Tag: sterling

  • FTSE 100 Opens 101 Points Lower as Oil Prices and AI Concerns Weigh on UK Stocks

    FTSE 100 Opens 101 Points Lower as Oil Prices and AI Concerns Weigh on UK Stocks

    The FTSE 100 opened 101.11 points lower at 10,596.46 on Tuesday, as rising oil prices—driven by Saudi supply disruptions—and growing unease over the pace of artificial intelligence development dampened market sentiment. Brent crude futures fell 1.96% to USD 107.8 per barrel, while US West Texas Intermediate (WTI) declined 1.98% to USD 103.4 per barrel.

    Sterling was quoted at USD 1.3482 early Tuesday, just below USD 1.3581 at the London equities close on Monday. Versus the euro, the pound rose to EUR 1.1684 from EUR 1.1679.

    Gainers & Losers

    On the upside, Marks & Spencer Group climbed 1.38% to 375.90p. Kingfisher advanced 1.36% to 291.80p, while BAE Systems gained 0.80% to 1,955.50p. Babcock International Group rose 0.60% to 966.80p, Tesco added 0.48% to 483.20p, and GSK increased 0.46% to 1,863p.

    On the downside, London Stock Exchange Group fell 2.38% to 8,272p. Rio Tinto declined 1.85% to 7,074p, while Lion Finance Group dropped 1.64% to 13,190p. Diploma slipped 1.06% to 6,990p, AstraZeneca lost 0.63% to 12,078p, and Games Workshop Group edged 0.57% lower to 17,500p.

    Trustpilot Revenue Jumps

    Trustpilot Group, the online consumer review platform, reported H1 bookings rose 22% to USD 171.2 million and revenue up 23% to USD 151.4 million, as Enterprise and US demand accelerated growth from the prior year. Adjusted EBITDA grew 46% to USD 26.3 million from USD 18 million, with the adjusted EBITDA margin expanding 2.8 percentage points to 17.4%. However, operating profit fell 18% to USD 4.4 million, weighed down by USD 6 million in non-recurring items, including an AGCM fine and a provision for historical US sales taxes.

    Vacancies in the UK Declined

    Vacancies in the UK fell to 702,000 in the three months to August 2026, marking a fall of 8,000, official figures suggest. “Payroll numbers continued to edge down, with falls over the past year particularly evident in the retail and hospitality sectors,” Liz McKeown, director of economic statistics at the ONS, said. “Vacancies remain at their lowest level outside the pandemic period for more than a decade, with smaller businesses continuing to report that increased labor costs are affecting hiring decisions.”

    MJ Gleeson Cuts Dividend

    MJ Gleeson has declined to a pre-tax loss as the housing market remains subdued, prompting the housebuilder to cut its dividend. The builder posted a GBP 2.7 million pre-tax loss in the year to June and cut its dividend from 11p to five pence per share. “Recognizing that this subdued market may not improve anytime soon, we are focused on managing the business as efficiently as possible and taking a prudent stance on cash,” the group told shareholders. However, the number of homes sold was up 9.8% to 1,968, as evidence that it is in a “much stronger position to manage through the challenging market environment” than in recent years.

    Global Market View

    In the US, the S&P 500 lost 0.5%, the Nasdaq Composite fell 0.6%, and the Dow Jones declined 0.3%, while the ten-year Treasury yield briefly touched 5% before settling around 4.98%. In Asia on Tuesday, Tokyo’s Nikkei 225 declined 0.01% to 63,484.1, while China’s Shanghai Composite fell 0.54%. Hong Kong’s Hang Seng declined 0.94%, and South Korea’s Kospi dipped 0.85%. In India, both the Nifty 50 and the Sensex fell by 0.32% and 0.17%, respectively.

  • FTSE 100 Climbs 30 Points on US-Iran Diplomatic Hopes and Falling Oil Prices; Vodafone Surges 10.32%

    FTSE 100 Climbs 30 Points on US-Iran Diplomatic Hopes and Falling Oil Prices; Vodafone Surges 10.32%

    The FTSE 100 opened 30 points higher at 10,503 on Friday, buoyed by growing diplomatic optimism between the US and Iran that eased investor concerns over the Middle East conflict. The positive sentiment was further supported by a decline in oil prices, with Brent crude futures falling 0.83% to $75.71 a barrel and US West Texas Intermediate (WTI) dropping 0.74% to $71.55 a barrel.

    Sterling strengthened against both the dollar and the euro, trading at $1.3424 early Friday compared to $1.3397 at the London equities close on Thursday, and rising to €1.1736 from €1.1717 a day earlier.

    Gainers & Losers

    Top Gainers: Vodafone Group led the rally, soaring 10.32% to £107.85, after UAE telecom operator e& Group agreed to sell its entire 16.3% stake in Vodafone for $5.95 billion to an investment vehicle controlled by Xavier Niel’s family at a 13% premium to Vodafone’s last close. BT Group advanced 1.60% to £190, International Consolidated Airlines Group gained 1.52% to £473.40, Rio Tinto moved higher by 1.35% to £6,765, Airtel Africa added 1.31% to £325.80, and British Land climbed 1.29% to £424.60.

    Top Losers: On the downside, AstraZeneca declined 1.29% to £13,182, St. James’s Place slipped 6.81% to £1,177.50, Next fell 0.38% to £14,480, Admiral Group moved lower by 1.09% to £3,634, Coca-Cola HBC dropped 0.70% to £4,858, and Lion Finance Group eased 0.26% to £11,510.

    Political Developments

    In political news, Andy Burnham moved closer to becoming Prime Minister after hundreds of Labour MPs formally nominated him to succeed Keir Starmer as party leader. Burnham appeared on course to become Labour leader unopposed after the party said 322 of its 403 MPs backed his candidacy on the first day of nominations. The process closes on July 16, with Burnham set to be confirmed as Labour leader the following day if no challenger emerges.

    Mergers & Acquisitions

    Apollo has agreed to buy EasyJet in a deal valued at £5.7 billion, usurping an earlier bid from asset manager Castlelake. EasyJet said it had accepted an all-cash offer from the US investment giant valuing the airline at £714 a share, an 80% premium on the airline’s closing share price. The carrier stated that Apollo’s bid “delivers a superior outcome for EasyJet shareholders.”

    Corporate News

    Vodafone shares jumped after e& Group agreed to sell its entire 16.3% stake in Vodafone for $5.95 billion to Vega, an investment vehicle controlled by the family of French telecommunications entrepreneur Xavier Niel, at 112.5 pence per share—a 13% premium to Vodafone’s last close.

    Hays reported that it expects profit for the 2026 financial year to come in at the higher end of market estimates after cost cuts offset another quarter of weak recruitment activity. The recruiter said like-for-like net fees fell 5% in the three months to June 30, with temporary and contracting fees falling 3% and permanent fees dropping 7% as hiring declined through the quarter.

    Global Market View

    In the US, the tech-heavy Nasdaq climbed 1.3%, the S&P 500 added 0.8%, and the Dow Jones inched up 0.3%. In Asia, Tokyo’s Nikkei 225 rose 1.2% to 68,557.73, while China’s Shanghai Composite fell 1%. Hong Kong’s Hang Seng climbed 0.65%, and Australia’s S&P/ASX 200 rose 0.5%. In India, Nifty 50 and Sensex declined by 0.92% and 0.98%, respectively.

    Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. You are responsible for conducting your own research before making any investments.