Source: Sharecast
STOCKS TO WATCH
Student accommodation provider Unite Group said on Wednesday that 95.2% of beds for the 2025/26 academic year were now sold, down from 97.5% at the same time a year earlier. Unite also said sales to date had delivered rental growth of 4%, down from 8% in the prior year. The FTSE 100-listed group reiterated its forecast for FY25 adjusted earnings per share of 47.5p to 48.25p, citing strong demand and portfolio performance. Unite said its USAF portfolio was valued at £2.85bn, unchanged over the quarter but up 1.4% year-to-date, while LSAV assets rose 0.4% in the quarter to £2.11bn, marking a 1.9% increase year-to-date. It also added that its proposed acquisition of Empiric Student Property remained on track, with completion expected in Q226, subject to regulatory approvals.
International distribution and services firm Bunzl said on Wednesday that it has completed its sixth and seventh acquisitions of the year, strengthening its presence in the catering and hygiene sectors across Europe. Bunzl acquired Caterline Catering Equipment, a commercial catering supplier operating in Ireland and Northern Ireland, which generated €6m in revenue in 2024, stating the deal complements its existing catering operations in the region. The FTSE 100-listed firm also acquired Anta y Jesús, a regional distributor of cleaning and hygiene products based in northwest Spain, which also delivered €6m in annual revenue. Bunzl said the acquisition enhances its geographical reach and supports its broader national offering, alongside other recent deals.
Lloyds Banking Group has said it was "assessing the implications" of an announcement by the Financial Conduct Authority to charge motor finance lenders £11bn in compensation for unfair practices. The FCA said it expects payouts on 14m finance agreements, where there were "widespread failings" in how lenders disclosed commission payments to brokers, to start next year, with customers receiving around an average £700 in compensation per agreement. Lloyds said it was looking at "the impact of this consultation in the context of its current provision for this issue and will update the market as and when appropriate".
NEWSPAPER ROUND-UP
The EU has announced it will match Donald Trump's steel tariffs, doubling levies on imports to 50% in a decision condemned as "an existential threat" to the industry in the UK. With 80% of British exports going to the EU, the change poses the UK steel industry's biggest ever crisis, according to the lobby group representing the sector, while unions said they could kill off the industry. – Guardian
It would take the average earner in the UK 52 years' worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation. In a new report, the influential thinktank analyses the Office for National Statistics' latest wealth and assets survey, which covers the Covid pandemic period of 2020-22. – Guardian
Western governments must raise pension ages to stop spending and debt from spiralling out of control, the International Monetary Fund has warned. In its latest warning about the health of the global economy, the watchdog said bold policies must be adopted to ensure countries are not hobbled by ageing populations. – Telegraph
Hungover young workers calling in sick are becoming a drag on Britain's economy, a left-leaning think tank has warned. The Institute for Public Policy Research said Gen Z were "disproportionately" missing work after struggling with the after-effects of alcohol. – Telegraph
The billionaire co-founder of Revolut has changed his residency from the UK to the United Arab Emirates, Companies House filings show. Nik Storonsky, 41, whose fortune is estimated at about $14bn, made the switch in October last year, according to Tuesday's filing for his family company at the corporate registry. – The Times
A retired KPMG partner has been hit with his third fine in as many as years, this time for overseeing the Big Four firm's audits of the Jacamo owner N Brown, which contained "numerous failings". Anthony Sykes, who retired in September 2022, was the partner responsible for leading KPMG's work signing off N Brown's accounts for its 2021-22 financial year. The Financial Reporting Council found "serious breaches" with the audit, particularly when considering a possible impairment of parts of N Brown's business, which also includes the Simply Be and JD Williams brands. – The Times
US CLOSE
Major indices closed lower on Tuesday as the government shutdown stretched into its seventh day, and Oracle led a decline in tech stocks
At the close, the Dow Jones Industrial Average was down 0.20% at 46,602.98, while the S&P 500 shed 0.38% to 6,714.59, and the Nasdaq Composite saw out the session 0.67% lower at 22,788.36.
Reporting by Iain Gilbert at Sharecast.com