Latest news with #GraemeEvans
Yahoo
02-04-2025
- Business
- Yahoo
FTSE 100 Live 02 April: Index lower ahead of US tariffs, food merger agreed
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. Read more here 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. Read more here 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. Read more here 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.
Yahoo
31-03-2025
- Business
- Yahoo
FTSE 100 Live 31 March: Gold at new record as Asia markets slide, Primark boss quits
07:21 , Graeme Evans The long-serving boss of Primark has resigned in the wake of an investigation into his conduct, the retailer's owner Associated British Foods said today. Paul Marchant joined Primark as chief operating officer in 2009 and within the same year became chief executive, taking over from Primark founder Arthur Ryan. ABF said today: 'Paul Marchant's departure follows an investigation, initiated by ABF and carried out by external lawyers, into an allegation made by an individual about his behaviour towards her in a social environment. 'Paul Marchant cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF. 'He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business.' The company said Primark is committed to doing business the right way at all levels of the company. ABF chief executive George Weston said: "I am immensely disappointed. 'At ABF, we believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long term. 'Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual." Read more here 07:04 , Graeme Evans Asia stock markets have fallen sharply while the FTSE 100 index is set to open today's session about 0.6% or 50 points lower. On Friday, the Dow Jones Industrial Average lost 1.7%, the S&P 500 index 2% and the Nasdaq Composite slumped 2.7% after the Federal Reserve's preferred inflation measure rose by more than expected. Worries over US tariff announcements due later this week also continue to impact sentiment, prompting a fresh flight to the safe haven asset of gold. The precious metal this morning reached a fresh record at $3118 an ounce. Asia markets experienced a sharp sell-off, with the Nikkei 225 down by more than 3% to its lowest level in six months and the Hang Seng index about 1.7% lower. Sign in to access your portfolio
Yahoo
21-03-2025
- Business
- Yahoo
FTSE 100 Live 21 March: Travel stocks weaken, JD Wetherspoon falls on margin squeeze
Public sector borrowing overshoots ASOS lifts earnings guidance Pub chain flags NI cost impact 10:09 , Graeme Evans Heathrow disruption hit IAG shares today as the British Airways owner joined JD Sports Fashion near the bottom of a weaker FTSE 100 index. IAG fell 4% at one point before recovering ground to settle 6.5p cheaper at 281.4p, down a fifth since forecast-beating results at the end of February. The closure of Europe's busiest airport comes with investor confidence already fragile due to concerns about a US recession and low consumer confidence. Elsewhere in the travel sector, easyJet fell 7.1p to 482.9p, InterContinental Hotels dropped 3% or 264p to 8310p and Premier Inn owner Whitbread dipped 66p to 2557p.. The FTSE 100 index fell 0.5% or 41.01 points to 8660.98, driven by expectations for a poor start to Wall Street trading in the wake of this week's central bank meetings. The Federal Reserve signalled two rate cuts this year but also downgraded growth projections alongside an increase in its inflation forecast. The Bank of England yesterday voted 8-1 to leave interest rates on hold. The worst performing stock in the FTSE 100 index was JD Sports Fashion, which fell 5% or 4.4p to 75.5p on the read-across to last night's Nike results. The US giant, which is a key partner for JD, reported a 9% drop in third quarter revenues to $11.3 billion and said its gross margin had weakened due to the early stages of its Win Now overhaul. Nike's shares fell 5% in extended hours trading. A drop in copper futures meant miners featured on the fallers board as Antofagasta lost 88.5p to 1821p and Anglo American eased 58p to 2268.5p. On the risers board, defensive moves by investors meant Centrica rose 1.5p to 146.5p and Reckitt Benckiser lifted 32p to 5232p. The FTSE 250 index fell 0.7% or 133.50p to 19,964.48, with JD Wetherspoon down 9% after the pub chain's robust sales performance in the first half of its financial year was offset by margin pressure from labour and utility costs. The shares weakened 54.5p to their lowest level in two years at 542.5p after JD posted an unexpected 4.3% drop in half-year operating profit to £64.8 million. Despite increases in National Insurance and labour rates costing it approximately £1,500 per pub per week, the chain remains confident of a 'reasonable' full-year outcome after like-for-like sales growth of 5% in the past seven weeks. ASOS shares jumped 23% or 58.2p to 313.2p after it lifted half-year earnings guidance on lower markdown activity and increased full-price sales. The online fashion chain expects to post a figure above the City's £34 million estimate, which compared with the previous year's loss of £16.3 million. The shares, which started the year at 436p, rallied 11% yesterday on the disclosure that Danish billionaire Anders Povlsen has increased his stake nearer to 30%. 09:04 , Graeme Evans The shares of JD Sports Fashion have fallen 5% after Nike last night posted results showing a 9% decline in third quarter revenues to $11.3 billion. The gross margin dropped 330 basis points to 41.5%, primarily due to higher discounts and inventory clearance under the company's Win Now overhaul. Nike chief executive Elliott Hill said: "The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path.' Net income for the quarter of $794 million fell 32% on a year earlier. The US giant's shares reversed 5% in after-hours dealings while UK-based wholesale partner JD Sports dropped 4p to 75.8p in the FTSE 100 index. UBS said: 'In the short term, JD Sports may still feel the impact of Nike's inventory clearance efforts, which according to Nike, could continue through the first half of fiscal 2026. 'However, a key takeaway from the call was management's commitment to supporting wholesale partners by clearing old inventories and offering higher wholesale discounts.' 08:23 , Graeme Evans IAG shares have fallen 3% after the British Airways owner's flight schedules were disrupted by today's closure of Heathrow Airport. Kathleen Brooks, XTB research director, said: 'The airline sector is fragile now, due to concerns about a US recession and a weak global consumer. 'IAG's share price is down 16% in the past month, so news of disruption at Europe's busiest airport is the latest event to knock this sector.' IAG's fall of 8.4p to 282.2p came in a weak session for the FTSE 100 index, which dropped 24.30 points to 8677.69. Low-cost carrier easyJet also weakened 9.5p to 480.5p and hotel chain IHG lost 142p to 8432p. The biggest faller in the top flight was JD Sports Fashion, which reversed 3p to 76.8p on the read-across to last night's weaker sales and earnings by Nike. Sainsbury's rose 2p to 239p at the top of the FTSE 100 index after HSBC lifted the supermarket to a Buy recommendation with 285p target price. In the FTSE 250, ASOS shares jumped 24% or 62.8p to 317.8p after it boosted earnings guidance. JD Wetherspoon fell 56.5p to 540.5p following the release of half-year results. 08:03 , Graeme Evans GfK's long-running Consumer Confidence Index increased by one point to minus 19 in March. Expectations for the general economic situation over the next 12 months improved by two points to minus 29 – six points lower than a year ago. The view on personal finances over the next 12 months fell by one point to positive one, while the major purchase index, a measure of confidence in buying big ticket items, remained unchanged at minus 17. Read more here 07:33 , Graeme Evans Pub chain JD Wetherspoon today said increases in National Insurance and labour rates will cost it £60 million a year - approximately £1,500 per pub, per week. Presenting half-year results, chair Tim Martin pointed out that labour costs are around 35% of the pub industry's sales, compared to around 11% for supermarkets. He said the disproportionate impact on pubs exacerbated the already-wide price differential for customers between the on and off-trade. Martin added: "The combination of much higher VAT rates for pubs than supermarkets, combined with increased labour costs will weigh heavily on the pub industry.' Wetherspoon reported a 4.8% increase in like-for-like sales in the 26 weeks to 26 January, with total revenues up 3.9% to £1.03 billion. Pre-tax profits fell 8.6% to £32.9 million. In the last seven weeks to Sunday, like-for-like sales rose by 5%. Martin said: "The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance." Shares fell 8% or 49p to a two-year low of 548p. Richard Hunter, head of markets at Interactive investor, said: 'There are clearly signs of further progress for Wetherspoon, but a weaker wider market and the moribund outlook for the UK economy have brushed any positives aside. 'Spoons has been dealt some difficult hands over the years which, for the most part, it has been dogged in turning into profit.' 07:21 , Graeme Evans Online fashion chain ASOS today reported a bigger-than-expected improvement in profitability for the first half of its financial year. In a brief update ahead of interim results on 24 April, the FTSE 250-listed business forecast earnings better than the City consensus of £34 million. This compares with the previous year's loss of £16.3 million and 2023's £4.6 million surplus. The performance follows strong margin progress driven by lower markdown activity and increased full-price mix, as well as continued cost discipline. Sales are down in line with expectations by 13% although ASOS said full-price sales returned to growth in the half year. Shares jumped 22% or 52.9p to 311p following the update, adding to yesterday's rebound of 11% on the back of further stake building by Danish billionaire Anders Povlsen, Aarin Chiekrie, equity analyst, Hargreaves Lansdown, said: 'Despite the positive momentum, investors should keep in mind that there are still plenty of challenges to navigate as ASOS attempts to turn its fortunes around. 'Key metrics like active customer numbers were heading in the wrong direction at the last count. And there's plenty of competition from the likes of Next, Shein and Temu which could put downward pressure on pricing and weigh on ASOS' ability to rebuild its profitability.' 07:07 , Graeme Evans The Government borrowed £10.7 billion last month, the fourth highest February figure since records began in 1993 and above City forecasts of about £7 billion. Borrowing in the financial year to February was £132.2 billion, an increase of £14.7 billion on the same point in the last financial year. In October, the Office for Budget Responsibility (OBR) forecast that the public sector would borrow £127.5 billion for the whole of the financial year to March. An updated OBR forecast will be published in the Chancellor's Spring Statement on Wednesday. Capital Economics said: 'Although they will have no impact on the fiscal update next week, the significant overshoot in borrowing in February highlights the Chancellor's tight fiscal backdrop. 'The OBR will still most likely conclude that the Chancellor's headroom against her fiscal rules has been wiped out. So we expect her to announce further non-defence spending cuts, on top of the welfare cuts already unveiled earlier this week.' Read more here 07:01 , Graeme Evans Stock markets are struggling to make headway in the aftermath of central bank meetings in countries including the US and UK. The S&P 500 index last night fell 0.2% and the Nasdaq Composite lost 0.3%, while the Dow Jones Industrial Average finished near to its opening mark. The muted performance followed Wednesday's rally after the Federal Reserve stuck to guidance for two interest rate cuts this year. The FTSE 100 index dipped 4.67 points to 8701.99 after the Bank of England's 8-1 vote to leave interest rates on hold. London's top flight is expected to open flat after leading benchmarks in Shanghai and Hong Kong fell by more than 1% this morning.
Yahoo
21-03-2025
- Business
- Yahoo
FTSE 100 Live 21 March: Borrowing figure tops forecasts, ASOS lifts earnings guidance
08:23 , Graeme Evans IAG shares have fallen 3% after the British Airways owner's flight schedules were disrupted by today's closure of Heathrow Airport. The decline of 8.4p to 282.2p came in a weak session for the FTSE 100 index, which dropped 24.30 points to 8677.69. Low-cost carrier easyJet also weakened 9.5p to 480.5p and hotel chain IHG lost 142p to 8432p. The biggest faller in the top flight was JD Sports Fashion, which reversed 3p to 76.8p on the read-across to last night's weaker sales and earnings by Nike. Sainsbury's rose 2p to 239p at the top of the FTSE 100 index after HSBC lifted the supermarket to a Buy recommendation with 285p target price. In the FTSE 250, ASOS shares jumped 24% or 62.8p to 317.8p after it boosted earnings guidance. JD Wetherspoon fell 56.5p to 540.5p following the release of half-year results. 08:03 , Graeme Evans GfK's long-running Consumer Confidence Index increased by one point to minus 19 in March. Expectations for the general economic situation over the next 12 months improved by two points to minus 29 – six points lower than a year ago. The view on personal finances over the next 12 months fell by one point to positive one, while the major purchase index, a measure of confidence in buying big ticket items, remained unchanged at minus 17. Read more here 07:33 , Graeme Evans Pub chain JD Wetherspoon today said increases in National Insurance and labour rates will cost it £60 million a year - approximately £1,500 per pub, per week. Presenting half-year results, chair Tim Martin pointed out that labour costs are around 35% of the pub industry's sales, compared to around 11% for supermarkets. He said the disproportionate impact on pubs exacerbated the already-wide price differential for customers between the on and off-trade. Martin added: "The combination of much higher VAT rates for pubs than supermarkets, combined with increased labour costs will weigh heavily on the pub industry.' Wetherspoon reported a 4.8% increase in like-for-like sales in the 26 weeks to 26 January, with total revenues up 3.9% to £1.03 billion. Pre-tax profits fell 8.6% to £32.9 million. In the last seven weeks to Sunday, like-for-like sales rose by 5%. Martin said: "The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance." 07:21 , Graeme Evans Online fashion chain ASOS today reported a bigger-than-expected improvement in profitability for the first half of its financial year. In a brief update ahead of interim results on 24 April, the FTSE 250-listed business forecast earnings better than the City consensus of £34 million. This compares with the previous year's loss of £16.3 million and 2023's £4.6 million surplus. The performance follows strong margin progress driven by lower markdown activity and increased full-price mix, as well as continued cost discipline. Sales are down in line with expectations by 13% although ASOS said full-price sales returned to growth in the half year. 07:07 , Graeme Evans The Government borrowed £10.7 billion last month, the fourth highest February figure since records began in 1993 and above City forecasts of about £7 billion. Borrowing in the financial year to February was £132.2 billion, an increase of £14.7 billion on the same point in the last financial year. In October, the Office for Budget Responsibility (OBR) forecast that the public sector would borrow £127.5 billion for the whole of the financial year to March. An updated OBR forecast will be published in the Chancellor's Spring Statement on Wednesday. Capital Economics said: 'Although they will have no impact on the fiscal update next week, the significant overshoot in borrowing in February highlights the Chancellor's tight fiscal backdrop. 'The OBR will still most likely conclude that the Chancellor's headroom against her fiscal rules has been wiped out. So we expect her to announce further non-defence spending cuts, on top of the welfare cuts already unveiled earlier this week.' Read more here 07:01 , Graeme Evans Stock markets are struggling to make headway in the aftermath of central bank meetings in countries including the US and UK. The S&P 500 index last night fell 0.2% and the Nasdaq Composite lost 0.3%, while the Dow Jones Industrial Average finished near to its opening mark. The muted performance followed Wednesday's rally after the Federal Reserve stuck to guidance for two interest rate cuts this year. The FTSE 100 index dipped 4.67 points to 8701.99 after the Bank of England's 8-1 vote to leave interest rates on hold. London's top flight is expected to open flat after leading benchmarks in Shanghai and Hong Kong fell by more than 1% this morning.
Yahoo
21-03-2025
- Business
- Yahoo
FTSE 100 Live 21 March: Borrowing figure tops forecasts, ASOS lifts earnings guidance
07:21 , Graeme Evans Online fashion chain ASOS today reported a bigger-than-expected improvement in profitability for the first half of its financial year. In a brief update ahead of interim results on 24 April, the FTSE 250-listed business forecast earnings better than the City consensus of £34 million. This compares with the previous year's loss of £16.3 million and 2023's £4.6 million surplus. The performance follows strong margin progress driven by lower markdown activity and increased full-price mix, as well as continued cost discipline. Sales are down in line with expectations by 13% although ASOS said full-price sales returned to growth in the half year. 07:07 , Graeme Evans The Government borrowed £10.7 billion last month, the fourth highest February figure since records began in 1993 and above City forecasts of about £7 billion. Borrowing in the financial year to February was £132.2 billion, an increase of £14.7 billion on the same point in the last financial year. In October, the Office for Budget Responsibility (OBR) forecast that the public sector would borrow £127.5 billion for the whole of the financial year to March. An updated OBR forecast will be published in the Chancellor's Spring Statement on Wednesday. 07:01 , Graeme Evans Stock markets are struggling to make headway in the aftermath of central bank meetings in countries including the US and UK. The S&P 500 index last night fell 0.2% and the Nasdaq Composite lost 0.3%, while the Dow Jones Industrial Average finished near to its opening mark. The muted performance followed Wednesday's rally after the Federal Reserve stuck to guidance for two interest rate cuts this year. The FTSE 100 index dipped 4.67 points to 8701.99 after the Bank of England's 8-1 vote to leave interest rates on hold. London's top flight is expected to open flat after leading benchmarks in Shanghai and Hong Kong fell by more than 1% this morning. Sign in to access your portfolio
