Chemring FY profits surge, British American Tobacco reaffirms guidance
By Iain Gilbert
Date: Tuesday 09 Dec 2025
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 2.5 points softer ahead of the bell on Tuesday, after wrapping up the previous session 0.23% weaker at 9,645.09.
STOCKS TO WATCH
Defence group Chemring on Tuesday reported a sharp jump in annual profit as governments increased military spending amid the growing threat from Russia and dwindling support from the US under the Trump administration. Pre-tax earnings for the year to October 31 surged 31% to £67.7m with Chemring's order book up by a fifth to £1.34bn as heightened geopolitical uncertainty drove increased expenditure across its target markets, particularly within NATO countries.
Mining giant BHP has entered into a $2bn infrastructure agreement with BlackRock subsidiary Global Infrastructure Partners in relation to its share of Western Australia Iron Ore's inland power network. Under the agreement, a new trust entity will be set up, with BHP holding a 51% controlling stake and GIP providing $2bn in funding for the remaining 49%. BHP added that it will pay the entity a tariff linked to its share of WAIO's inland power over a 25‑year period.
British American Tobacco reaffirmed guidance on Tuesday, boosted by strong demand in the US. Updating on second-half trading, BAT said it expected group revenues to grow by around 2% at constant rates in the current year, despite a 2% decline in global tobacco industry volume. It also reaffirmed guidance for 2026, and announced plans to return £1.3bn to shareholders in the next financial year.
NEWSPAPER ROUND-UP
UK households cut back on spending at the fastest pace in almost five years last month as consumers put Christmas shopping on hold, according to a leading survey. Adding to concerns that uncertainty surrounding the budget has helped dampen consumer confidence, Barclays said card spending fell 1.1% year-on-year in November - the largest fall since February 2021. The bank said retailers still enjoyed their busiest day of the year so far on Black Friday, with transaction volumes 62.5% higher than the average day for 2025. - Guardian
A City trader has triumphed in a High Court battle against his former employer over claims his boss wrongly withheld a $5.4m (£4.1m) bonus before telling him: "F--- you, sue me." Robert Gagliardi has successfully sued Evolution Capital Management for denying him the performance-based payout, despite him generating almost all of the hedge fund's revenues. - Telegraph
The British Library has suggested that staff skip buying Christmas presents this year as the organisation battles strike action over pay. In a memo to staff this month, the British Library said workers could opt for "quality time" with friends and family instead of accepting gifts, as it encouraged people to have a "conversation with loved ones about the cost of living crisis". - Telegraph
Jamie Dimon has attacked the chief executive of Trump Media over a brewing debanking row, telling him to "stop making up things". The boss of JP Morgan dismissed claims that the Wall Street bank had "debanked" the US president's media company, insisting it did not remove accounts based on "religious or political affiliations". It comes after Devin Nunes, a former Republican congressman who now heads Trump Media, claimed JP Morgan had shut down the company's accounts following pressure by the Biden administration. - Telegraph
WPP has landed a contract worth up to £2bn to manage the UK government's advertising campaigns. The agency, which is based in London, has triumphed after a competitive tender process to secure the four-year contract which was previously held by its American rival Omnicom. - The Times
US CLOSE
Wall Street stocks declined on Monday despite some M&A excitement in the entertainment sector, as markets pulled back from levels not seen in over a month with investors pausing for breath after two straight weeks of gains.
At the close, the Dow Jones Industrial Average was down 0.45% at 47,739.32, while the S&P 500 shed 0.35% to 6,846.51 and the Nasdaq Composite saw out the session 0.14% lower at 23,545.90.
Reporting by Iain Gilbert at Sharecast.com
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