FTSE 100 Live 7 May: Index at yet another record, BP profits down
The momentum for London’s FTSE 100 index is continuing in a session that has also featured BP quarterly results.
The oil giant’s profits came in lower than a year ago but the decline failed to prevent another big return of cash to shareholders.
Across the London market, blue-chips remain in demand as the FTSE 100 index today traded above the 8300 mark for the first time.
FTSE 100 Live Tuesday
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Time to Act to float on Aquis
Energy transition engineering business Time to Act is to float on the Aquis exchange, in a rare UK IPO.
The business, which made a profit of £1.9 million last year, hopes to raise £1 million.
It said raising the money will help the company “de-risk growth and “support its strategy of coupling organic growth and acquisition”.
Executive chair Chris Heminway said: "Today marks a pivotal moment for Time To Act as we embark on the next phase of our journey to address opportunities in the energy transition supply chain.
“Our decision to float on the AQSE Growth Market underscores our commitment to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world.”
It comes amid a dearth of UK listings this year.
Data from Mergermarket for the Evening Standard last week showed the London Stock Exchange’s main market was outside the top 20 stock exchanges for money raised by IPOs this year.
Halifax: House prices edge up in April
UK houses prices edged up in April, according to the country’s biggest lender Halifax.
The average home now costs, £288,949, up less than £200 from March.
The slight rise is in contrast with figures from Nationwide, which showed house prices slipping in April.
Halifax Head of Mortgages Amanda Bryden said: “This reflects a housing market finding its feet in an era of higher interest rates. While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability.
“Activity and demand is improving, evidenced by greater numbers of mortgage applications so far this year, while at an industry level mortgage approvals have reached their highest point in 18 months.”
Recap: Friday's top stories
Good morning from the Standard City desk.
The London markets were closed yesterday, but US stocks jumped to complete their best three-day rise so far this year amid renewed hopes of rate cuts in the near future.
Colorado-based Palantir was a notable exception -- with its stock falling as much as 7% after its guidance came in lower than market expectations. The tech firm said it expects second-quarter revenue to fall between $649 million to $653 million.
Here’s a summary of our top headlines from Friday.
- More trouble for London Stock Exchange as new figures show it dropping out of the top 20 global IPO destinations of 2024, having raised only as much money as Kazakhstan’s stock market
- Trainline sees opportunity as operators plan to launch on Eurostar’s London-Paris route next year - profits double to £48m as mainland Europe success continues
- IHG says it will get a $25m profit boost this year as it devotes less money to its fund to support franchisees. Revenue per room up 2.6% globally, 2.4% in UK as prices remain “robust”
- Diageo appoints Coca Cola finance chief Nik Jhangiani as new CFO
- Asda refinances £3.2 billion of debt at higher interest rates
- And in City Spy -- why the PR industry may have an AI problem