Source: Sharecast
STOCKS TO WATCH
B&M European Value Retail posted a sharp slide in annual profits on Wednesday, after a "challenging" year which saw British sales weaken as costs rose. Group revenues at the bargain retailer improved 3.6% in the year to 28 March, supported by a 2.9% uplift in like-for-like sales in B&M France. However, in the UK, like-for-like sales softened 0.1%, while Heron Foods saw revenues decline 0.3%. As a result, adjusted earnings before interest, tax, depreciation and amortisation slumped 25.9% to £459m.
Electricals retailer Currys said on Wednesday that it had appointed insider Fredrik Tønnesen as chief executive to replace Alex Baldock. Tønnesen, who started his career as a shop assistant, has been CEO of the group's Nordics business since March 2023 and will take the reins on 3 August.
Howden Joinery has agreed to buy the parent company of Ultima Furniture Systems Limited, trading as DIY Kitchens, for £390m. Howden said DIY Kitchens was "a high quality vertically integrated online kitchen business" through which it will be able to access, directly, non-trade consumers. In 2025, the business generated revenue of £136m and earnings before interest and tax of £37m.
Real estate investment trust Tritax Big Box said on Wednesday that it has sold six logistics assets to EQT Real Estate for a total cash consideration of £199m. Tritax said the disposals were in line with their respective book values and comprised big box and urban logistics assets located at Leamington Spa, Peterborough, Didcot and Kettering. The assets generated a total contracted annual rent of £12m.
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A utility company has been fined £1.85m for supplying water unfit for human consumption after a parasite outbreak made hundreds of people sick and forced thousands of households to boil their water. South West Water pleaded guilty to the criminal offence relating to a cryptosporidiosis outbreak in Brixham, Devon, in the spring and summer of 2024. – Guardian
The Trump administration proposed 25% tariffs on imports from Brazil, charging that the world's 10th-biggest economy engages in trade practices that are "unreasonable" and that "burden or restrict US commerce". Luiz Inácio Lula da Silva said he received the decision "with indignation". The Brazil president also blamed the decision by the US administration on his rival in October's elections, Flávio Bolsonaro, the senator who visited Washington last week. The senator is the son of former president Jair Bolsonaro, once nicknamed "the Trump of the Tropics" by his allies. – Guardian
Labour has been warned it risks "locking young people out of work" after it published sweeping new proposals for its zero-hours contract ban. The Government has been accused of fuelling Britain's youth unemployment crisis after the release of new consultation documents in which it suggested extending protections for people on zero-hours contracts to millions of workers. – Telegraph
Britain "must fight" to attract foreign investment, the chief executive of Barclays has said, as the UK's share of international funding declines. CS Venkatakrishnan, Barclays' chief executive, said the UK risked losing its allure as a global investment hub amid the "growing intensity of international competition". The UK's share of foreign capital has fallen over the past decade from 8.6% to 7%, a study by the bank found, even as Labour has attempted to win over international investors since taking power. – Telegraph
The private equity firms that snapped up Hyve, a British business events organiser, for less than £500m in the aftermath of the pandemic have sold it on for about triple that sum three years later. Hellman & Friedman, an American private equity house, on Tuesday agreed to buy Hyve from Providence Equity and Searchlight Capital for $1.8bn. – The Times
The retail element of the Royal Exchange, one of the City of London's most recognisable buildings, has been put up for sale. Its American owner, The Ardent Companies, has instructed agents to find a buyer for the basement, ground floor and terrace that it bought for close to £50m less than four years ago. – The Times
US CLOSE
Major indices inched towards new record highs on Tuesday, as sentiment was again lifted by ongoing excitement surrounding the AI trade, though upside was limited as investors watched developments in the Middle East and looked ahead to Friday's jobs report.
At the close, the Dow Jones Industrial Average was up 0.45% at 51,307.79, while the S&P 500 advanced 0.13% to 7,609.78 and the Nasdaq Composite saw out the session 0.03% firmer at 27,093.90.
Reporting by Iain Gilbert at Sharecast.com