Source: Sharecast
Stocks to watch
Specialist media platform Future on Friday reported a jump in interim profits but cautioned that it expected a low single-digit decline in full-year 2025 organic revenue amid economic uncertainty. The company posted a 21% increase in pre-tax profit to £56.6m for the six months to March. Revenue fell 3% to £378.4m, as growth in the first quarter was offset by uncertain macroeconomic sentiment in March, impacting US direct advertising.
Fresnillo announced the sale of the majority of its stake in MAG Silver on Friday, following Pan American Silver’s agreement to acquire MAG, as the resulting reduced shareholding in Pan American would no longer align with Fresnillo’s strategic investment objectives. The company said it was still confident in the performance of the Juanicipio mine, where it is operator and majority owner, and emphasised that the partnership terms at the asset remain unchanged. Proceeds from the share sale would be used in line with Fresnillo’s capital allocation priorities, including growth investments and balance sheet strength.
Newspaper round-up
Ministers plan to use new powers to block bosses from Thames Water taking bonuses worth hundreds of thousands of pounds as the company fights for survival, the Guardian can reveal. Britain’s biggest water company admitted this week that senior managers are in line for “substantial” bonuses linked to an emergency £3bn loan. – Guardian
Wealthy individuals in Britain could be avoiding more tax than thought, the government’s spending watchdog has said, after a dramatic fall in the number of penalties being issued to the super-rich. In a report urging ministers to redouble their efforts to secure more of the money owed by wealthy people to the exchequer, the National Audit Office (NAO) said billions of pounds was going unpaid each year. – Guardian
The King’s property company is in talks to buy a slice of the struggling £5.5bn development over London’s Euston station, in a vote of confidence in the project. The Crown Estate is drawing up a deal with Australian development giant Lendlease for a 50pc stake in six major British projects – the joint venture’s sites are expected to be worth a combined £22bn once fully developed. The partnership would aim to attract more investment to the projects. - Telegraph
One of the founders of a telecoms company has sold a stake to a US private equity firm, valuing the business at £3.5 billion, or 100 times what he paid the Dragons’ Den investor Peter Jones for it in 2011. Oliver Tucker, co-founder and chief executive of Maidenhead-based Wireless Logic, said General Atlantic had acquired a minority stake for an undisclosed sum in the global business, which employs about 1,000 people. As part of the deal Vittorio Colao, the former chief executive of Vodafone, who is a vice-chairman at General Atlantic, joins the Wireless Logic board, which is chaired by Sir Michael Rake, a former chairman of BT. – The Times
One of America’s biggest healthcare organisations is under criminal investigation by the US Department of Justice over potential fraud just days after the departure of its British chief executive, it has been reported. The healthcare unit of the justice department’s criminal division is overseeing the investigation into UnitedHealth Group and it has been an active inquiry since at least last summer, The Wall Street Journal reported. – The Times
US close
US stocks finished in mixed fashion on Thursday as gloomy comments about inflation from Walmart’s boss and a tepid increase in retail sales dampened sentiment.
The Dow gained 0.7% after two days in the red, while the S&P 500 rose 0.4%, erasing earlier losses to push higher in afternoon trade. The Nasdaq fell 0.2% after five days of gains.
Markets have risen strongly over the past three trading sessions as the economic outlook brightened following a temporary trade truce between the US and China, along with a lower-than-expected consumer price inflation reading on Tuesday.
However, despite a de-escalation in trade war fears, Walmart chief executive Doug McMillon warned on Thursday that customers could still face higher prices.
Speaking to CNBC, the big box retail boss said: “We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs – even at the reduced levels announced this week – we aren’t able to absorb all the pressure given the reality of narrow retail margins.”