Weekly review
By Josh White
Date: Friday 21 Nov 2025
(Sharecast News) - The FTSE 100 ended the week down 158.64 points, or 1.64%, closing at 9,539.71 on Friday.
Equity view
Property development and investment firm Hammerson said on Friday that it has acquired the remaining 50% stake in The Oracle, as it reported strong year-to-date trading and lifted its EPRA earnings guidance for FY25. Hammerson completed the £104.5m purchase of the remaining 50% stake in The Oracle, located in Reading, from joint venture partner ADIA, with the deal reflecting a stabilised yield of 8.9% and expected to be around 5% accretive to FY26 EPRA earnings.
Investment firm HgCapital Trust said on Friday that it has exited from its investment in Intelerad, selling it to GE Healthcare in a deal worth around $2.3bn. HgCapital said the transaction valued HgT's stake at £52m, delivering a £20m uplift on its carrying value, equivalent to 4.4p per share. Following the exit, HgT said its pro-forma net asset value stood at £2.5bn, or 553.9p per share, with liquid resources of £402m available to deploy into future opportunities.
GSK has filed a lawsuit against AnaptysBio in the US over licensing rights for its Jemperli cancer treatment. The suit, via GSK's Tesaro subsidiary, alleges a breach of the current agreement, with the UK pharma firm demanding a perpetual license to the drug - also known as dostarlimab - and halving royalties and milestone payments to AnaptysBio.
Babcock International delivered a big jump in profits over the first half ended 30 September, driven by double-digit organic growth in its nuclear division and an improvement in group margins. The company, which provides engineering support to defence markets along with products like naval ship and weapons handling systems, said it remains on track to hit its targets for the full year.
Miniature wargames manufacturer Games Workshop said on Thursday that core revenues for the six months ending 30 November were expected to be no less than £310m at actual exchange rates, up from £269.4m a year earlier. Licensing revenue was expected to come in at no less than £16m, down from £30.1m in the prior period, while pre-tax profits were seen reaching at least £135m, compared to £126.8m last year.
Johnson Matthey on Thursday said it had reshuffled its leadership team and also held its full-year outlook despite a fall in interim earnings. The speciality chemicals firm said Alastair Judge had been appointed as chief financial officer with current CFO Richard Pike taking on the chief operating officer post.
The US Food and Drug Administration has approved the expanded usage of AstraZeneca's Koselugo drug to adults with neurofibromatosis type 1 (NF1) - a rare, progressive, genetic condition that can impact every organ system. Koselugo, also known as selumetinib, is an oral treatment that inhibits the mitogen-activated protein kinase enzymes, which in up to 50% of NF1 patients can lead to non-malignant tumours called plexiform neurofibromas (PN) that may affect the brain, spinal cord and nerves.
Merchant banking group Close Brothers said on Thursday that it had increased its provision for a proposed motor finance redress scheme following the FCA's October consultation, while also reporting a solid first-quarter performance from its banking division, supported by a strong net interest margin, stable credit quality, and ongoing cost discipline. Close Brothers increased its provision for a proposed industry-wide redress scheme in respect of motor finance commissions by around £135m in the first quarter, taking the total to approximately £300m.
Engineering firm Rotork on Wednesday unveiled a new £50m buyback as it reaffirmed full-year guidance. The company said its performance in the four months to October 31 saw order intake rise 6% year-on-year with all three divisions ahead and particularly good growth in its chemical, process and industrial unit.
Business software group Sage unveiled a £300m share buyback as it posted a jump in annual profits and pinned its hopes on the evolution of artificial intelligence. The company on Wednesday posted a 17% rise in operating profit to £530m as revenue increased by 8% to £2.5bn. Underlying core earnings were up 15% to £694m, with margin increasing by 120 basis points to 27.6%.
Water group Severn Trent has announced that chief executive Liv Garfield is stepping down at the end of the year, and will be replaced by James Jesic, its capital and commercial services director and the managing director of its Welsh division. "Having made a strong start to the largest ever investment programme, Liv and the board agree that this is the right time to transition to a new CEO," the utility company said.
Hill & Smith announced the appointment of a new chair on Wednesday as it backed its full-year expectations after strength in the US offset a weaker UK performance in the four months to the end of October. The company, which makes and supplies infrastructure products, said trading reflected good momentum in its US Engineered Solutions and Galvanizing Services divisions, while activity in the UK remained more challenging.
Industrial products group Diploma delivered better-than-expected results for the fiscal year to 30 September, with organic revenues and profit margins ahead of guidance, helped by higher volumes across all three divisions. Revenues totalled £1.53bn, 12% higher than last year and up 11% on an organic basis, beating the 10% target given in July.
Greencore on Tuesday said it had struck a deal to sell its Bristol soups and sauces site to Compleat Food Group to meet regulatory conditions on its Bakkavor takeover as it also posted a jump in annual profit. Adjusted core earnings at the convenience food producer rose 17.9% to £181m in the 12 months to September 26. The company said it had made a positive start to current-year trading.
Imperial Brands posted an uplift in sales and earnings on Tuesday, supported by higher prices and growing demand for the tobacco group's range of next generation products. Net revenues from tobacco and next generation products (NGP) rose by 4.1% on a constant currency basis to £8.3bn in the year to 30 September.
Real estate group LondonMetric has announced the acquisition of a £51m portfolio across the East Midlands and Manchester airports and sold £22m of existing assets that were taken over through takeovers. The new assets acquired comprise an airside logistics facility let to UPS at East Midlands airport, and a 365-room hotel at Manchester airport.
Ecommerce group THG has announced that its Myprotein brand has agreed a new partnership with American food giant Mars to collaborate on a new range of Snickers-flavoured protein powders. From Thursday, Snickers and Snickers White Impact Whey Protein will be available online through Mrprotein's website and at major UK retailers. Other Mars brand varieties are expected to be launched in the future.
DCC said on Monday that it will return up to £600m to shareholders following the £1bn sale of its healthcare unit earlier this year. The former conglomerate is proposing a tender offer which will see it acquire up to 11.9m ordinary shares, representing 12.3% of the current issued share capital. It is inviting investors to tender their stock for between £50.20 and £53.20 per share.
FTSE 250 international engineering and manufacturing group Senior has joined a consortium led by Dutch aerospace firm Conscious Aerospace, focused on accelerating the roll-out of next generation, sustainable aviation solutions. Hydrogen Aircraft Powertrain and Storage System (HAPSS) is part of the Dutch government's 'Aviation in Transition' programme, developing new technologies for fuel efficient and zero-emissions aircraft, along with associated research activities.
Genuit Group cut its earnings guidance on Monday, sending shares in the FTSE 250 firm sharply lower, after uncertainty around the upcoming Budget and the weaker economic backdrop hit demand. The company - a specialist in water, climate and ventilation products - said revenues in the four months to 31 October had risen by 7.1%, or 3.7% on a like-for-like basis.
Economic news
Retail sales unexpectedly fell in October, official data showed on Friday, as consumers held back on spending ahead of the Black Friday sales. According to the Office for National Statistics, sales slid 1.1%, reversing an upwardly-revised 0.7% uplift in September. Analysts had been looking for flat sales.
UK private sector growth eased in November as decisions were put on hold in the run-up to the Budget, according to a survey released on Friday. The S&P Global flash UK PMI composite output index fell to 50.5 from 52.2 in October, coming in below expectations for a reading of 51.8.
The UK government borrowed more than expected in October, according to figures released on Friday by the Office for National Statistics. Borrowing came in at £17.4bn, down £1.8bn on October 2024 but above expectations of £15bn.
UK consumer confidence weakened ahead of the Budget, a long-running survey showed on Friday, as households braced for possible bad news. The latest GfK consumer confidence barometer came in at -19, down two points on October. All measures were lower. Expectations for personal finances shed two points to 1, while the outlook for the economy also lost two points, at -32.
UK manufacturing output volumes fell in November at the fastest pace since August 2020 amid uncertainty ahead of the Budget, according to the latest Industrial Trends survey from the Confederation of British Industry. Output volumes fell in the period, with a net balance of -30%, down from -16% in October. A balance is the weighted percentage of firms reporting an increase and those reporting a decrease.
Consumer confidence dropped sharply this month, according to a survey out on Thursday from the British Retail Consortium, falling to levels not seen since April when the US waged a tariff war on its trading partners. Some 58% of UK consumers said they expect the economy to deteriorate over the coming three months, up from 48% in October, the BRC's Consumer Sentiment Monitor showed.
UK house price inflation eased in September, according to figures from the Office for National Statistics on Wednesday, as uncertainty ahead of the Autumn Budget next week prompted a slowdown in the property market. Average prices across the UK were £272,000 in the 12 months to September, up 2.6% over the year, following a 3.1% increase over the 12 months to August.
The rate of inflation slowed slightly last month, official data published on Wednesday showed, adding weight to expectations the Bank of England may trim interest rates in December. According to the Office for National Statistics, the consumer prices index rose by 3.6%, down from 3.8% in September.
UK savers are to receive a boost in deposit protection if their bank collapses with the amount of cash shielded rising to a higher-than-expected £120,000 next month. The new deposit protection limit will rise from the current limit of £85,000 on December 1. Original proposals were for an increase to £110,000 of savings in bank, building society or credit union accounts but the Bank of England's regulatory arm, the Prudential Regulation Authority, said the amount had been lifted "in light of consultation feedback and to reflect the latest inflation data".
UK consumer sentiment softened in November, a survey suggested on Monday, as uncertainty mounted ahead of this month's Budget. The latest S&P Global UK consumer sentiment index came in at a four-month low of 45.2, down on October's 47.4. Within that, all sub-measures were weaker.
International events
Preliminary estimates of private sector activity across the eurozone pointed to slight softening in growth in November as continued strength in services was met with a renewed downturn in manufacturing. Friday's flash reading of the composite purchasing managers' index from S&P Global and Hamburg Commercial Bank (HCOB) slipped to 52.4 this month, down from 52.5 in October and in line with market expectations.
Existing home sales in the US rose to their highest in eight months in October, following two straight monthly gains, according to the National Association of Realtors. The number of existing home sales - a widely followed key economic indicator that tracks the current housing stock excluding newly built homes - rose 1.2% over the month to an annualised rate of 4.10m, the highest number of sales since February, when sales surged to 4.27m.
US non-farm payrolls increased by 119,000 in September, according to the Bureau of Labor Statistics, following August's revised 4,000 decline and well and truly ahead of forecasts of 50,000 for the biggest job gain in five months, but also revealed downward revisions to both July and August's prints. The increase was driven by gains in healthcare, hospitality and social assistance, while declines were seen in transportation, warehousing and federal government roles. The September jobs report, originally due on 3 October, was delayed by the longest federal government shutdown in US history.
Construction output in the euro area slipped in September, with building activity continuing to weigh on sector performance, according to Eurostat. Seasonally adjusted production in construction fell 0.5% month-on-month across the euro area, while output was flat across the wider EU. That followed respective declines of 0.2% and 0.8% in August. Compared with September 2024, euro area output was down 0.3%, while EU output rose 0.5%.
China's central bank left two key benchmark lending rates on hold on Thursday, as widely expected. The People's Bank of China kept the one-year loan prime rate on hold at 3%, while the five-year rate - the benchmark for mortgage lending - was unchanged at 3.5%. It is the sixth consecutive month the PBOC has left the two rates on hold. It last reduced both by 10 basis points in May, following a 25bps reduction in October 2024.
The White House has sent senior Pentagon officials to Kyiv in an attempt to restart talks aimed at bringing an end to Russia's three-and-a-half-year war with Ukraine. According to Politico, Army secretary Dan Driscoll, two four-star generals and other senior military leaders have been dispatched to the Ukrainian capital to meet with the country's president Volodymyr Zelenskiy.
Eurozone inflation eased in October, official data showed on Wednesday, in line with expectations. According to Eurostat, the statistical office of the European Union, the annual inflation rate was 2.1%, compared to 2.2% in September. Across the wider bloc, inflation eased to 2.5% from 2.6% a month previously.
No company would be immune if the artificial intelligence bubble burst, the head of Google's parent firm said on Tuesday. Alphabet boss Sundar Pichai said while the growth of AI investment had been an "extraordinary moment", there was some "irrationality" in the current boom in the sector. Stock markets have been retreating amid global fears over valuations of AI tech. Asked in an interview with the BBC whether Google would be immune to the impact of the AI bubble bursting, Pichai said the tech giant could weather that potential storm but also issued a warning.
Morgan Stanley adjusted its ratings on European equities on Monday and lifted its price target on the S&P 500, driven by strong earnings growth. The bank said it expects European equities to be "pulled into the slipstream of a broadening US recovery in 2026, despite continued domestic fiscal challenges and structurally rising China competition".
Manufacturing activity in the New York region unexpectedly rose to its highest level in a year in November as new orders surged. The NY Empire State manufacturing index, a monthly survey of manufacturers across New York State conducted by the region's Federal Reserve bank, found that its general business conditions index rose eight points to 18.7. This was the fourth positive reading over the past five months and the highest reading since November 2024, surpassing the consensus forecast of a drop to 6.0.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN