Market Pulse
London midday: FTSE and pound recovers in wake of Brexit
The FTSE 100 and the pound recovered on Tuesday from two days of falls after Britain voted to leave the European Union.
Brexit the end of Hinkley Point, says expert
The planned new nuclear power station at Hinkley Point was in doubt on Tuesday, with one expert saying majority French-owned company EDF is highly unlikely to invest given the post-Brexit economic climate.
Berenberg upgrades AB Foods to 'buy'
Berenberg upgraded Primark owner Associated British Foods to ‘buy’ from ‘hold’ but cut the price target to 2,760p from 3,450p.
US pre-open: Stocks set to bounce back from Brexit selloff
US futures pointed to a positive open on Wall Street, where stocks were set to bounce back from the Brexit-fuelled selloff.
Northgate cautions on Brexit as it reports full year results
Light commercial vehicle hire company Northgate’s annual profits were boosted by an increase in demand in Spain against a “mixed trading backdrop” but cautioned on the potential effect of Brexit on the business.
Asia report: Markets finish higher despite Brexit uncertainty
Most markets in Asia finished Tuesday higher, managing to stabilise somewhat amid a Brexit-based global retreat.
Discounters Aldi and Lidl hit record grocery market share
Discounters Aldi and Lidl saw their combined share of the grocery market rise to a record high of 10. 5% in the 12 weeks to 19 June, while the UK’s big four supermarkets saw a drop in market and the overall market slipped into decline for the first time since January.
Goldman adjusts ratings on UK housebuilders after Brexit
Following the UK’s decision to leave the European Union, Goldman Sachs expects new build volumes in UK housing to drop 10% next year, versus a previous forecast of 7% growth and house prices to fall by 2%/5% in 2016/17.
Fastjet to raise more funds amid challenging markets
Tanzania-based budget airline Fastjet said on Tuesday that it needs to raise further finance to provide essential working capital and effect the necessary changes to its operations as the trading environment remains challenging.
Europe open: Stocks bounce back from Brexit-fuelled losses
European stocks rose in early trade, rebounding from two days of heavy losses fuelled by Britain’s decision to leave the European Union, as the pound came off its lows.
London open: Stocks rebound in Brexit aftermath
London stocks rebounded on Tuesday after two days of declines in the aftermath of Brexit.
Former Treasury man Kingman to chair Legal & General
Legal & General announced the appointment of a new group chairman on Tuesday, confirming former Second Permanent Secretary of HM Treasury Sir John Kingman as taking the up the post.
Dignity completes acquisition of three crematoria
Listed provider of funeral-related services, Dignity, confirmed on Tuesday it has completed the acquisition of three of the previously-announced freehold crematoria locations from Co-op Funeralcare.
UK Commercial Property Trust sells two development properties
Guernsey-based, UK-focused commercial property investment company UK Commercial Property Trust announced on Tuesday that is has completed the sale of Dolphin House, an office in Sunbury-on-Thames, having also completed the sale of 6 Arlington Street in London’s St James’s earlier in the month.
Revenue and earnings up for Ocado
Online grocer Ocado saw revenue and earning grow in the first half of the year, reporting gross sales of £582. 9m for the 24 weeks to 15 May on Tuesday, a 13. 9% rise on £511. 9m in the comparative period last year.
Redrow sees FY profit ahead of market views
FTSE 250 housebuilder Redrow said on Tuesday that thanks to a strong performance, it now expects pre-tax profit for the year to be above the top end of analysts’ estimates, which currently stand at £240m.
Wood Group secures multi-million dollar contract offshore Brazil
Energy services company Wood Group has secured a multi-million dollar engineering and procurement services contract for Statoil’s Peregrino field offshore Brazil.
Shawbrook unearths 'irregularities' in asset finance lending
Challenger bank Shawbrook Group, having seen its shares fall by a precipitous 45% of their value in two days following the Brexit vote is facing a third day's losses after revealing it will take a £9m impairment charge after finding "irregularities" in loans made by its asset finance department.
London pre-open: FTSE to rebound after heavy losses
London stocks were expected to open higher on Tuesday, rebounding from two days of heavy losses as the pound regained a little ground in Asian trade.
Astrazeneca wins approval for new antibiotic in fight against drug resistance
AstraZeneca has won European regulatory approval for Zavicefta, a combination antibiotic developed in response to the increasingly urgent need for new drugs to treat serious infections that are becoming increasingly resistant to antibiotics.