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Asia Markets

UK's FTSE 100 Closes Lower; Barratt Redrow, Standard Life Shares Up

London's FTSE 100 closed Wednesday's trading session 0.47% in the red amid a fresh batch of corporate updates and expectations of renewed talks between the US and Iran."Last night, President Trump said talks to end the war could resume within two days; Iranian officials said discussions could continue this week, although a senior Iranian official noted no date has been set yet," Danske Bank said. "It would be a surprise if the talks lead to a permanent ceasefire, with the most likely scenario being an extension of the current ceasefire, if the US and Iranian officials meet again over the weekend or early next week."The UK economic data calendar was empty for the day, with market watchers awaiting the release of the country's February gross domestic product, industrial and manufacturing production, and construction output figures on Thursday.In corporate news, residential developer Barratt Redrow (BTRW.L) was among the blue-chip index's top risers, gaining 3.48% at closing.Barratt Redrow reported a 12.8% annual increase in fiscal third-quarter total forward sales, including joint ventures, to 3.54 billion pounds sterling as of March 29. Total home completions during the period, on the other hand, declined to 3,274 from the year-ago 3,717. For fiscal 2026, the company said it is on track to achieve its total home completion target of between 17,200 and 17,800 homes and adjusted profit before tax in line with consensus forecasts.Meanwhile, British insurance company Standard Life plc (SDLF.L) added 2.13% as it agreed to purchase its Dutch peer Aegon's UK business for a total consideration of 2 billion pounds. Under the deal, Aegon will receive 750 million pounds in cash and a 15.3% stake in Standard Life upon completion, which is expected to take place around the end of 2026."Overall, we think the transaction will accelerate Standard Life's transition to capital light earnings, while creating further scale in the structural growth opportunity of DC pensions and providing an additional foothold in the UK advice market. The valuation is accretive to SDLF, being acquired on a trailing SII UT1 of 0.83x vs SDLF's multiple of 1.63x," analysts at RBC Capital Markets said. "Crucially, the transaction and associated financing incrementally enhances the [Solvency II] ratio (from 174% at FY25) and the leverage (towards the 30% target)."

FTSE 100$BTRW.L$SDLF.L
Asia Markets

UK Shares Gain Amid Reported Peace Talks; Intertek Zooms Up

London's FTSE 100 ended 0.25% higher on Tuesday amid mixed corporate updates and news that the US and Iran could resume talks despite a blockade on Iranian ports.Negotiators from Washington and Tehran could return to Islamabad this week for another round of peace talks, Reuters reported, citing unnamed sources who were privy to a proposal that had been shared ​with both sides to resend their delegations. A senior Iranian source added that no firm date has been set.On the economic side, retail sales in the UK grew 3.1% year over year on a like-for-like basis in March, against the 0.7% rise in the previous month, according to data from the British Retail Consortium. Analysts were expecting a 0.9% increase for the month. The strongest jump since April 2025 was mainly attributed to higher food sales amid an early Easter, while sales of travel-related goods were impacted by the conflict in the Middle East."Retailers hope that the Middle East ceasefire will bring lasting stability, but the outlook remains uncertain. Damage to supply chains has already been done, and rising costs - from shipping and fertiliser to insurance and commodities - are piling yet more pressure onto already stretched retailers. Government must act decisively and boldly now to curb inflation by delaying domestic policies that would push prices even higher for shoppers," said BRC Chief Executive Helen Dickinson.On the corporate front, Intertek Group (ITRK.L) surged 12.83% to the top of the blue-chip index after launching a strategic review to evaluate the potential separation of its energy infrastructure and testing businesses. The assurance, testing, and certification company also maintained its outlook for like-for-like revenue to increase at constant currency."In terms of management, this appears to mark ITRK's CEO's swansong move," RBC Capital Markets said. "With merger talks with BVI having been abandoned in mid-2024, this could yet mark a value creative exit for ITRK's shareholders and a sale has always been the key risk to being excessively bearish. However, buyers are likely to tread carefully given the complex geopolitical backdrop, impending disruption to energy/[Middle East]-related [testing, inspection, and certification] activities and any buyers are unlikely to rush any processes."On the contrary, Imperial Brands (IMB.L), down 4.84%, was the FTSE 100's worst performer after flagging "modest" market share losses across its top five markets while keeping its fiscal 2026 outlook for revenue, operating profit, and EPS."Imperial expects low single digit constant currency revenue growth for tobacco and NGP (Next Generation Products) in 1H, in line with Visible Alpha consensus of 1.5%, and 2H weighted operating profit growth as previously flagged. Full-year guidance of 'at least high-single digit earnings per share growth and at least GBP2.2 billion of free cash flow' has been reiterated. That said, market share looks to have declined in 1H," RBC said in another note.

FTSE 100$IMB.L$ITRK.L
International

IMF Trims UK Growth Forecasts for 2026, 2027 Amid Middle East War

The International Monetary Fund lowered its UK economic growth estimates for 2026 and 2027 as energy prices surge due to the Middle East conflict.In its latest World Economic Outlook published Tuesday, the IMF said the British economy is anticipated to grow 0.8% in 2026, down from its previous estimate of 1.3% in January.For 2027, the UK's gross domestic product growth expectations were reduced to 1.3% from the prior 1.5%.Meanwhile, the country's inflation rate is expected to be at 3.2% in 2026, before easing to 2.4% in 2027. In its previous outlook, the IMF expected the UK's inflation rate to reach the Bank of England's 2% target by the end of 2026.

FTSE 100
International

BRC: UK Retail Sales Growth Accelerates to 3.1% in March

Retail sales in the UK grew 3.1% year over year on a like-for-like basis in March, against the 0.7% rise in the previous month, according to data from the British Retail Consortium published Tuesday.Analysts were expecting a 0.9% increase for the month.The strongest jump since April 2025 was mainly attributed to higher food sales amid an early Easter, while sales of travel-related goods were impacted by the conflict in the Middle East.

FTSE 100
Asia Markets

UK Shares Start Week Lower as US-Iran Talks Fail; Associated British Foods Falls

Britain's FTSE 100 closed 0.17% lower on Monday after the failed negotiations between the US and Iran in Pakistan, followed by renewed threats from US President Donald Trump to block "any and all ships" entering or leaving the Strait of Hormuz.In response to Trump's comment, Prime Minister Keir Starmer told BBC Radio 5 Live that the UK will not be involved in the US military's blockade of Iran, adding that the government's response is focused on getting the Strait of Hormuz reopened to lower energy prices "as quickly as possible."On the economic calendar, investors will evaluate the British Retail Consortium's retail sales monitor on Tuesday, and monthly gross domestic product, industrial production, and construction output data on Thursday. Economists from Deutsche Bank Research forecast the British economy to have grown 0.2% month over month in February, compared with the consensus estimate of a 0.1% uptick, supported by broad-based momentum across the services, production and construction sectors.In corporate news, Associated British Foods (ABF.L) fell 1.98%, taking a spot amongst the blue-chip index's worst performers, as RBC Capital Markets cut the food processing and retailing company's rating to underperform from sector perform and price target to 18.5 pounds sterling from 20.5 pounds."As part of our more cautious view on the European Retailing sector, we see further downside risk to consensus earnings forecasts, mainly due to pressure on ABF's largest business Primark," analysts said. "Although we think a demerger should make ABF more investable in the long run, we think ABF's valuation is full given more limited growth prospects over the next few years."Meanwhile, Vistry Group (VTY.L) named Adam Daniels as its chief executive officer to succeed Greg Fitzgerald, effective immediately. The homebuilder's shares declined 3.83% at close."On the one hand it is good news that Vistry has found and appointed a new CEO, taking away uncertainty around the appointment. However, the appointment appears a little rushed to us: the candidate (Adam Daniels) is internal, and the appointment sees Adam coming in and Greg Fitzgerald leaving with immediate effect. At the time of the FY2025 results in March it was announced Mr Fitzgerald would relinquish the role of chair at the AGM, and remain as CEO until a replacement had been found. We also believe that the market was looking for an external rather than an internal appointment. We expect the share price to be weak as it digests today's news," RBC said in a separate note.

FTSE 100$ABF.L$VTY.L
Asia Markets

UK's FTSE 100 Closes Week Flat; AO World Shares Jump

British stocks concluded the trading week flat, with the FTSE 100 down 0.03% on Friday's close amid a quiet day of local economic news and the expected weekend peace talks between the US and Iran."Financial markets breathed a sigh of relief this week as the US and Iran announced a two-week ceasefire. However, the truce looks fragile and the Strait of Hormuz is still effectively closed, so we don't plan any major changes to our UK growth and inflation projections as part of our global forecast update on April 13," Oxford Economics said in a note."The ceasefire lessens the chances of more disruptive outcomes playing out. But even if a full-blown truce is agreed, it will take time for energy production and shipping traffic to return to normal levels," the research firm added. "Our current baseline assumption is that the Strait of Hormuz remains effectively closed until the end of April, with traffic levels rising to around 50% in May and June, before gradually recovering to normality over the following six months."Oxford Economics currently expects the UK's gross domestic product growth to stand at 0.4% in 2026 and 0.9% in 2027, while inflation in the country is projected to reach 4.5% in the fourth quarter of 2026.In corporate news, Kingfisher plc (KGF.L) was one of the blue-chip index's top gainers, rising 2.70% at closing, as it commenced the first tranche of its share repurchase program worth up to 300 million pounds sterling. The British home improvement company will buy back a maximum of 75 million pounds of its shares under the initial tranche, which will be canceled to reduce the company's share capital.Meanwhile, electrical goods retailer AO World (AO.L) expects its adjusted profit before tax for the 12 months ended March 31 to be at the top end of its guidance range of 45 million pounds to 50 million pounds, while total group revenue is anticipated to rise 11%. The stock gained 6.98% at the end of the trading session.

FTSE 100$AO.L$KGF.L
International

KOF Global Barometers Diverge in April

The KOF Swiss Economic Institute's global economic barometers diverged in April but remained slightly above the 100-point level, indicating continued "moderate" economic growth across the world, despite the uncertainties created by the US/Israel-Iran war.The coincident global barometer declined 0.2 point to 102.1 points, while the leading barometer rose 1.7 points to 102.9 points, according to a Friday release.The decrease in the coincident barometer was mainly due to negative contributions from Europe and the Asia, Pacific & Africa region. On the other hand, the increase in the leading barometer was largely attributed to positive contributions from the Western Hemisphere and the Asia, Pacific & Africa region.

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Asia Markets

UK Stocks Subdued on Middle East Ceasefire Doubts

London's FTSE 100 slipped 0.05% on Thursday's close as Israel's strikes in Lebanon led Iran to halt the passage of oil tankers through the Strait of Hormuz again, casting doubts over its ceasefire with the US."Iran and US remain far apart on key issues, so a new escalation is likely," Danske Bank said. Mohammad-Bagher Ghalibaf, speaker of the parliament of Iran, noted the violation of three points of the ceasefire agreement. Meanwhile, US President Donald Trump posted on the Truth Social platform that US forces will stay put until the "real agreement" is fully complied with, adding that the US military is "looking forward, actually, to its next conquest" if the agreement is not honored.On the economic side, the UK Royal Institution of Chartered Surveyors house price balance stood at -23% in March 2026, down from the revised -14% in the previous month. The latest reading missed the consensus estimate of -18% and was the weakest since December 2023."The mood across the UK housing market has shifted markedly over the past couple of months. What had been a cautiously improving picture for activity has been knocked off course by the wider macro fallout from the Middle East conflict, as the renewed deterioration in the mortgage rate outlook has proved particularly challenging. ... The path ahead hinges on whether or not recent surges in oil and energy costs begin to reverse in what remains a highly uncertain geopolitical environment," said RICS Head of Market Research and Analysis Tarrant Parsons."The March survey data is unambiguously negative for UK-listed housebuilders in the near term. The sharp deterioration in buyer demand, the collapse in near-term sales expectations (to -33%), and the acceleration in downward price pressure all point to a more challenging trading environment heading into Q2 2026," RBC Capital Markets said.In corporate news, bourse operator London Stock Exchange Group (LSEG.L) climbed 0.18% after initiating a share buyback program worth up to 900 million pounds sterling.Meanwhile, British American Tobacco (BATS.L), down 1.99%, appointed Dragos Constantinescu as chief financial officer, effective Sept. 1. Until then, Javed Iqbal will continue as the tobacco and nicotine products giant's interim CFO.

FTSE 100$BATS.L$LSEG.L

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