Weekly review
By Josh White
Date: Thursday 02 Apr 2026
(Sharecast News) - The FTSE 100 ended the Good Friday-truncated week up 463.99 points, or 4.65%, closing at 10,436.29 on Thursday.
Equity view
GSK drug Exdensur has been approved in China for the treatment of asthma, the blue chip announced on Monday. The treatment, an ultra-long-acting biologic, was given the green light by the National Medical Products Administration for patients aged 12 years and older as an add-on maintenance treatment of severe asthma characterised by an eosinophilic phenotype.
Infrastructure investment firm HICL has acquired an additional 6.65% stake in Cross London Trains for roughly £52m, taking its total interest in the rolling‑stock project to 13.13%. HICL said on Monday that the price paid was expected to add at least 1p to net asset value per share on completion, which was expected to take place before the end of June and will be funded by proceeds from recent disposals.
Recruiter Robert Walters said on Monday that chief financial officer David Bower has decided to retire and step down from the board with immediate effect. Jonathan Solesbury has been appointed an interim CFO, while Bower will remain available to the business through a period of transition. The company said the search for a permanent CFO will begin "in due course".
Rio Tinto maintained its guidance for 2026 Pilbara iron ore shipments on Monday despite cyclone disruption. Guidance remains at 323 to 338 million tonnes. The miner said iron ore port operations have resumed after tropical cyclone Narelle passed over Western Australia's Pilbara region.
Directa Plus said on Monday that it is in advanced discussions with an institutional investor over a potential funding facility of up to £2.5m, as it looked to extend its cash runway and avoid a potential insolvency scenario. The AIM-traded graphene products company cautioned that there was no certainty the proposed facility would eventuate, and noted that it had been unable to reach agreement with Nant Capital on the terms of a previously announced non-dilutive loan.
Lloyds Bank said it was still assessing the impact of the final £7.5bn compensation ruling from Britain's financial regulator on the motor financing mis-selling scandal handed down after markets closed on Monday. The Financial Conduct Authority said millions of drivers would be entitled to a higher-than-expected average of £830 in compensation. Lloyds has made a £1.95bn provision to cover redress, while rival Barclays had set aside £325m and Close Brothers £300m.
Ashmore said on Tuesday that Japan Post Insurance, one of Japan's leading life insurance groups, plans to invest $1bn into a range of the company's managed emerging market funds, in addition to its assets currently under management by the firm. Under the terms of the partnership, Japan Post Insurance will buy a stake of up to 2.9% in Ashmore through open-market purchases.
Hilton Food Group said on Tuesday that its adjusted profit fell in 2025 as inflation and weaker performance in parts of its seafood and alternative protein businesses weighed on earnings, while the group outlined a strategy to refocus on its core meat operations and announced plans to appoint a new non-executive chair. The FTSE 250 food packing and distribution group reported adjusted profit before tax of £73.2m for the 52 weeks ended 28 December, down 3.8% from £76.1m a year earlier, while adjusted profit before tax from continuing operations slipped 2.1% to £69.0m.
Videndum reported a wider adjusted loss and a sharp fall in earnings for 2025 on Tuesday as weaker demand weighed on performance, although the group said trading improved through the year and highlighted progress on cost savings and refinancing efforts. The imaging and media equipment group posted revenue from continuing operations of £228.3m for 2025, down from £280.7m in 2024, while adjusted EBITDA fell to £9.0m from £20.1m, with the margin narrowing to 4.0% from 7.2%.
A potential treatment developed by AstraZeneca for hypophosphatasia has shown positive results in phase III trials, the drugs giant announced on Tuesday. Efzimfotase alfa is an investigational enzyme replacement therapy for people with hypophosphatasia, a rare, inherited metabolic disease that softens bones and causes patients to lose teeth.
Derwent London has exchanged contracts for the disposal of Horseferry House in London for £131.8m to an unnamed overseas investor, the company said on Wednesday. The group bought the building in 2005 for £34m and completed a refurbishment, during which it was pre-let to Burberry, the British fashion brand, as their global headquarters.
Property developer Berkeley Group laid out a refreshed strategy on Wednesday as it looks to navigate what it called a "prolonged challenging market backdrop" marked by higher costs, tighter regulation and ongoing economic uncertainty. Berkeley will focus on extracting value from its existing land bank of more than 50,000 homes and will pause standalone land acquisitions, limiting new sites to joint‑venture structures.
Topps Tiles announced plans to shut 23 underperforming stores on Wednesday as the tile specialist looks to save costs. The company said in a half-year trading update that total group revenue in the 26 weeks to 28 March dipped 0.1% year-on-year to £142.7m, having been impacted by volume loss from "the lengthy CMA process" in CTD. Topps bought the CTD Tiles brand in August 2024 following its collapse into administration.
Private equity firm Arcline Investment Management said on Wednesday that it does not intend to make an offer for engineer Senior. Senior, which supplies the aerospace industry, announced last month that Arcline had made a preliminary all-cash offer for the company amid ongoing talks with other potential buyers.
JPMorgan American Investment Trust reported a positive but lagging performance in 2025 on Wednesday, as its quality-focused investment approach underperformed a market driven by higher-risk stocks, while the board struck an optimistic tone on the outlook for US equities. The FTSE 250 trust delivered a net asset value (NAV) total return of 4.6% in sterling terms for the year ended 31 December, compared with a 9.6% return from its S&P 500 benchmark. Share price total return was 0.5%.
Wizz Air reported an 8.4% jump in March traffic on Thursday despite Middle East cuts. Passenger numbers rose to 5.51m from 5.08m in March 2025, while the load factor - which gauges how full the planes are - nudged down to 90% from 90.5%. On a rolling 12-month basis, passenger numbers increased 10% to 69.75m in March and the load factor ticked down to 90.7% from 91.2%.
Lloyds Bank on Thursday said it would stick with its £1.95bn compensation provision to pay customers who were miss-sold motor finance after assessing the regulator's final ruling. However, the lender warned there were still a number of uncertainties, including response rates, operational costs and any litigation.
McBride said on Thursday that it has agreed to buy France's Eurotab for €40m (£34.5m), as it warned of cost increases due to the conflict in the Middle East. Privately-owned Eurotab designs and manufactures solid-format cleaning and hygiene solutions, serving mainly private label and certain contract manufacturing markets.
Atalaya Mining on Thursday said it had bought a 7.3% stake in Canada's Lara Exploration for CAD $13.5m through a private placing. Toronto-listed Lara owns a 100% interest in the Planalto copper-gold project located in the Carajás Mineral Province of northern Brazil. The miner raised CAD $33.75m via brokered and non-brokered share offerings.
Energy firm SSE said on Thursday that it had continued to deliver a "strong operational performance" in the year ended 31 March, supported by progress across its major investment programmes and steady trading in its core businesses. For the full year, SSE now expects adjusted earnings per share to come in between 147p and 152p, reflecting ongoing delivery against its five‑year £33bn investment plan.
Economic news
UK consumer confidence weakened sharply in March, marking its steepest decline since the shock of last year's 'Liberation Day' tariffs from US president Donald Trump, according to the latest index from YouGov and the Centre for Economics and Business Research. The headline consumer confidence index fell by 2.9 points to 105.8 during the period from 1 to 24 March.
UK factory inflation rose in March at the steepest pace since 1992, according to a survey released on Wednesday. The S&P Global manufacturing purchasing managers' index fell to 51.0 from 51.7 in February, coming in below the flash estimate of 51.4. Still, it remained above the neutral 50.0 mark that separates contraction from expansion for the fifth month in a row.
The UK economy grew by 0.1% in the last three months of 2025, official data confirmed on Tuesday, in line with consensus. Data from the Office for National Statistics showed that while production saw a 1.2% increase in output, the construction sector had a particularly weak quarter, with output decreasing 2.0%.
Shop price inflation nudged only slightly higher in March, a survey showed on Tuesday, missing consensus expectations for a larger increase. According to the latest BRC-NIQ shop price monitor, the rate edged up to 1.2% in March from 1.1% in February. Consensus had been for shop price inflation of 1.3%.
UK house prices picked up in March, industry data showed on Tuesday, as the market regained momentum following a sluggish end to 2025. According to the latest house price index from Nationwide, prices rose by a better-than-expected 0.9% in March, adding to February's 0.3% uplift. The average house price now stands at £277,186.
The Financial Conduct Authority confirmed on Monday that millions of drivers who were mis-sold car finance will be entitled to an average of £830 in compensation. The financial watchdog said in a statement that 12.1 million agreements made between 2007 and 2024 are now eligible for compensation. This is down from 14.2m announced in October, but the average payout has increased from £695.
Mortgage approvals rebounded in February, official data showed on Monday, beating expectations for a more modest increase. According to the Bank of England's latest Monday and Credit report, net mortgage approvals rose to 62,584 last month, ahead of consensus for 61,300 and up on January's surprisingly weak 60,246.
International events
The International Energy Agency, International Monetary Fund and World Bank have agreed to form a coordination group to "maximise" their response to the energy and economic impacts of the Middle East conflict. The three institutions said in a joint statement: "The Middle East war has caused major disruptions to lives and livelihoods in the region and triggered one of the largest supply shortages in global energy market history.
Donald Trump said in a national address on Wednesday that the war with Iran was "nearing completion" but that the US would hit Iran "extremely hard" over the coming weeks, sending oil prices higher. In his speech, which lasted just under 20 minutes, Trump said the US was getting "very close".
US retail sales rebounded in February, rising 0.6% month‑on‑month after a 0.1% decline in January, according to the Census Bureau, coming in slightly ahead of forecasts for a 0.5% increase to mark the strongest reading in seven months. Gains were broad‑based, led by a 3% increase at department stores, a 2.3% rise in health and personal care retailers, and 2% uptick at clothing retailers. However, sales fell 1% month-on-month at both food and beverage stores and furniture outlets.
Private sector employment in the US rose more than expected in March, according to figures released on Wednesday by ADP. Employment increased by 62,000 from February, versus expectations for a 40,000 jump. Meanwhile, the February figure was revised to show that 66,000 jobs were added, up from 63,000.
US mortgage applications fell 10.4% in the week ended 27 March, according to the Mortgage Bankers Association, extending the prior week's 10.5% decline, with the latest slump coming as benchmark mortgage rates jumped 48 basis points over the course of the month. Applications to refinance a mortgage, which are typically more sensitive to short‑term interest rate moves, tumbled 17% on the week, leaving it down roughly 40% over the month, while applications to purchase a home slipped 3%.
Factory input costs in the Eurozone have already started to rise as a result of the US-Israel war on Iran, a survey revealed on Wednesday. The S&P Global euro zone Manufacturing Purchasing Managers' Index rose to 51.6 in March from 50.8 in February, higher than a preliminary estimate of 51.4. A reading above 50.0 indicates growth in activity.
US president Donald Trump has signalled that the war with Iran could end in two to three weeks. Speaking to reporters at the White House on Tuesday, Trump said that "Iran doesn't have to make a deal" to end the conflict, and that the US will be "leaving very soon".
US consumer confidence edged slightly higher in March, with the Conference Board's headline index rising to 91.8, up from 91.0 in February. The Present Situation Index strengthened to 123.3, reflecting improved assessments of current business and labour‑market conditions, while the Expectations Index slipped to 70.9 as households grew more cautious about the short‑term outlook.
The S&P/Case‑Shiller 20‑city composite home price index rose 1.2% year‑on‑year in January, easing from December's 1.4% annual gain and undershooting expectations for a flat reading, pointing to a slower‑than‑expected pace of appreciation across major US metropolitan areas. Monthly data showed a 0.1% decline on an unadjusted basis, according to the latest release, reinforcing signs that single‑family home prices may be losing momentum amid softer demand and elevated borrowing costs.
Donald Trump has told aides he is happy to end America's war in the Middle East without the Strait of Hormuz reopening, it was reported on Tuesday, in an apparent contradiction to earlier remarks by the US president. Trump has repeatedly threatened to destroy Iran's critical infrastructure if the waterway is not reopened.
China's manufacturing sector returned to growth in March at its strongest pace in a year, supported by improving demand and a rebound in production following earlier weakness, though rising costs linked to the Middle East conflict were starting to cloud the outlook. The official manufacturing purchasing managers' index (PMI) rose to 50.4 from 49.0 in February, surpassing the 50 threshold that separates expansion from contraction and beating expectations for a 50.1 reading, according to data from the National Bureau of Statistics.
German retail sales in Germany fell by a more than expected 0.6% in real terms in February 2026 compared to the prior month, according to preliminary figures from the federal statistics office Destatis. Economists had been expecting a 0.3% rise, with the decline indicating households in Europe's biggest economy were already retrenching discretionary spending before the US and Israel started their war on Iran at the end of February.
German inflation rose sharply in March, driven by a surge in energy prices caused by the US-Israeli war on Iran. Prices jumped to an annual rate of 2.8% from 2% on a harmonised basis with the European Union, according to data published by the federal statistics office.
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