Weekly review

The FTSE ended the week down 22.72 points to 6,106.48.

Equity view

StanChart shares fell steeply in afternoon trading on Thursday, with market commentary referencing bearish guidance overnight from its rival Down Under for its commodities-related provisions, Australia&New Zealand Banking Corp. and a drop in oil prices.

Tullett Prebon shareholders have approved the interdealer broker’s acquisition of Icap’s hybrid voice broking and information business.

Advertising giant WPP has acquired digital marketing company Viscira for an undisclosed sum through its wholly-owned subsidiary Sudler & Hennessey.

Energy company SSE said it would still lift its dividend 1% despite earnings per share being expected to fall by up to 5. 7% for the year to end-March.

Full year profits from Next were at the upper end of expectations but the clothing retailer warned the year ahead could be the toughest since 2008, with new guidance that includes the possibility that profits could decline as much as 4. 5%.

Infrastructure group Balfour Beatty has secured a £170m two-year extension to its Track Partnership for London Underground, which is responsible for delivering essential track renewal work across the network.

Outsourcer Mitie slumped on Thursday after it warned that full year revenues will be below the current range of market expectations, although profit will fall within.

Old Mutual’s majority-owned South African division Nedbank added a new independent non-executive director to its board on Thursday.

FTSE 250 infrastructure investment company International Public Partnerships posted strong growth in its portfolio on Thursday, with its net asset value rising 21. 5% to £1. 29bn in 2015. NAV per share was up 2. 5% to 130. 2p.

A downturn in Asian demand led to Renishaw issuing a profit warning to the market on Thursday morning.

The owners of Shop Direct, who also own the Telegraph Media Group, are reportedly looking into the sale of a stake in the online retailer.

In what was effectively a profit warning, William Hill has pulled up short with a disappointing first-quarter update after a loss-making Cheltenham horse racing festival and weaker than expected online performance.

JD Sports Fashion has agreed to buy the trading assets of Netherlands-based Aktiesport and Perry Sport from administrators for €26. 5m (£21m) in cash.

Sports Direct put out a statement clarifying that its earnings for the full year to the end of April will be at the bottom of the range announced back in January, after shares in the retailer tumbled on Tuesday following comments from founder Mike Ashley.

Full year adjusted pre-tax profits at home improvement retailer Kingfisher rose 0. 3% to £686m as revenues fell 2. 6% to £10.3bn.

Online spreadbetting and financial trading firm IG Group Holdings posted an 18% rise in third-quarter revenue and said it was entering the fourth quarter in a strong position.

Bellway reported a big jump in interim pre-tax profit as revenue grew and the FTSE 250 housebuilder hiked its dividend.

United Utilities said underlying operating profit for 2015/16 would be in line with management expectations, albeit lower than 2014/15, reflecting new regulated price controls and other costs.

A weaker gold price hit full year profits at miner Centamin, which fell to $58. 4m from $81. 5m despite a jump in revenue to $508.4m from $472m.

Economic news

UK retail sales dropped 0.4% month-on-month in February as cold weather delayed the purchases of spring and summer attire, the Office for National Statistics revealed on Thursday.

UK retail sales have held up in March, according to an industry survey, with volumes expected to accelerate next month. The CBI’s latest monthly Distributive Trades Survey revealed a modestly softer balance of +7 reported sales in March, down from +10 in February and below the consensus estimate that it would remain at +10.

Numbers of UK mortgage approvals for house purchases rose 20% year-on-year in February, but unexpectedly fell compared to the previous month.

UK house prices rose 7. 9% in the year to January, driven by higher margins in England’s South East and London, data from ONS revealed on Tuesday.

Britain's public sector´s finances worsened unexpectedly in February, adding to the government´s difficulties in meeting its target for the fiscal year.

UK inflation remained depressed at low levels in February, held back from the slight improvement expected due to falling prices for second-hand cars and bicycles that were offset by rising food prices.

UK manufacturing sector activity remained stuck in the doldrums in March, according to the CBI Industrial Trends survey, with factory output falling at the fastest pace in more than six years.

Leaving the European Union could cost the UK economy up to £100bn and around 950,000 jobs, according to a report from PwC commissioned by the Confederation of British Industry.

International events

The US central bank’s decision not to move on interest rates in March was not inconsistent with the guidance provided by rate-setters when they met in December; indeed, a further tightening in policy might not be far off, a top official said.

US capital investment in durable goods fell back into decline in February, after a spike in January, according to data from the Commerce Department. US durable goods orders fell 2.8% on the previous month, slightly better than the consensus estimate for a 3% decrease and down from the revised increase of 4.2% the month before.

US crude inventories rose more than expected to a record high last week, according to government data on Wednesday.

The Islamic State of Iraq and the Levant (ISIL) has claimed responsibility for the explosions in Brussels that killed at least 34 people and injured several others on Tuesday. Suicide bombers launched twin attacks on Brussels Zaventem airport and the city's Maelbeek metro station on Tuesday morning.

Economic activity in the eurozone improved more than expected, with the Markit flash purchasing managers' index for March reaching a three-month high as both services and manufacturing sectors rose higher than forecasts.

Consumer confidence decreased more than expected among eurozone countries in March compared to February.