Latest news with #FTSE250
Reuters
5 hours ago
- Business
- Reuters
Healthcare boosts UK's FTSE 100 as earnings, Fed meeting in focus
July 29 (Reuters) - Britain's FTSE 100 closed higher on Tuesday, led by healthcare shares, as investors assessed mixed corporate updates and awaited the Federal Reserve's next policy decision on Wednesday. The benchmark index (.FTSE), opens new tab rose 0.6%. Healthcare stocks (.FTNMX201030), opens new tab gained 2.2% after AstraZeneca (AZN.L), opens new tab beat second-quarter revenue and profit expectations. Shares of the drugmaker climbed 3.4%. Heavyweight bank stocks (.FTNMX301010), opens new tab advanced 1.5%, tracking gains in European peers. Barclays (BARC.L), opens new tab gained 2.8% after the British lender's first-half profit rose by a better-than-expected 23%. Europe's bank stocks rose to their highest level since September 2008 as investors bet on improved profits and resilience in an industry broadly insulated from tariff turmoil. Precious metal miners (.FTNMX551030), opens new tab led sectoral gains with a 2.4% rise as gold prices steadied after hitting their lowest level since July 9 on Monday. Conversely, chemical stocks (.FTNMX552010), opens new tab lost 5.4%, pressured by Croda International's (CRDA.L), opens new tab 10.4% fall, after the chemical company reported first-half sales below estimates. Industrial miners (.FTNMX551020), opens new tab lost 1.3%, tracking lower copper prices. Glencore (GLEN.L), opens new tab and Anglo American (AAL.L), opens new tab fell 3.4% and 1.6% respectively. Among other individual stocks, Games Workshop (GAW.L), opens new tab surged 5.4% to top the FTSE 100 index, after the miniature wargames maker reported a nearly 30% jump in annual pre-tax profit. The domestically-focused midcap FTSE 250 index (.FTMC), opens new tab closed down 0.7%, pressured by Inchcape's (INCH.L), opens new tab 11.7% fall after the car distributor reported a 4% drop in first-half adjusted pre-tax profit at constant currency. Greggs (GRG.L), opens new tab slipped 4.7% after reporting a 14% fall in first-half profit. On trade, U.S. Commerce chief Howard Lutnick said on Tuesday that President Donald Trump would make his trade deal decisions this week, even as separate negotiations with China and the European Union continue. U.S. and EU officials were still discussing steel and aluminium tariffs as well as digital services regulations. Trump also flagged a "world tariff" rate of 15% to 20% on Monday for countries that were not negotiating a deal, among the highest rates since the Great Depression of the 1930s. Focus will be on the U.S. central bank's policy meeting, which is expected to leave rates unchanged on Wednesday.
The Independent
6 hours ago
- Business
- The Independent
FTSE 100 climbs as earnings cascade brings cheer
The FTSE 100 made strong progress on Tuesday, boosted by results from AstraZeneca and Barclays, but it was a gloomy day for investors in Novo Nordisk. Russ Mould, of AJ Bell, said: 'It's a busy week for corporate earnings in the UK and US, and investors have plenty of news to digest. The latest set of UK results was generally well-received.' The FTSE 100 index closed up 54.88 points, 0.6%, at 9,136.32. The index had earlier traded as high as 9,163.24. The FTSE 250 closed 158.73 points lower, 0.7%, at 21,793.07, and the AIM All-Share closed down 7.27 points, 0.9%, at 765.75. In London, investors weighed a barrage of earnings with shares of AstraZeneca, Barclays, Games Workshop and Entain moving higher, although Croda International struggled. Games Workshop led the way, up 5.4%, as it said pre-tax profit jumped 29% to £262.8 million in the financial year that ended June 1 from £203 million a year ago. The Nottingham, England-based fantasy game figurine maker and retailer said revenue rose 17% to £617.5 million from £525.7 million. Reflecting the strong earnings, the total dividend was £5.20, up 24% from £4.20 the year before. AstraZeneca, the largest FTSE 100 constituent, rose 3.4%. The Cambridge, England-based pharmaceuticals company said pre-tax profit jumped 30% to 3.13 billion dollars in the second quarter of 2025 from 2.4 billion dollars a year prior, or by 34% at constant currency. Revenue rose 12% to 14.46 billion dollars in the quarter from 12.94 billion dollars a year ago, or by 11% at constant currency, ahead of Visible Alpha's consensus of 14.31 billion dollars. Sales were driven by double-digit growth in Oncology and BioPharmaceuticals, with increases across all major geographic regions. Entain climbed 0.8% as it raised guidance at its BetMGM joint venture, while Barclays advanced 2.5% after well-received results and despite a lack of a guidance hike. Bank of America said Barclays printed a 'good' set of results, with underlying profit around 11% above consensus, driven primarily by higher income (particularly non-interest income) and lower impairments. But Croda International was down 10%. The speciality chemicals maker posted improved revenue for the first half, though impairments limited its bottom line. Croda's pre-tax profit in the first half of 2025 fell 19% to £85.5 million from £106.1 million, despite revenue improving 4.9% to £855.8 million from £815.9 million. Adjusted pre-tax profit rose 8.4%, however, to £138 million from £127.3 million. Revenue fell slightly short of the company-compiled consensus of £857 million. It beat on profit, however, as the adjusted pre-tax profit consensus stood at £136.6 million. The upbeat mood spread to Europe. The CAC 40 in Paris rose 0.7%, while the DAX 40 in Frankfurt advanced 1%. However, Denmark's Novo Nordisk plunged 23% as it lowered full-year sales and profit guidance, citing weaker-than-expected uptake of key weight-loss and diabetes treatments in the US. Novo Nordisk lowered its 2025 sales growth guidance to between 8% and 14%, down from 13% to 21%. It now expects operating profit growth of 10% to 16%, reduced from a previous range of 16% to 24%. The company blamed slower-than-expected Wegovy uptake in the US obesity market, compounded by ongoing sales of compounded GLP-1s, a more competitive landscape for Ozempic in the US, and lower-than-expected Wegovy penetration in select international markets. Analysts at Jefferies said the 2025 outlook cut suggests high single-digit percentage underlying profit forecast downgrades. In New York on Tuesday, the Dow Jones Industrial Average was down 0.3%, the S&P 500 was 0.1% lower, as was the Nasdaq Composite. A report from the Conference Board showed a slight pickup in consumer confidence, albeit from low levels, while another release showed a larger-than-expected drop in job openings. On Wednesday, the Federal Reserve is widely expected to leave interest rates unchanged. According to the CME FedWatch Tool, it is near-certain that the Fed will maintain rates at the 4.25%-4.5% range this week. The Fed held in each of the first four meetings this year. Its last cut was in December, a 25 basis points trim to the federal funds rate range. A fifth successive hold is in the offing during the final meeting before a summer break. A 'wait and see' approach will likely be the message from chairman Jerome Powell at the subsequent press conference, analysts at Morgan Stanley predict. 'We think chair Powell will remain balanced, acknowledging both upside risks to inflation and the projections for rate cuts later this year,' Morgan Stanley analysts said. Attention will focus on any dissent in the ranks of the Federal Open Market Committee, where Governors Michelle Bowman and Christopher Waller may back a rate cut. Meanwhile, Chinese and US delegations met for their second day of trade negotiations in Stockholm, with both sides said to be aiming to extend a truce due to end in two weeks' time. Neither side has so far made public any information about what has gone on in the talks, which started on Monday. Joshua Mahony at Rostro said: 'There is an expectation that an extension to the tariff deadline with China will open a pathway for Xi Jinping and Donald Trump to meet in person, heightening hopes for an impending trade deal between the world's two largest economies.' The pound eased to 1.3337 dollars late on Tuesday afternoon in London, compared to 1.3403 dollars at the equities close on Monday. The euro traded at 1.1537 dollars, lower against 1.1620 dollars. Against the yen, the dollar was trading slightly lower at 148.38 yen compared to 148.45 yen. The yield on the US 10-year Treasury was at 4.35%, trimmed from 4.42%. The yield on the US 30-year Treasury was at 4.88% narrowed from 4.96%. On Wall Street, Merck was another drugs maker in the news with shares down 4.8% as it announced plans to save 3 billion dollars annually by the end of 2027, and tightened full-year guidance, as second quarter sales fell short of expectations. The Rahway, New Jersey-based pharmaceutical company said GAAP net income fell 19% to 4.43 billion dollars in the second quarter of 2025 from 5.46 billion dollars a year prior. Sales decreased 1.9% to 15.81 billion dollars from 16.11 billion dollars a year ago, missing LSEG consensus of 15.89 billion dollars. Sales of human papillomavirus drug, Gardasil, slumped 55% to 1.13 billion dollars due to lower demand in China. Brent oil was quoted higher at 70.74 dollars a barrel in London on Tuesday, up from 69.65 dollars late on Monday. Gold rose to 3,327.45 dollars an ounce against 3,314.26 dollars. The biggest risers on the FTSE 100 were Games Workshop, up 830p at 16,090p; AstraZeneca, up 368p at 11,158p; Endeavour Mining, up 66p at 2,332p; Barclays, up 10p at 371.2p; and Rolls-Royce, up 24.6p at 1,006p. The biggest fallers on the FTSE 100 were Croda International, down 301p at 2,598p; Rentokil Initial, down 12.9p at 348.1p; Glencore, down 10.8p at 305.9p; Unite Group, down 21.5p at 764.5p; and Whitbread, down 86p at 3,108p. Wednesday's local corporate calendar has half-year results from defence manufacturer BAE Systems, Asia-focused lender HSBC, pharmaceuticals firm GSK, miners Rio Tinto and Glencore and housebuilder Taylor Wimpey. The global economic calendar on Wednesday sees interest rate decisions in the US and Canada, and US economic growth figures.
Mint
13 hours ago
- Business
- Mint
UK equities mixed as investors assess slew of corporate earnings, US-EU trade deal
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) * FTSE 100 up 0.4%, FTSE 250 down 0.3% * AstraZeneca rises after Q2 profit beats expectations * Greggs falls on lower first-half profit * Entain rises after BetMGM raises FY outlook * Inchcape slips on HY profit drop July 29 (Reuters) - London's main stock indexes were mixed on Tuesday as investors assessed a spate of mixed corporate updates as well as the fallout from the newly signed U.S.-EU trade deal. The benchmark FTSE 100 rose 0.4% as of 0934 GMT, while the domestically focused midcap FTSE 250 index was down 0.3%. Healthcare stocks led the sectoral gains, up 1.8%, with AstraZeneca rising 2.8% after the drugmaker beat second-quarter revenue and profit expectations. Chemical stocks lost 2.5%, dragged down by Croda International, which fell 5.1% after the chemical company reported first-half sales below estimates. Industrial miners lost 1%, tracking lower copper prices. Glencore and Anglo American fell 2.4% and 1.2% respectively. Among other corporate updates, Games Workshop surged 6.3%, to top the FTSE 100 index, after the miniature wargames maker reported a nearly 30% jump in annual pre-tax profit. Entain rose 1.4% after the company's U.S. sports-betting joint venture with MGM Resorts called BetMGM raised its full-year 2025 revenue and core earnings forecast. Inchcape lost 9.6%, top loser on the FTSE 250 midcap index, after the car distributor reported a 4% drop in first-half adjusted pre-tax profit at constant currency. Greggs fell 4.9% after reporting a 14% fall in first-half profit. A survey showed British shop prices rose by the most in more than a year in the 12 months to July and food prices grew more strongly. The Bank of England is expected to cut borrowing costs on August 7 for the fifth time since August last year. Meanwhile, investors weighed the impact of a new 15% levy on most European Union goods, which is significantly higher than pre-2025 levels. Ahead of the August 1 tariff deadline, U.S. President Donald Trump said a blanket 15% to 20% "world tariff" rate would be extended toward trading partners who do not negotiate separate trade deals with the U.S. Top U.S. and Chinese economic officials resumed their trade talks for a second day in Stockholm to resolve economic disputes, while seeking to extend the previous tariff truce by three months. (Reporting by Sukriti Gupta in Bengaluru; Editing by Shreya Biswas)
Business Recorder
a day ago
- Business
- Business Recorder
Industrial stocks drag UK equities, investors assess US-EU trade deal
London's main stock indexes closed lower on Monday, pressured by industrial shares, while investors assessed a U.S.-EU trade deal along with economic data. The blue-chip FTSE 100 reversed earlier gains with a 0.4% fall, while the domestically focused midcap FTSE 250 index fell 0.8%. The U.S. struck a framework trade agreement with the EU on Sunday, which imposes a 15% tariff on most EU goods and requires the bloc to invest around $600 billion in the United States. However, some European capitals complained it was lopsided in favour of Washington. Meanwhile, data showed on Monday a downturn in British retail sales extended into its tenth month in July as rising prices weighed on consumers, although the pace of the fall was less severe than in June. Also on Monday, the U.S. and China met in Stockholm to resume talks to resolve longstanding economic disputes at the centre of a trade war between the world's top two economies, aiming to extend a truce by three months. In the market, the industrial subindex led the broader sectoral decline, down 1.6%, with RS Group falling 3.1%. Precious and industrial metal miners fell nearly 1% and 0.9% respectively, tracking lower gold and metal prices. Conversely, energy stocks rose 1.2% as oil prices rose. Heavyweight BP gained the most in the FTSE 100, up 2.2%. Among individual stocks, Ocean Wilsons Holdings slipped more than 14% after the British investment holding company agreed to an all-share merger with Hansa Investment , creating a £900 million ($1.21 billion) diversified investment firm. The Bank of England is expected to slow the pace soon at which it shrinks its 558 billion-pound ($754 billion) holdings of government bonds, with economists hoping for some clarity next week on the central bank's longer-term goals for the stockpile. Traders are currently pricing in an 86.5% chance of a 25 basis point BoE interest rate cut on August 7, according to data compiled by LSEG.
The Herald Scotland
a day ago
- Business
- The Herald Scotland
Deadline for Wood takeover offer postponed for sixth time
The arrangement would include a longer duration for Wood to repay its existing debts via an extension to October 2028, plus an initial cash injection of $250m from Sidara. However, a number of Wood's lenders have yet to agree to the proposal. Read more: Wood said it is working to secure 100% support but in the absence of this it could use a legal process known as a scheme of arrangement, which only requires approval from a majority of creditors representing 75% of outstanding debt. Meanwhile, it has been reported that Sidara is considering reducing the price of its takeover offer following the launch of an investigation by the Financial Conduct Authority (FCA) after an independent review found "cultural failings" with accounting practices at Wood. The nature of the FCA enquiry has not been disclosed, though it covers the period from January 1, 2023 to November 7, 2024. The previous independent review by Deloitte found "material weaknesses and failures" within Wood's projects business and its engagement with the group finance team. This has led to a delay in the publication of Wood's financial accounts for 2024, which were due at the end of April. Wood said it is continuing to work with its auditor to publish those accounts. Read more: Against this backdrop, Wood and Sidara have asked for and received from the Takeover Panel a sixth extension to the "put up or shut up" deadline by which Abu Dhabi-based Sidara must make a firm offer. This will expire at 5pm on August 25. Sidara made its first approach for Wood in May of last year. The Scottish company rejected the initial offer for 205p per share, saying it "fundamentally undervalued Wood and its future prospects". Sidara continued to make advances but in August 2024 withdrew its fourth bid for 230p per share, which valued the company at approximately £1.5 billion, citing "rising geopolitical risks" and broader uncertainty across financial markets. Shares in Wood plummeted thereafter with the company eventually losing its spot in the FTSE 250 index of London mid-caps. Read more: Following the delay in the publication of Wood's 2024 financial accounts, the company's shares were suspended from trading on the London Stock Exchange on May 1 of this year. The remain suspended at 18.44p each. In a separate announcement this morning, Wood also said that it has appointed Paul O'Donnell as a non-executive director of the company. Wood chairman Roy Franklin said Mr O'Donnell, a fellow of Chartered Accountants Ireland, has significant experience of "helping companies navigate similar challenges to those Wood faces today". Mr O'Donnell is described as having more than 25 years' experience of mergers, acquisitions and business transformation, and has previously served on the boards of companies such as Nordic Aviation Capital, The Very Group, and TalkTalk.
