London pre-open: Stocks seen lower; retail sales in focus
By Michele Maatouk
Date: Friday 28 Mar 2025
(Sharecast News) - London stocks were set to fall at the open on Friday following negative sessions in the US and Asia, as investors continued to mull the impact of Trump's auto tariffs.
The FTSE 100 was called to open around 20 points lower.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "Sentiment remains sour due to intensifying tariff talk.
"The carmakers around the world got hammered this week as the ones that produce their cars outside the US will cost 25% more if the levies go live - and nearly half of vehicles sold in the US are reportedly assembled elsewhere - and, the ones that are made in the US have at least 20% of their components coming from outside the US."
On home shores, figures from the Office for National Statistics showed that retail sales rose more than expected in February.
Sales were up 1% on the month following a 1.4% increase in January, and versus expectations for a 0.4% decline.
January's growth was revised down from 1.7%.
The ONS said non-food store sales volumes grew strongly in February, with rises across all four sub-sectors - department, other non-food, clothing, and household goods stores - while supermarket sales volumes fell back following a strong rise in January.
In corporate news, WH Smith said it has sold its UK High Street business to Modella Capital for an enterprise value of £76m on a cash and debt-free basis.
The retailer, which will now focus on its travel outlets, said it expected net cash proceeds of around £25m when adjusted for transaction and separation costs, which would be spent in-line with its capital allocation policy.
It added that the deal did not include the funkypigeon.com personalised online greeting card business where strategic options were now being considered, including a possible sale.
Energy group SSE said it has promoted its chief commercial officer Martin Pibworth to the CEO position, replacing current boss Alistair Phillips-Davies who will formally leave the company this summer.
Pibworth, who first joined SSE in 1998 and stepped up to the executive committee in 2012 and the board in 2017, "has been at the heart of the design and delivery of SSE's highly successful corporate strategy", SSE said.
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