear market' territory on Monday, when there is a sustained drop of 20% or more, with the S&P heavily down last month's peak. US stocks dropped more sharply after the president threatened further tariffs against China if they fail to halt their retaliatory action. Elsewhere in Europe, sentiment was also particularly volatile. The Cac 40 ended 4.78% lower for the day and the Dax index was down 4.26%. Meanwhile, sterling slid to lowest level against the dollar for a month amid growing concerns over the potential for a global recession. The pound was down 1.28% at 1.272 US dollars and was down 0.87% at 1.165 euros when London's markets closed. In company news, Shell was lower in value after the oil giant reduced its outlook for liquefied natural gas (LNG) production in the first months of 2025. The fossil fuel firm said LNG production reached between 6.4 million and 6.8 million metric tonnes in the first three months of this year, down from a previous forecast of 6.6 million to 7.2 million tonnes. Shares in the company were down 4.47% to 2,370.5p during the session, as it was also impacted by its exposure to the US market. De La Rue shares were among the day's climbers after the banknote printer told shareholders a £300 million sale of its authentication arm will go through next month. The company said it has agreed a deal with US-listed group Crane NXT, which will complete on May 1. Shares in De La Rue were up 4.63% at 113p at the close. Applied Nutrition finished the session slightly higher after the Liverpool-based company said it could move the production of some of its products to the US to avoid future tariff costs as the brand revealed higher sales. Shares climbed in afternoon trading to close up 0.9% at 112p despite a drop in profits for the past half-year. Meanwhile, the price of oil dropped to its lowest level for around four years as concerns over the impact of tariffs on global trade hit the commodity. A barrel of Brent crude oil was down by 2.12% to 64.19 dollars (£50.48) as markets were closing in London. The biggest risers on the FTSE 100 were Fresnillo, up 11p to 833.5p, Entain, up 2p to 503.2p, NatWest Group, up 1.6p to 415p, Taylor Wimpey, up 0.3p to 103.95p, and Howden Joinery, up 1.5p to 682p. The biggest fallers on the FTSE 100 were Melrose Industries, down 33.4p to 391.6p, Relx, down 299p to 3,517p, Sage Group, down 92p to 1,097p, Rentokil, down 24.8p to 309.5p, and Intertek, down 334p to 4,206p.
The Independent
14-02-2025
- Business
- The Independent
FTSE 100 slips back after pound hits almost-two month high
London's blue chip stocks suffered another dip on Friday as the pound added to recent gains. Some of the City's key multinationals with links to the US, such as pharmaceuticals firms, were weaker during the session as President Donald Trump threatened more tariffs. The growing prospect of trade wars knocked the dollar again and boosted the pound, causing a drag on London's top markets. The drop also came despite a broadly positive session for commodity stocks, such as Glencore. The FTSE 100 finished 32.26 points, or 0.37%, lower to end the day at 8,732.46. Sterling climbed to its highest level against the dollar since before Christmas as traders sought security in the pound. Traders have cashed in profits ahead of a prolonged US weekend, following Thursday's surge higher in European and US stock indices, the latter close to their record highs Axel Rudolph, senior technical analyst at IG The pound was up 0.32% at 1.260 US dollars and was up 0.07% at 1.200 euros when London's markets closed. Elsewhere in Europe, the other main markets steadied after strong gains on Thursday, with uncertainty over tariffs and Ukraine causing caution among traders. The Cac 40 ended 0.18% higher for the day and the Dax index was down 0.57%. The US markets cooled slightly at the start of trading on Friday amid a broadly subdued session ahead of President's Day. Axel Rudolph, senior technical analyst at IG, said: 'Traders have cashed in profits ahead of a prolonged US weekend, following Thursday's surge higher in European and US stock indices, the latter close to their record highs. 'An upwardly revised Q4 euro area GDP growth revision wasn't enough to prevent profit taking in the region's stock markets, most of which ended the day in the red.' In company news, NatWest was in the red after the lender generated less income than in 2023, as borrowing costs started to come down and more people moved savings into accounts with higher interest rates. However, the firm reported a bigger-than-expected profit for 2024 and confirmed that the Government has sold more shares, with the bank moving closer to private ownership. NatWest shares were down 2% at 428.1p at the close. Wood Group plummeted in value after the oil and gas engineering firm said it needs to significantly extend a cost reduction plan after a recent review of the business carried out by consultants at Deloitte had found 'material weaknesses and failures'. The company, which employs more than 6,000 people in the UK, mostly in Aberdeen, also cancelled employee bonuses and declined to rule out job cuts. Wood Group shares were 55.6% lower at 29p as a result on Friday. Healthcare services firm Totally Group was also firmly lower after it told investors it has lost an NHS 111 contract worth about £13 million. Shares slid by 26.3% to 4.9p after NHS England confirmed it would not renew a current deal. The price of oil had another dip on Friday, ahead of US vice president JD Vance's meeting with Ukrainian President Volodymyr Zelensky, amid the prospect that peace talks could ultimately relieve some pressures on energy supply. A barrel of Brent crude oil was down by 0.25% to 74.84 dollars (£59.37) as markets were closing in London. The biggest risers on the FTSE 100 were Entain, up 47.2p to 744.4p, Intermediate Capital, up 56p to 2,426p, Rentokil, up 9.4p to 424.7p, Glencore, up 7.75p to 353.2p, and Croda, up 46p to 3,246p. The biggest fallers on the FTSE 100 were Schroders, down 12p to 371.6p, IAG, down 8.9p to 338.5p, AstraZeneca, down 256p to 11,708p, Hikma Pharmaceuticals, down 48p to 2,292p, and NatWest, down 8.9p to 428.1p.
The Independent
31-01-2025
- Business
- The Independent
FTSE strikes another record high as Wall Street makes gains
The FTSE 100 marked another successive record close on Friday as it ended its strongest week for two years. The index continued its recent rally as it benefited from its high proportion of defensive stocks amid volatility in the tech sector, as retail and finance firms once again performed well. A sharp jump in the value of Smiths Group, after the engineering group bowed to investor pressure by launching a break-up plan, helped boost the FTSE further. London's top index finished 27.08 points, or 0.31%, higher to end the day at 8,673.96. Elsewhere in Europe trading was far more steady, with the German Dax inching back slightly after a string of record performances this week. The Cac 40 ended 0.11% higher for the day and the Dax index was down 0.07%. Across the Atlantic, US tech stocks had a recovery on Friday to help the main indexes higher, as fresh inflation data came in on par with expectations. US stock indices seem to have shrugged off Monday's sell-off and look to be on track to overcome their January peaks, having closed their price gaps with last Friday's lows Axel Rudolph, senior technical analyst at IG Axel Rudolph, senior technical analyst at IG, said: 'US stock indices seem to have shrugged off Monday's sell-off and look to be on track to overcome their January peaks, having closed their price gaps with last Friday's lows. 'US PCE (personal consumption expenditures) inflation rising by 0.3% in December as expected relieved markets, with the US 10-year bond yield falling to a six-week low, boosting stocks.' In currency, sterling rebounded against a softer dollar after the inflation data. The pound was up 0.2% at 1.244 US dollars and was also up 0.12% at 1.196 euros when London's markets closed. In company news, Smith Group leapt after the FTSE 100 group said it would start breaking up the company, after heavy pressure from activist investors. The London-listed firm is to sell its Smiths Interconnect business, which makes broadband connection and antenna parts, by the end of 2025. Shares in the company were 10.8% higher at 2,066p at the close of play. Elsewhere, Tortilla Mexican Grill improved in value after it said that long-term backer Quilvest Capital Partners has sold its 20% stake in the fast food business to technology investor Auctor Group. Tortilla said the backing of Auctor will help it drive operational improvements through new technology. Shares in the business moved 1% higher to 49.5p. Education software firm Tribal Group was a strong performer after its revenues grew faster than market guidance last year, helping it to reduce its debts. The Bristol-based group saw shares rise by 20.5% to 47p. The price of oil fell slightly after US President Donald Trump hinted that the commodity may be excluded from plans to launch 25% tariffs on Mexican and Canadian imports. A barrel of Brent crude oil was down by 0.05% to 76.83 dollars (£61.74) as markets were closing in London. The biggest risers on the FTSE 100 were Smiths Group, up 201p to 2,066p, Land Securities, up 15.5p to 585p, Mondi, up 29.5p to 1,262.5p, St James's Place, up 24p to 1,054p, and JD Sports, up 1.94p to 89.12p. The biggest fallers on the FTSE 100 were Fresnillo, down 16.5p to 696p, Prudential, down 10.6p to 678.2p, Sainsbury's, down 3.8p to 254.4p, AB Foods, down 28p to 1,902p, and Marks & Spencer, down 4.4p to 335.8p.
The Independent
27-01-2025
- Business
- The Independent
FTSE rebounds to edge higher amid strong consumer stocks
The FTSE 100 recovered to close marginally higher amid a positive session for consumer and pharmaceutical stocks. British American Tobacco helped drive the top index to gains as it was boosted by plans from the Trump administration to axe a proposed ban on menthol cigarettes and flavoured cigars in the US. This helped to offset a weaker session for London's commodity stocks. The FTSE 100 finished 1.36 points, or 0.02%, higher to end the day at 8,503.71. Stateside, tech firms plunged early in the session after a new Chinese competitor emerged in the artificial intelligence boom. Axel Rudolph, senior technical analyst at IG, said: 'China's DeepSeek R1 AI, which surpassed ChatGPT as the top free app on the US App Store and apparently cost less than six million dollars to develop, made investors question lofty US tech valuations. 'Nvidia shares sank by 13%, erasing 465 billion dollars in market value. 'Falling US Treasury yields and bargain hunters helped US indices recover with the Dow flatlining.' Elsewhere in Europe, the other main markets were relatively downbeat, despite an improvement in business morale in Germany. The Cac 40 ended 0.27% lower for the day and the Dax index was down 0.54%. In currency, sterling took a small step back in its recent recovery against the dollar at the start of a quiet week for economic data. The pound was down 0.07% at 1.247 US dollars and was flat at 1.189 euros when London's markets closed. In company news, WH Smith was a touch lower after the retail firm confirmed over the weekend that it has held talks about potentially selling its 500-strong high street store business. The company said it is assessing options for the division as it seeks to focus on its larger travel operation. Investors initially welcomed the prospect, but shares ultimately finished 0.09% lower at 1,147p as analysts suggested it would impact earnings in the near term. Bootmaker Dr Martens stumbled slightly during the session despite trimming back its losses for the latest year. The firm's new boss said it is making progress in turning around its struggling US business but that revenues were still lower over the key festive period. Shares finished down 2.9% at 71p for the day. Shares in drinks giant Diageo were a touch lower after it denied reports it was considering possibly selling or spinning off its Guinness brand after booming popularity in recent years. The company saw its value lift late last week over the potential windfall of such a deal. However, shares therefore slipped by 0.4% to 2,493.5p after it confirmed on Sunday that it does not plan to sell Guinness or its stake in champagne maker Moet Hennessy. The price of oil plunged to its lowest level for a month after the US pulled back from initial threats over potential sanctions against Colombia. A barrel of Brent crude oil was down by 2.54% to 74.2 dollars (£59.51) as markets were closing in London. The biggest risers on the FTSE 100 were British American Tobacco, up 142p to 3,150p, ConvaTec, up 9p to 248.4p, GSK, up 45.5p to 1,402p, Airtel Africa, up 3.3p to 129.3p, and Unilever, up 99p to 4,643p. The biggest fallers on the FTSE 100 were Anglo American, down 157.5p to 2,378p, Scottish Mortgage Investment Trust, down 54.5p to 1,004.5p, Glencore, down 13.9p to 361.5p, Antofagasta, down 58p to 1,696.5p, and JD Sports, down 2.62p to 81.38p.
