Source: Sharecast
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Aerospace and defence engineer Babcock said on Wednesday that it had agreed to a two‑month extension to its Future Maritime Support Programme bridging agreement with the UK's Ministry of Defence, ensuring continuity of key naval support work while the two sides finalise a long‑term successor deal. Babcock said the extension, which begins 1 October, will maintain delivery of critical naval‑base services and support for Britain's nuclear submarine fleet as negotiations continue on the gateway agreement.
Private hospitals chain Spire Healthcare, about to be bought by a group of investment firms in a deal worth £1bn, posted lower first half operating profits of £38.4m, down from £63m a year earlier. Group revenues remained broadly flat at £792.7m, with accelerated growth in PMI, Self-Pay and Primary Care revenues, partially offsetting lower NHS activity following the previously announced funding-related slowdown in Q1.
Greggs unveiled plans to overhaul its manufacturing operations on Wednesday, with the potential loss of more than 700 jobs. The bakery chain said that following a review of where future manufacturing activity should be located, four sites had been flagged for possible closure. It will now enter a consultation period, but confirmed 740 roles were likely to be made redundant over the next two-and-a-half years. The announcement coincided with an update on third-quarter trading. Total sales rose 7.7% in the 13 weeks to 26 September, or by 3.4% on a like-for-like basis, which Greggs attributed to menu innovation alongside more settled weather.
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BrewDog's new owner has urged drinkers to give the ailing brand "a second chance" as it invests more than £50m in improving the company's beers, pubs and working conditions. The US cannabis and drinks company Tilray bought BrewDog for £33m in March this year, after the company collapsed into administration after five years of losses and a series of controversies relating to the treatment of workers under the founder James Watt. – Guardian
Barclays has watered down its return-to-office plans after a major staff backlash, with the bank allowing some employees to wait until next year before having to be in at least three days a week. The bank this summer announced the attendance requirement would come in for its 45,000 UK staff from 5 October, with more senior employees expected to come in for at least four days. That compares with current rules requiring staff to come in for two days. – Guardian
Ed Miliband has been accused of failing to stand up for British companies against Argentina's growing aggression over the Falklands. Oil drillers Rockhopper and Navitas, who are developing sites off the Falklands, have called for the Foreign Office to step up support for the project after it was targeted by Javier Milei, the Argentine president. The Foreign Secretary has declared that "the islands are British" and the UK's position is "unwavering", and issued verbal rebukes to the administration of Mr Milei, but not Argentina's London ambassador. – Telegraph
Asda is raising fuel prices at the fastest pace out of all the major supermarkets as the diesel crisis hits drivers. Telegraph analysis of supermarket forecourts shows that Asda has increased diesel prices by 59.3p per litre since 27 February, the day before the Iran war began. This was followed by Morrisons, which raised prices by 59p per litre, and Sainsbury's which increased its prices by 57.8p per litre. - Telegraph
Grant Thornton is to raise its starting salary for graduates joining its London office to £40,000 in an effort to lure young talent away from the Big Four. The increase, which will come into force for the 2027 cohort of university leavers, will put Grant Thornton at the top of the pay scale for juniors among the large accounting firms. – The Times
More than half of companies have paused or slowed their adoption of artificial intelligence because of fears about whether they can trust new technology. In a survey of 1,600 senior decision-makers in large companies from the US and Europe, 60% said they had slowed, paused or pulled back a planned AI deployment in the past year because of reputational, regulatory or trust concerns. – The Times
US CLOSE
Major indices closed lower on Tuesday as Treasury yields continued to head higher.
At the close, the Dow Jones Industrial Average was down 0.26% at 51,349.92, while the S&P 500 shed 0.17% to 7,670.84 and the Nasdaq Composite saw out the session 0.09% softer at 26,797.54.
Reporting by Iain Gilbert at Sharecast.com