Weekly review

The FTSE 100 ended the week down 6,125.70.

Equity view

Stockbroker Numis reported a rise in first-half pre-tax profit as revenue grew, and announced the departure of its chief executive.

Advanced materials company Morgan Advanced Materials was trading in line with expectations in the first three months of the year, it reported on Friday, as investors mustered in central London for its annual general meeting.

Interserve tumbled on Friday after saying expectations for its UK construction division have taken a significant hit due to a further deterioration in its Glasgow energy from waste contract.

First quarter revenue per available room at Intercontinental Hotels Group (IHG) rose 1. 5% at constant exchange rates against a background of weak oil markets and earlier Easter which impacted hard in the Americas and Europe.

Passenger numbers grew at easyJet in April, by 6. 1% to 6. 37 million, the Luton-based low-cost carrier reported on Friday morning.

In an update for the period from 1 January to the end of March, BBA Aviation said trading was in line with its expectations, with a decline in organic revenue.

FTSE 100 energy supplier Centrica announced plans to raise around £750m in a placing to fund acquisitions and cut debt.

Software company Sage reported a drop in first-half pre-tax profit despite a rise in revenue, as it announced an agreement to buy a 20. 7% stake in Fairsail.

Banking group Old Mutual reported an 80% rise in net client cash flows in its first quarter on Thursday, to £1. 8bn, citing its vertically-integrated strategy of owning distribution, an investment platform, discretionary fund management and asset management.

Satellite company Inmarsat has cut its full year revenue guidance by $50m to a range of $1. 175bn - $1. 250bn as the recession in global maritime and energy markets continued.

Artificial knee and hip maker Smith & Nephew posted a 3% rise in first-quarter revenue, as a solid performance in the US was offset by weakness in China.

Heavyweight insurer RSA said first quarter underwriting results were “good” with operating profits up strongly as a consequence.

London Stock Exchange shares tumbled on Wednesday after Intercontinental Exchange said it has no intention of making a buyout bid for the London-listed company.

Growth in customer numbers and lending slowed at International Personal Finance in the first quarter due to a slower performance in the key growth market of Mexico.

Virgin Money’s shares dropped on Wednesday after the lender warned of a slowdown in the buy-to-let market and of uncertainty ahead of the European Union referendum.

JD Wetherspoon reported a rise in like-for-like sales in the third quarter and announced plans to buy back up to £60m of shares.

First-quarter sales and profits at Paddy Power Betfair got off to a solid gallop as the newly merged bookmaker enjoyed good performances across all divisions, though retail struggled slightly.

Glencore held its full year production guidance largely steady as copper, zinc, lead, oil and coal volumes all were cut in the first quarter as part of the commodities giant's plan to draw in its horns during this low point in the cycle.

Federal prosecutors in Brazil have launched a $43bn lawsuit against BHP Billiton's part-owned Samarco Mineração mining unit to claim compensation for the dam disaster last November.

Traffic at low-cost airline Ryanair rose 10% in April to a record 9. 9m customers from 9m in the same month last year, the company said on Wednesday.

Standard Life added more than 160,000 new customers and £9. 8bn of assets under administration on Wednesday, announcing the acquisition of Elevate from AXA UK.

Sainsbury's annual results showed the severe hit to its finances by the industry price war and ensuring food price deflation but profits fell less than analysts expected.

Poor but unpredictable sales in the year to date saw high street fashion retailer Next widen it guidance for the year in a trading update on Wednesday.

Royal Dutch Shell posted a drop in first-quarter earnings on Wednesday in the oil giant’s first results since the takeover of BG Group.

Just Eat said it now expects full year profits to be larger than previously indicated after the number of famished Britons ordering takeaway food online continued to increase in the first three months of the year.

Egypt-based gold miner Centamin said first quarter earnings before interest, tax, depreciation and amortisation rose to $67. 4m from $53m a year earlier.

HSBC's first-quarter profits fell 14% compared to last year but was better than analyst forecasts, with chief executive Stuart Gulliver expressed confidence that cost-reduction plans now under way will hit their target by the end of next year.

Economic news

Sales at all four of the big four UK supermarkets fell in recent weeks as grocery growth slowed markedly post-Easter, according to data from Kantar Worldpanel.

British new car registrations rose 2% to 189,505 units in April, according to data from SMMT on Friday.

UK service sector growth slumped to a 38-month low in April, according to figures released on Thursday. The Markit/CIPS UK services purchasing managers’ index fell to 52.3 in April from 53.7 in March, its lowest since February 2013 and below economists’ expectations for a reading of 53.6.

The pace of UK construction slowed more than expected in April, data released on Wednesday showed. The Markit/CIPS UK construction purchasing managers’ index fell to 52.0, down from 54.2 in March and missing expectations for a reading of 54.0.

It continues to be a tight race between the Brexit and Remain campaigns ahead of the European Union referendum, according to the latest poll by ICM on Tuesday.

UK manufacturing unexpectedly entered contraction territory in April. The Markit/CIPS UK manufacturing purchasing managers’ index slipped to 49.2 in April from a downwardly-revised 50.7 in March, missing expectations for a reading of 51.2.

International events

US non-farm payrolls rose 160,000 in April, compared to forecasts of 200,000 and the previous month’s 215,000, the Labor Department said.

The number of Americans filing for unemployment benefits rose more than expected last week, according to the Labor Department. US initial jobless claims rose by 17,000 to 274,000, versus expectations for a rise to 260,000.

The US trade deficit hit its lowest level in 16 months in March as imports fell the most in seven years. The trade deficit narrowed by $6.5bn to $40.4bn, marking the smallest gap since November 2014 and a little better than economists’ expectations for a deficit of $41.2bn.

The US private sector added fewer jobs than expected in April, data released on Wednesday showed. According to private consultancy ADP, employers added 156,000 jobs in April compared with a downwardly-revised 194,000 in March and much weaker than expectations of 196,000.

Asia continues to be the most dynamic part of the global economy but the region was still being buffeted by multiple headwinds, the International Monetary Fund said in a report in which it trimmed its forecasts.

The Caixin China services purchasing managers’ index came in at 51.8 for April, down from 52.2 in March.

The Caixin PMI on China manufacturing contracted further to 49.4 in April from 49.7 in March, according to Markit, below forecasts of 49.9.

China’s official manufacturing purchasing managers’ index dropped to 50.1 in April from 50.2 in March, the National Bureau of Statistics revealed, missing economists’ estimates of 50.4. However it was above the 50 level that separates an expansion from a contraction.