Weekly review
By Josh White
Date: Friday 12 Sep 2025
(Sharecast News) - The FTSE 100 ended the week up 75.08 points, or 0.82%, closing at 9,283.29 on Friday.
Equity view
Liquid biopsy company Angle has announced the resignations of its chief executive and finance director "following feedback and discussions with a significant shareholder". The firm, which is focused on circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, said on Friday that CEO and founder Andrew Newland, who started the company in 1994, has agreed to step down.
Miner Blencowe Resources has raised £1.12m to provide a "clear runway" to complete testing and aid financing of the Orom-Cross graphite project in Uganda. The company said on Friday it completed a placing of 21.47m shares at a price of 4.75p to raise £1.02m, while the board and senior executives exercised options at 6p through the issue of 1.67m shares to raise a further £100,000. Blencowe's stock closed Thursday's session at 4.8p.
Shares in Red Rock Resources surged on Friday after the miner sold its royalty at the El Limon gold mine in Colombia for £1m. The company said it was selling its gold royalty over product of El Limon mine and mill back to the mine's owner Soma Gold Corp. The deal included an additional consideration of 200,000 Soma share subscription rights at C$2 per share. Red Rock has held the royalty since 2015, but it has not yielded payments for several years, the company said.
Shares in Big Technologies came under pressure on Friday, after the AIM-listed firm's legal dispute with its founder deepened. Sara Murray was chief executive of Big Technologies, a provider of electronic monitoring services, until March this year, when she was sacked and referred to the Takeover Panel. Big Technologies has since launched legal action against Murray, claiming she had extracted "significant sums" from the group - thought to be in excess of £19m - via undisclosed interests in various offshore shell companies.
Marketing and tech group Brave Bison on Thursday announced the £6m acquisition of consultancy MTM London, helping it to lift its outlook for the next two years. Following new customer wins including Primark, EQT, Tottenham Hotspur FC, EA Games and Guinness World Records, and with the anticipated contribution from MTM London, Brave Bison said it expects to "exceed current market forecasts for FY25, and increases expectations for FY26" - though no firm financial guidance was given. MTM provides commercial strategy consulting and audience insights for global tech and media brands like Google, Figma, Samsung and Spotify.
Real estate investor LondonMetric Property revealed on Thursday that it had acquired £78.5m of triple net leases across five transactions, reflecting a net initial yield of 5.5%, which was expected to increase to 6.3% over five years. LondonMetric said the nine assets added £4.6m of additional rent per annum and had a weighted average unexpired lease term of 23 years. The assets included a portfolio of five modern Premier Inn hotels from Whitbread, an 80,000 square foot logistics warehouse development funding with Harrison Developments in Malton, a recently developed and reversionary 68,000 sq ft logistics warehouse in the West Midlands, a 21,000 sq ft convenience development funding in Ludlow, and a 40,000 sq ft convenience asset in Tunbridge Wells.
Ecommerce conglomerate THG has reiterated full-year guidance after reporting a return to growth in the second quarter, with further improvements in revenues expected from both sides of the business in the second half. THG, which owns brands like Myprotein, Cult Beauty and Glossybox, saw first-half sales across the business fall 2.6% at constant currencies (CCY), as a 3.1% increase in the Nutrition division was offset by a 5.9% decline in the larger Beauty division.
Fevertree Drinks said on Thursday that it was on track to meet full-year expectations as it reported a drop in interim pre-tax profit but broadly stable revenue, and extended its share buyback by a further £30m. Revenue was steady at £171m, or up 2% on the same period a year earlier at constant currency. Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation ticked up 1% to £18.4m, with margins increasing by 20 basis points to 10.7%. Pre-tax profit during the period declined 15% to £11.2m.
Residential landlord Grainger has announced that its new Seraphina Apartments asset in Canning Town has experienced stronger-than-expected demand, with 50% of units leased out in under a month. The lease-up performance, which the company said was well ahead of expectations, is a "fantastic result and a clear demonstration of the demand for our high-quality rental homes", according to chief executive Helen Gordon. Seraphina Apartments, which was only completed earlier this summer, is the third and final phase of Grainger's Fortune Dock cluster in Canning Town.
Wickes reported a rise in interim profit and revenue on Wednesday, with volume growth across the group. In the 26 weeks to 28 June, adjusted pre-tax profit grew 16.7% to £27.3m, with revenue up 5.6% on the same period a year earlier to £847.9m. Revenue in the retail segment rose 6.8% to £634.4m, while revenue in the design and installation ranges was up 2.1% at £213.4m. The group said trading in the third quarter so far has been in line with expectations and that the phasing of increased people costs and new stores will impact more fully in the second half.
Shares in AIM-listed Serica Energy dropped on Wednesday after the British gas explorer announced a reduction in its full-year output guidance due to temporary production stoppages at the Triton floating production storage and offloading (FSPO) vessel. Serica, which is responsible for around 5% of the natural gas produced in the UK, said that the Triton FSPO operator Dana Petroleum had notified the company about a temporary reduction in production due to maintenance, which should finish at the end of September. Meanwhile, subsea intervention work on the Bittern field has been scheduled for November, which will cause another stoppage.
Associated British Foods reported a weaker performance in its sugar division and muted growth at Primark on Wednesday, overshadowing otherwise resilient trading across the board. AB Foods traded lower at the bell after announcing that it will close its Vivergo bioethanol plant and restructure its Spanish sugar business, triggering impairment charges of around £200m. The sugar unit, which makes up roughly 11% of group sales, was now expected to post a £40m annual loss, well below previous forecasts of up to £75m in profit, due to lower European sugar prices and higher beet costs.
Diversified Energy said on Tuesday that it has agreed to buy Canvas Energy for about $550m (£405.3m). Canvas is a private oil and natural gas exploration and production company headquartered in Oklahoma City. Diversified said the deal adds complementary operated producing properties and acreage positions in Oklahoma, concentrated in Major, Kingfisher, and Canadian Counties. Included in the acquisition are approximately 23 high quality wells that have been turned to sales in the last 12 months.
Property developer Great Portland Estates said on Tuesday that it had secured a Fully Managed letting with leading compliance automation and trust management platform, Vanta. Great Portland Estates said Vanta had let 7,500 square feet at its Kent House asset in West London, becoming the company's 10th AI-led customer. AI-related customers now represent 7.1% of GPE's total office portfolio or 18.5% of its Fully Managed offices.
Property firm Hammerson said it had appointed Rob Wilkinson as chief executive. Wilkinson, currently in the same role at real estate investment manager AEW Europe, will succeed Rita-Rose Gagné who announced in June that she planned to retire in 2026 after five years in the job. Gagné will continue to lead the business during 2025 and ensure an orderly transfer of her responsibilities, before stepping down as CEO and from the board at the end of this year, Hammerson said on Tuesday.
Computacenter posted a dip in first-half pre-tax profit on Tuesday but struck an upbeat note on the outlook and said it expects some recovery in public sector activity in Germany. In the six months to the end of June, adjusted pre-tax profit fell 3.8% to £81.5m. Revenue rose 30.8% to £3.99bn, with gross invoiced income 27% higher at £5.67bn. Gross profit increased 8.6% to £504.2m. Computacenter said this was driven by excellent growth in North America and good growth in the UK, partly offset by softer performances in Germany and particularly France.
Construction firm Vistry has formed a long-term investment joint venture with Homes England, the UK government's housing and regeneration agency, to accelerate the development of large-scale residential sites across England. Vistry said on Monday that the joint venture, named Hestia, was backed by £150m of capital investment by Homes England and Vistry and was designed to deliver "high-quality, mixed-tenure communities" at pace and scale.
European lime and minerals group SigmaRoc on Monday reported a big jump in first-half profits despite a challenging market backdrop, but said it doesn't expect an improvement in conditions before the end of the year. Underlying revenues were up 13.4% year-on-year at £510.3m in the six months to 30 June, helped by a strong performance in the UK and Ireland where the business outperformed versus the general market. However, on a proforma basis, which includes non-continuing operations from last year, revenues were actually down 1.1% at £510.3m.
Semiconductor business IQE lowered its full-year revenue and earnings guidance on Monday, citing continued softness in wireless markets and deferred defence sector orders IQE now expects FY25 revenues to be between £90m and £100m, down from prior expectations, with its adjusted underlying performance expected to be anywhere between a £5.0m loss and a £2.0m profit. First-half revenues were anticipated to be at least £44.0m, with an adjusted LBITDA of £400,000.
The Works said on Monday that it was confident of meeting full-year market expectations despite a challenging backdrop. In a statement of ahead of its annual general meeting, the retailer said it has seen positive trading in FY26 despite the consumer backdrop remaining challenging. Like for like sales in the year-to-date continue to outperform the wider market "and reflect the ongoing delivery of our 'Elevating The Works' strategy," it said.
Economic news
UK households' long-term inflation expectations rose in August to their highest level since 2019. According to the Bank of England's latest Inflation Attitudes Survey, expectations for inflation in five years' time rose to 3.8% from 3.6% in May. Household inflation expectations for the coming year were 3.6%, up from 3.2% in May, while expectations for the 12 months after that rose to 3.4% from 3.2%.
The UK economy stagnated in July, official data released on Friday showed, weighed down by weakness in the production sector. According to the Office for National Statistics, there was no growth in the month of July, in line with consensus. GDP grew by a higher-than-expected 0.4% in June, and fell 0.1% in May. However, in the three months to July - the ONS's preferred measure - GDP grew by 0.2%, down on June's 0.3% but in line with forecasts.
Up to 400 large retail stores face closure if the government pushes them into a higher business tax band, the British Retail Consortium claimed on Friday. The industry lobby said its most recent analysis indicated the large-format stores - including supermarkets and department stores - were at risk of closure if they were included in the new business rates on premises with a rateable value over £500,000. Leaders of John Lewis, Lidl and B&Q met Finance Minister Rachel Reeves last week and lobbied for retail to be excluded from the surcharge.
House prices softened in August, a closely-watched industry survey showed on Thursday, as economic uncertainty weighed on the market. According to the latest UK residential market survey from the Royal Institution of Chartered Surveyors, agreed sales were also down, alongside a slowdown in new buyer enquiries. The house price balance fell to -19 from -13 and -7 in July and June respectively, with respondents expecting further falls over the coming quarter.
Water regulator Ofwat confirmed on Tuesday that Anglian Water and South West Water will pay a combined £86.8m in fines following serious failures in their wastewater operations. Anglian Water will pay £62.8m, while South West Water will contribute £24m, with funds earmarked to benefit customers and the environment, after Ofwat said both firms had breached legal obligations by failing to adequately operate, maintain and upgrade their sewage treatment works and networks.
UK retail sales grew at a solid pace in August, according to the British Retail Consortium, capping off a strong summer for retailers with activity receiving a boost from warm weather and an interest-rate cut. Total retail sales increased by 3.1% compared with last year, the BRC-KPMG retail sales monitor showed on Tuesday. That followed a 2.5% annual increase in July and a 3.1% gain in June, and was comfortably ahead of the 12-month average growth rate of 2%.
Economic uncertainty continued to weigh heavily on the UK labour market in August, a survey showed on Monday, as candidate numbers rose while vacancies fell. According to the latest jobs report from KPMG and the Recruitment and Employment Confederation, August saw the steepest rise in candidate numbers since November 2020. Respondents cited redundancies, fewer job opportunities and concerns about current job security as the key factors pushing up worker availability.
International events
US consumer sentiment fell again in September on worries over inflation and the labour market, according to a survey published on Friday. The University of Michigan's Consumer Sentiment Index fell to 55.4, the lowest since May, from a final reading of 58.2 in August. Economists had been expecting a reading of 58.0.
US consumer prices rose more than expected in August, according to the Bureau of Labor Statistics' closely watched consumer price index, driven by higher shelter, food and energy costs. Headline CPI rose 0.4% month-on-month, up from 0.2% in July, pushing the annual rate up to 2.9% from 2.7%, with shelter costs being the largest contributor to the monthly increase, rising 0.4%, while food prices climbed 0.5%, led by a 0.6% rise in grocery items and a 0.3% uptick in dining out. Energy prices rose 0.7%, with gasoline up 1.9% over the month.
The European Central Bank once again kept interest rates on hold on Thursday, as widely expected. The bank's governing council, meeting as scheduled in Frankfurt, left the main financing rate at 2.15%, the deposit facility at 2% and the marginal lending rate at 2.4%. Inflation currently stands at 2% in the Eurozone, leading many commentators to believe that the easing cycle has now run its course.
Americans lined up for unemployment benefits at an accelerated pace last week, according to fresh data from the Department of Labor, hitting the highest level for initial claims since October 2021. Initial jobless claims surged by 27,000 to a seasonally adjusted 263,000 in the week ended 6 September, well above consensus forecasts of a modest decrease to 235,000, while continuing claims, which track those still receiving benefits, was unchanged at 1.93m, better than the 1.95m expected.
Global oil supplies will rise by more than initially expected this year, the International Energy Agency said on Thursday. According to the latest monthly report from the Paris-based organisation, which advises industrialised countries, world production is now expected to rise by 2.7m barrels per day (bpd) to 105.5m bpd this year. The figure is up on its previous guidance for 2.5m bpd.
US wholesale prices edged lower in August, defying expectations for a modest increase and offering a potential reprieve for Federal Reserve policymakers ahead of next week's rate decision. According to the Bureau of Labor Statistics, headline PPI fell 0.1% month-on-month, following a 0.7% rise in July, defying economists expectations for a 0.3% increase. On an annualised basis, PPI eased to 2.6%, while core PPI, which strips out volatile food, energy and trade services, rose 0.3% month-on-month and 2.8% year-on-year, marking its strongest annual gain since March.
Donald Trump has called on the European Union to impose swinging tariffs on China and India, it was widely reported on Wednesday, as part of a combined action to pressurise Russia into ending the war in Ukraine. According to multiple reports, including by the BBC and Financial Times, the US president wants Brussels and America to impose tariffs of up to 100% on the two countries for their energy imports for Russia.
US mortgage applications surged 9.2% in the week ended 5 September, according to the Mortgage Bankers Association of America. Last week's drop fully erased the drop from three consecutive weeks following a 15bps plunge in benchmark mortgage rates, which fell to their lowest in nearly a year, as a wave of disappointing labour market data pushed down yields on long-dated Treasury securities.
Consumer prices in China fell by their most in six months in August as food prices dropped sharply, registering their steepest decline in nearly four years. The consumer price index was 0.4% lower than last year, following no change in July and a 0.1% gain in June, according to the National Bureau of Statistics. That was the biggest annual decrease since February, and the second-steepest in 18 months, missing the consensus forecast of -0.2%.
Gold surged to fresh highs on Monday, fuelled by ongoing economic concerns and growing expectations of an imminent interest rate cut in the US. The precious metal, which has now put on 44% over the last year, has breached $3,600 per troy ounce for the first time, less than a week after it pushed past a previous record high of $3,500. As at 1130 BST gold was trading at $3,618 a troy ounce.
Investor sentiment in the eurozone slumped sharply in September, with the latest Sentix survey showing confidence falling to its lowest level in five months and underscoring renewed fears over the bloc's economic outlook. The Sentix investor confidence index dropped to -9.2 from -3.7 in August, missing expectations of a modest improvement. Both the current situation and future expectations weakened, with the current gauge sliding to -18.8 from -13.0, and expectations falling to 0.8 from 6.0.
The pace of growth in Chinese exports slowed notably in August, official customs data showed on Monday, as trade tensions continued to weigh heavily. According to the General Administration of Customs, exports grew by 4.4% to $321.8bn, down on July's better-than-expected 7.2% growth and the softest pace since February. It also missed consensus for a 5% uplift. Imports, meanwhile, grew by 1.3% to $219.4bn, missing consensus for a 3% rise and below July's 4.1% increase. As a result, the balance of trade was $102.33bn.
German exports registered a surprise fall in July while industrial output rose, according to official data published on Monday. Exports from Europe's biggest economy fell by 0.6% on a monthly basis, Federal statistics office Destatis said. Analysts had been expecting a 0.1% rise. Imports dropped 0.1%.. The foreign trade balance produced a €14.7bn surplus, down from €15.4bn in June and €17.7bn a year earlier.
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