Weekly review
By Josh White
Date: Friday 25 Jul 2025
(Sharecast News) - The FTSE 100 ended the week up 128.19 points, or 1.43%, closing at 9,120.31 on Friday.
Equity view
Close Brothers on Friday said it had sold its Winterflood execution services and securities business to Marex Group for £103.9m in cash as it slims down its portfolios to focus on the group's core lending activities.
Landscaping products manufacturer Marshalls warned on Friday that activity levels in its key markets had softened from the end of May and said it did not see "any immediate catalyst" for improvement for the remainder of 2025. Interim revenues came to £319.0m, up 4% year-on-year, with volume growth being "partially offset" by weaker pricing and product mix.
Derwent London has extended its principal £450m unsecured revolving credit facility due to mature in October 2026, the company said on Friday. The new loan has been structured as an initial four-year term with two one-year extension options, it added, and will be used for general corporate purposes and will provide future funding for the group's development pipeline and sustainability-led initiatives.
Pub group Mitchells & Butlers said on Friday that it was confident full-year results would be at the top end of consensus expectations as it continues to perform ahead of the market. The company said third-quarter sales growth has remained "well ahead" of the market - as measured by the CGA Business Tracker - building on a strong performance through the first half.
Telecommunications giant BT said on Thursday that it has made "a solid start to the year" despite seeing both revenues and profits decline. BT said total adjusted revenues slipped 3% year-on-year to £4.87bn, mainly due to weaker handset sales and "continued challenging international trading", and adjusted earnings dipped by 1% to £2.05bn.
Reckitt Benckiser upgraded the full-year revenue growth target for its core brands on Thursday as it posted a better-than-expected jump in second-quarter like-for-like sales. The consumer goods giant said it is now targeting LFL net revenue growth above 4% in Core Reckitt for FY25, up from a previous target of 3% to 4% growth. The core segment includes brands such as Nurofen and Dettol.
Anglo American has reported a "solid" second quarter, with its core businesses of iron ore and copper on track to meet full-year guidance, as the company continues to progress its massive restructuring plan. Copper output totalled 173,000 tonnes in the second quarter, down 11% over last year but 3% ahead of the first quarter, benefitting from strong performance at both the Quellaveco and Los Bronces projects, while Collahuasi improved from its first quarter.
Energy and services firm Centrica said on Thursday that it had swung to a statutory operating loss in the six months ended 30 June. Centrica reported a statutory operating loss of £69.0m in H125, down from H124's £1.67bn operating profit and including a net loss on re-measurements of derivative energy contracts and impairments of assets of £618.0m, while adjusted underlying earnings fell from £1.43bn to £900.0m amid "a challenging backdrop". Statutory losses per share came to 5.1p, down from FY24's statutory earnings per share of 25.1p.
Pub landlord JD Wetherspoon said on Wednesday that like-for-like sales increased by 5.1% year-on-year in the 12 weeks ended 20 July, as sales volumes recently overtook pre-pandemic levels. JD Wetherspoon, which currently operates 794 pubs across the UK, highlighted that year-to-date like-for-like sales had also increased by 5.1%.
Publishing and exhibitions group Informa said on Wednesday that H1 revenue growth and strong forward visibility had led it to upgrade FY guidance. Informa said reported revenues had grown by 20.1% in the six months ended 30 June, while adjusted operating profits increased 24% to £578.9m and earnings per share rose by 25.2% to 29.8p. Operating margins increased from 27.5% to 28.4%.
Precious metals miner Fresnillo reported a "robust" period for production in the second quarter and said that gold output was trending towards the upper end of full-year guidance, though silver results have been weaker than hoped. Attributable gold production is expected to come in at the higher end of the 525,000-580,000-ounce target range.
Hochschild Mining reported steady operational performance across its key sites for the first half of 2025 on Wednesday, as output remained strong and net debt declined despite challenges at its Mara Rosa operation in Brazil. Attributable production for the six months ended 30 June totalled 115,666 ounces of gold and 3.8 million ounces of silver, translating to 161,597 gold equivalent ounces or 13.4 million silver equivalent ounces.
Inchcape has agreed to acquire Icelandic automotive distributor Askja for an undisclosed sum. Askja generated revenue of £150m in fiscal 2024 and employs 260 people. During FY 2024, Iceland's total industry volume for new passenger cars and light commercial vehicles was around 12,000units, of which Askja holds a 16% market share, Inchcape said on Tuesday.
Drugmaker AstraZeneca said on Tuesday that it plans to invest $50.0bn in the US for medicines manufacturing and R&D by 2030. AstraZeneca said its investment will support its ambition to reach $80.0bn in revenues by 2030, with 50% generated in the US, and was expected to create tens of thousands of new, highly skilled direct and indirect jobs across the country.
Food services business Compass Group upgraded FY25 profit guidance on Tuesday on the back of strong organic growth and a better-than-expected M&A performance. Compass said it had delivered "another strong performance" in Q3, with organic revenues growing 8.6% in the quarter and 8.5% for the year to date. Both regions performed well, with North America delivering "strong growth" across all sectors.
British Gas-owner Centrica has taken a 15% stake in nuclear power station Sizewell C, it was announced on Tuesday, one of a number of new private investors to inject funds into the £38bn project. Following what is understood to be months of negotiations, Centrica confirmed it would take the stake with committed construction funding of £1.3bn.
The London Stock Exchange Group is reportedly studying whether to move to 24-hour trading. Citing people with knowledge of the matter, theFinancial Times reported on Sunday that the market operator was looking into what would be required in order to do so.
UK healthcare property investor Assura on Monday posted a 16.6% rise in annual net rental income and swung to a profit as it eyed growth opportunities in the UK. The company, which is currently the subject of a bidding war between rival Primary Health Properties and a KKR/Stonepeak consortium, posted pre-tax earnings of £166m, compared with a loss of £28.7m a year earlier.
Energy major BP has announced that former CRH boss Albert Manifold will succeed Helge Lund as chair of the company. Manifold, who headed the builders merchant between 2014 and 2024, will join the board on 1 September and take over as chair on 1 October - at which point Lund still steps down after five years at the helm.
Molecular technology business Oxford Nanopore said on Monday that it had delivered a "strong" first half performance, with reported revenues expected to be up by a quarter year-on-year. Oxford Nanopore H1 revenues of £105.0m, up 25% on a reported basis and 28% at constant currency, with growth being the strongest across its PromethION product range, up approximately 59% against FY24.
Economic news
UK retail sales bounced back in June - albeit less than expected - boosted by warmer weather, according to figures released on Friday by the Office for National Statistics. Retail sales rose 0.9% on the month following a 2.8% drop in May, which was revised down from a 2.7% decline. The increase was below economists' expectations for 1.2% growth, however.
UK household sentiment retreated in July on the back of consumer worries about inflation and possible tax rises, according to a survey from GfK on Friday. The GfK Consumer Confidence Barometer slipped to -19 this month, down from a six-month high of -18 in June and well below the -13 registered in July 2024.
Growth in the UK private sector slowed in July, while job cuts accelerated, according to a preliminary survey released on Thursday. The S&P Global flash PMI composite output index - which measures activity in both the services and manufacturing sectors - fell to a two-month low of 51.0 from 52.0 in June. This was below the 51.8 expected by economists but above the 50.0 mark that separates contraction from expansion.
UK vehicle production fell to its lowest level since 1953 in the first half of 2025, excluding the Covid-hit year of 2020, as the industry grappled with global trade disruptions, factory closures, and a lack of clarity around new electric vehicle (EV) policies.Figures from the Society of Motor Manufacturers and Traders (SMMT) showed total output dropped 11.9% year-on-year to 417,232 units, with car production down 7.3% to 385,810 and commercial vehicle output collapsing by 45.4% to 31,422.
Consumer sentiment softened in July, a survey suggested on Thursday, as rising prices undermined confidence. According to data from the British Retail Consortium's latest consumer sentiment monitor, expectations for the state of the economy over the next three months eased to -33 from -28 in June.
UK government borrowing grew more than expected in June as debt interest costs soared, according to official figures published on Tuesday. Borrowing jumped £6.6bn year on year to £20.7bn, well above forecasts of £16.5bn, adding more pressure on embattled Finance Minister Rachel Reeves to find cuts in public spending or raise taxes.
Household food bills are set to spike this year, industry data showed on Tuesday, after grocery inflation continued to rise in July. According to the latest data from Worldpanel by Numerator, formerly Kantar, grocery price inflation was 5.2% in the four weeks to 13 July, the highest since January 2024.
UK consumer sentiment remained subdued in July, a survey showed on Monday, as concerns about household finances continued to weigh heavily. The S&P Global UK consumer sentiment index came in at 45.1, little changed on June's 45.0 and well below the neutral 50.0 benchmark.
An independent review of the UK's under-pressure water sector has called for Ofwat to be scrapped, it was confirmed on Monday. The Independent Water Commission, chaired by Jon Cunlifee, a former deputy Bank of England governor, has published 88 recommendations following a nine-month review.
UK house prices fell in July, industry data showed on Monday, the biggest seasonal drop for over two decades. According to Rightmove, the average price of a property coming to the market for sale fell 1.2% in July, to £373,709, following a 0.3% softening in June.
International events
US durable goods orders fell sharply in June, according to data out on Friday from the Census Bureau, partly reversing the strongest monthly growth in 11 years in May. Orders received by manufacturers of goods designed to last at least three years dropped 9.3% last month to $311.8bn, registering the biggest monthly decline in April 2020.
Shares in Eni gained on Friday after the Italian energy giant announced a €1.5bn buyback plan and raised a number of full-year targets. Despite commodity and currency headwinds, the company said it produced "excellent results" in the second quarter.
German automotive giant Volkswagen lowered FY guidance on Friday as it said Q2 profits had fallen, principally due to elevated costs stemming from Donald Trump's so-called "reciprocal" tariffs. Volkswagen reported a 29% year-on-year drop in operating profits to €3.83bn euros as Q2 sales revenues of €80.8bn fell short of analysts' expectations of €82.2bn.
German business sentiment improved less than expected in July, according to a survey released on Friday by the Ifo Institute. The business climate index rose to 88.6 from 88.4 in June, coming in below expectations for a reading of 89.0.
French spirits group Rémy Cointreau has raised its profit targets for the full year, predicting less of a hit from trade tariffs than previously expected. The Cognac-headquartered firm said it expects organic current operating profit (COP) to register a mid-to-high-single-digit decline, compared with previous guidance of a mid-to-high-teens decline.
The European Central Bank kept rates on hold on Thursday and appeared to place a high bar for any further reductions in interest rates. In particular, the ECB stressed that inflation was at its 2.0% medium-term target and that wage growth had continued to slow.
Americans lined up for unemployment benefits at a decelerated rate in the week ended 19 July, according to the Labor Department. Initial jobless claims fell to 217,000, down by 4,000 from the prior week's unrevised 221,000 reading, while continuing claims came to 1.95m, an increase of 4,000 from the previous week's downwardly revised level.
Shares in Deutsche Bank surged in Frankfurt on Thursday after the German bank beat forecasts with its second-quarter results, driven by a strong performance in investment banking and lower costs. Second-quarter pre-tax profits were up 34% over last year at €2.4bn, when excluding the impact of long-standing litigation costs related to the 2008 takeover of Postbank.
Nestlé reported a 2.9% increase in organic sales for the first half of 2025 on Thursday, slightly ahead of analyst expectations, although total sales and profits were down as the company pressed ahead with its turnaround strategy under CEO Laurent Freixe. The Swiss food giant maintained its full-year guidance despite continued macroeconomic pressures and a significant foreign exchange drag.
Private sector activity growth across the eurozone rose to an 11-month high in July as new orders stabilised, though the overall reading masked a mixed outcome for the region's two largest economies. The flash reading of the July composite purchasing managers' index (PMI) edged higher to 51.0 this month, up from 50.6 in June and marginally ahead of the consensus forecast of 50.8.
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