Tag: Andy Burnham

  • FTSE 100 Opens Lower After Rally as Brent Crude Surges Above $97; Mixed Corporate Earnings in Focus

    FTSE 100 Opens Lower After Rally as Brent Crude Surges Above $97; Mixed Corporate Earnings in Focus

    The FTSE 100 opened 16.72 points lower at 10,700.25 on Wednesday, pulling back after a sharp rally that pushed the index to a 20-week high of 10,716.97. The decline came as oil prices continued to climb, with Brent crude futures jumping 3.36% to $97.23 per barrel and US West Texas Intermediate (WTI) gaining 2.75% to $89.22.

    Gainers & Losers

    On the upside, Segro led the gainers with a 7.06% rise to 958.20p. Anglo American advanced 4.93% to 3,703p, while 3i Group rose 2.98% to 2,628p. RELX gained 2.61% to 2,518.00p, BP climbed 2.32% to 551.80p, and Tritax Big Box REIT added 1.84% to 171.90p.

    On the downside, Whitbread fell 3.14% to 2,379p. Endeavour Mining declined 2.49% to 3,650p, while London Stock Exchange Group slipped 1.34% to 8,566p. AstraZeneca dropped 1.26% to 12,542.00p, Games Workshop Group eased 0.90% to 19,920p, and Lion Finance Group edged 0.69% lower to 11,520p.

    Mixed Numbers from Centrica

    Centrica hiked its interim dividend by 9% despite lower first-half profits, as energy-market volatility slowed progress in parts of the British Gas owner’s business. Underlying earnings (EBITDA) of £737 million were reported for the six months to June, down 18% year-on-year. Statutory profit before tax swung to £672 million from a £43 million loss.

    Burnham to Cut Pub Business Rates

    Andy Burnham announced a 20% cut to business rates for pubs, clubs, and music venues, funded by cracking down on businesses like vape shops and tax-avoidant online sellers. The £100 million commitment follows a campaign by hospitality venues after tax bills soared due to Rachel Reeves’ Autumn Budget last year.

    EasyJet Profits Decline

    EasyJet reported a 70% fall in third-quarter profit, with headline profit before tax of £85 million for the three months to June, down from £286 million a year earlier. The Middle East conflict kept fuel costs elevated and affected bookings. Group revenue advanced 2% to £2.98 billion, but fuel costs jumped 17% to £732 million.

    Jupiter’s Net Inflows Continue

    Jupiter’s net inflows and profit jumped despite the loss of two mandates. Net inflows reached £700 million in the first half of the year, driven by momentum in retail, wholesale, and investments. Assets under management (AUM) rose 36% to £73.7 billion, supported by the acquisition of CCLA. Revenue grew 39% to £213.3 million.

    Global Market View

    In the US, the Nasdaq and S&P 500 fell 0.6% and 0.1%, respectively, while the Dow Jones finished little changed. In Asia, Tokyo’s Nikkei 225 rose 0.46% to 66,422.6, and China’s Shanghai Composite gained 0.25%. Hong Kong’s Hang Seng advanced 1.09%, and South Korea’s Kospi rose 4.4%. In India, the Nifty 50 and the Sensex fell 0.49% and 0.56%, respectively.

  • FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    The FTSE 100 opened 34.07 points lower at 10,566.30 on Monday, as continued US airstrikes against Iran and expanding Iranian retaliation across the Gulf region deepened risk-off sentiment. Brent crude futures surged 2.62% to $90.41 per barrel, while US West Texas Intermediate (WTI) advanced 2.39% to $84.36 per barrel. Sterling edged lower to $1.3452 against the US dollar.

    Gainers and Losers

    On the upside, Computacenter led gains with a 3.49% rise to £4,740, followed by Entain (+1.61%), Auto Trader (+0.94%), BP (+0.81%), JD Sports Fashion (+0.76%), and Convatec Group (+0.74%). On the downside, Coca-Cola Europacific Partners fell 1.02%, Spirax Group slipped 1.15%, Unilever dropped 1.40%, Reckitt Benckiser eased 1.14%, Rio Tinto declined 0.83%, and Next edged 0.37% lower.

    Political Shake-Up: Andy Burnham Poised to Become UK Prime Minister

    Andy Burnham, the former mayor of Greater Manchester and new Labour Party leader, is expected to succeed Keir Starmer as Britain’s seventh prime minister in the last decade. Burnham returned to Parliament last month after winning a special election and was sworn in on July 12, shortly after Starmer announced his resignation. Starmer will formally step down during a meeting with King Charles III.

    Ryanair Profit Slumps on Fuel Costs

    Ryanair reported a 36% slump in pre-tax profit to €593 million for the three months to June, as rising jet fuel prices driven by the Iran conflict took a toll. The airline noted that the cost of 20% of unhedged fuel more than doubled to $150 per barrel, pushing operating costs up 11% to €3.8 billion. Although traffic rose 6%, lower fares caused revenue to dip 1% to €4.3 billion.

    Craneware Cyberattack Shakes Shares

    Craneware shares fell as much as 8% after the healthcare software firm disclosed a cyberattack involving unauthorized access to a subset of its data environment. Employee data and a portion of customer and partner records were accessed and exfiltrated. Analysts at Panmure Liberum warned that consistency in breach reporting is critical to avoid regulatory penalties.

    Big Yellow Group Invests in Automation

    Big Yellow Group said it is increasing investment in automation and energy efficiency to reduce headcount and staff costs amid rising national insurance and minimum wage pressures. CEO Jim Gibson noted the move allows the company to avoid replacing certain leavers. Group revenue edged up 3% to £53.2 million, though the operating environment is expected to remain challenging until autumn.

    Global Market Overview

    US futures were mixed early Monday, with S&P 500 futures up 0.04% and Nasdaq-100 futures up 0.14%, while Dow futures dipped 59 points. Asian markets saw sharp declines: Tokyo’s Nikkei 225 fell 4.03%, China’s Shanghai Composite dropped 0.85%, and South Korea’s Kospi slid 4.46%. Hong Kong’s Hang Seng bucked the trend with a 2.25% gain. Indian indices Nifty 50 and Sensex declined 0.42% and 0.53%, respectively.

    This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making investment decisions.