FTSE 100 Live 14 August: China property fears hit shares, Plus500 rallies, YouGov mulls US listing

B&M shares lead FTSE 100, China-focused shares beneath strain

B&M European Value Retail shares lead the FTSE 100 index, up 2% or 11.2p to 549p.

The rally comes after Deutsche Bank highlighted a brand new value goal of 680p as B&M secures market share on the again of Wilko’s administration and opens extra shops within the UK and France.

The shares have been near 300p final autumn however have surged by greater than 1 / 4 this 12 months as buyers proceed to commerce down as a consequence of price of residing pressures. A dividend yield of greater than 6% has additionally boosted curiosity within the City.

B&M’s robust efficiency got here in a brighter session throughout the retail sector as JD Sports Fashion rose 1.7p to 145p and FTSE 250-listed Marks & Spencer added 1.8p to 204.1p.

Elsewhere in London, contemporary issues over China’s debt-laden property sector meant one other weak session because the FTSE 100 index drifted 10.41 factors to 7513.75.

Mining giants Anglo American and Rio Tinto misplaced 24.5p to 2126.5p and 36p to 4690p respectively, whereas the fallers board additionally included oil giants BP and Shell.

The jitters over China’s economic system have been fuelled when debt-laden property agency Country Garden suspended buying and selling of 11 onshore bonds, a transfer that despatched its shares 18% decrease to a contemporary file low in Hong Kong.

The developments contributed to Asia-focused insurer Prudential buying and selling under £10 for the primary time since final autumn, down 13.5p at 995p. Other blue-chip fallers included Ocado with a decline of 2% or 16.8p to 815.4p and playing group Entain following a retreat of 14.5p to 1298p.

The domestic-focused FTSE 250 index was broadly unchanged, up 3.79 factors to 18,803.49, as consideration turns to this week’s launch of UK inflation and wage progress figures. Fallers included ITV with a decline of a penny to 72.8p.

Prices rise at Lok’nStore as demand stays robust, enterprise says

Self-storage enterprise Lok’nStore stated it had elevated costs by 6.8% within the final 12 months, including demand for its providers remained “strong.”

The firm stated occupancy charges had remained regular because it reported on the 12 months to the top of July.

The firm’s self-storage income rose 5.3% within the interval, and when stripping out the influence of latest websites and those that Lok’nStore offered through the interval, it rose by 12.1%, the enterprise revealed.

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Shaftesbury secures £200m mortgage to handle different money owed

West End property funding enterprise Shaftesbury Capital in the present day took a brand new step to bear down on its heavy debt burden after securing a £200 million mortgage.

Shaftesbury, which owns property in Covent Garden, Carnaby, Soho and Chinatown, stated the 10-year debt cope with Aviva will likely be used to assist repay the £576 million unsecured mortgage drawn April 2023 which was itself taken out to fund the compensation of secured bonds.

The agency added that its debt curiosity prices can be introduced down from 4.2% to 3.3% on account of the transfer. Aviva stated it was weighing together with particular sustainability-related metrics into the phrases of the settlement.

Shaftesbury shares held flat.

FTSE 100 dips after markets open: Key information

Just over an hour after markets opened in London, the FTSE 100 is down barely. Here’s a have a look at your key market information:

Stelrad feels the warmth of inflation

Europe’s largest radiator enterprise in the present day stated it was feeling the warmth of hovering inflation after it posted a hunch in gross sales.

Newcastle-based Stern stated rising client costs and rates of interest have been “supressing both new construction and renovation activities” as like-for-like revenues fell 12.7% to £157 million within the first six months of the 12 months, whereas hyperinflation in Turkey contributed to a 65% slide in earnings within the area.

CEO Trevor Harvey stated: “I believe client behaviour has been affected by the price of residing disaster. There has been a change in sentiment.

“[But] We have a powerful observe file of buying and selling by earlier downturns.”

Sales up at Made in Chelsea star’s jewelry model

A US launch helped gross sales growth at Made in Chelsea star Oliver Proudlock’s jewelry model Serge DeNimes.

Revenue was up by 20% to £2.4 million as retailers like Macy’s and Bloomingdales began stocking its rings, necklaces and bracelets within the US.

The enterprise, which Proudlock began earlier than his actuality TV profession, expects gross sales to hit £4 million this 12 months and £6 million in 2024.

He stated: “Growth in America has been astronomical. There has been a huge push and we have new stockists on the East and West coasts as well as Canada.”

Proudlock, who attended Eton similtaneously Prince Harry, additionally hailed the rise of “genderless” style as a giant enhance for his model.

“Men are increasingly using accessories as a really powerful way to communicate and we are delighted to be at the forefront of that trend,” he stated. “That truly genderless feel – where partners can share what they like to wear – has been massive for us. We’re not just a men’s brand and have increasing numbers of female customers.”

Prudential shares at £10 amid weak begin for FTSE 100, Plus500 jumps 5%

The FTSE 100 index is 18.48 factors decrease at 7505.68, led by Rio Tinto and Anglo American after the mining pair fell by greater than 1%.

The jitters over China’s property sector meant promoting strain on Asia-focused lender Standard Chartered, which declined 8.6p to 746.6p. Burberry additionally misplaced 20p to 2232p and Prudential traded at £10 for the primary since November after dropping 1% or 8.5p.

Blue-chip risers included B&M European Value Retail, which lifted 8.8p to 546.6p after Deutsche Bank raised its goal value to 680p.

The FTSE 250 index slipped 25.32 factors to 18,774.38, though buying and selling app Plus500 jumped 5% or 75p to 1506p after asserting a brand new share buyback alongside half-year outcomes. CMC Markets additionally rallied 4.8p to 133.4p.

YouGov considers US listing

AIM-traded market analysis enterprise YouGov is mulling a US inventory market listing, the corporate’s co-founder Stephan Shakespeare has instructed the Financial Times.

The deliberations observe final month’s transformational acquisition of the Germany-based GfK client panel enterprise.

YouGov may transfer its major listing to the United States or set up a secondary listing out there, in keeping with the FT’s report.

The firm, which Shakespeare ran for twenty years till this 12 months’s change to non-executive chair, has a inventory market worth of £1 billion.

Plus500 earnings plunge, however agency launches one other $60m byuyback

Profits plunged by 44% at buying and selling app Plus500 because the growth in day buying and selling seems to have come to an finish, however the agency nonetheless returned an additional $60 million to shareholders with a brand new buyback.

Revenue slipped to $368.5 million for the primary half of the 12 months, down by 28%, as buyer numbers fell after holding near file highs final 12 months.

But with a decline having been anticipated, Plus500 was in a position to nonetheless purchase again $60 million value of shares.

CEO David Zruia stated: “Our increasingly diversified revenue streams, broadened product offering, deep customer relationships and the structural growth drivers in our end markets, mean we are able to deliver both growth and attractive shareholder returns.”

The buyback means Plus500 has now returned virtually $350 million to shareholders this 12 months, which Zruia stated “demonstrates the strength of our balance sheet and the Board’s continued confidence in the group’s prospects”.

Inflation set for giant fall, earnings figures additionally due this week

An enormous week for the UK economic system contains Wednesday’s July inflation studying, which is due for launch a day after updates on wage progress and the speed of unemployment.

The headline inflation price is about for an additional huge fall from 7.9% to 6.8%, the bottom determine since February 2022 however nonetheless the very best among the many G7 nations.

Core costs are more likely to be a lot stickier at 6.8%, which compares with 6.9% in June.

In the labour market, Bank of America expects common weekly earnings to rise by as a lot as 0.5% to 7.4% year-on-year with the unemployment price regular at 4%

The releases will likely be key to figuring out the Bank of England’s subsequent coverage transfer in September and the current downward pattern for mortgage charges.