Games Workshop lifts guidance, Workspace reports first-half growth
London open
The FTSE 100 is expected to open 44 points higher on Friday, having closed up 0.79% on Thursday at 8,149.27.
Stocks to watch
Warhammer maker Games Workshop lifted half-year guidance after trading in the last two months exceeded expectations. The company on Friday forecast pre-tax profit of at least £120m for the six months to 31 December, compared with £96.1m a year earlier. Core revenue was estimated at not less than £260m and licensing revenue of at least £30m.
Workspace Group reported a half-year of growth on Friday, with net rental income rising 4.3% to £60.2m, alongside an increase in trading profit and a 4.4% hike to the dividend despite a marginal decline in like-for-like occupancy and portfolio valuation. Trading profit came in at £32.7m for the six months ended 30 September, while the board raised the interim dividend to 9.4p per share.
Newspaper round-up
New inheritance tax rules for farmers could be changed to make it easier for those 80 and over to hand down their farm without it incurring the tax, in what would be a partial climbdown by the government after a bruising row with farmers and a huge protest march in Westminster on Tuesday. The Treasury is understood to be assessing the impact of changes, including amending gifting rules for over-80s so they can pass on their farm to their family without having to live for seven years after making the gift. – Guardian
The Serious Fraud Office (SFO) is investigating suspected bribery and corruption at Thales Group, a multinational aerospace and defence electronics contractor. The company, which is headquartered in Paris and has a UK subsidiary employing more than 7,000 staff, is known in defence circles for its varied businesses, which include making missiles and launchers, supplying sonar systems for the Royal Navy’s nuclear submarines and designing the Queen Elizabeth-class aircraft carriers. – Guardian
Italy, Abu Dhabi and Cyprus are among a group of countries seeking to woo Britain’s rich following the government crackdown on nom-doms. Countries are holding events across London to convince the UK’s 67,000 non-doms – UK residents with tax domiciles elsewhere – to relocate in the wake of the election and Labour’s first Budget. – Telegraph
Energy bills for most households in Britain will rise by an average £21 to £1,738 a year from January, increasing the pressure on millions of people. Ofgem, the energy regulator, raised the price cap by 1 per cent, from £1,717 in the present quarter, in response to a rebound in wholesale gas prices amid mounting global political turmoil and extreme weather events. – The Times
The former editor of The Observer has criticised plans for it to be sold after its suitor warned it was “heading down a path to closure” if a deal cannot be struck. Paul Webster, who retired on Saturday after 28 years at the Sunday newspaper, said the proposed sale to the digital start-up Tortoise Media would “severely damage the reputation” of its owner the Scott Trust. – The Times
US close
Wall Street stocks closed higher on Thursday as market participants thumbed over Q3 earnings from tech giant Nvidia.
At the close, the Dow Jones Industrial Average was up 1.06% at 43,870.35, while the S&P 500 advanced 0.53% to 5,948.71 and the Nasdaq Composite saw out the session 0.03% firmer at 18,972.42.
The Dow closed 461.88 points higher on Thursday, extending gains recorded in the previous session.
Thursday's primary focus was on earnings from AI-darling Nvidia, with which the chipmaker beat expectations on both the top and bottom lines with its Q3 numbers.
However, Nvidia shares still headed south, principally due to sky-high expectations for the world's largest company by market capitalisation.