Weekly review
By Josh White
Date: Friday 08 May 2026
(Sharecast News) - The FTSE 100 ended the Bank Holiday-truncated week down 145.35 points, or 1.38%, closing at 10,233.07 on Friday.
Equity view
Telecommunications provider Airtel Africa posted a strong set of full‑year results on Friday, with revenues, margins and earnings all rising sharply as the group benefited from robust customer growth, higher data usage and continued momentum in its mobile money business. Airtel Africa said reported revenues jumped 29.5% to $6.42bn for the year ended 31 March, driven by broad‑based growth across its markets and supported by tariff adjustments in Nigeria.
Rightmove reiterated full-year guidance on Friday, after the UK property market continued to show resilience despite the weakening macroeconomic backdrop. Updating on trading ahead of its annual general meeting, the property portal said core membership had increased since the 31 December year end. It also flagged growth in average revenue per advertiser (ARPA) in its core business of estate agency and new homes, although it did not provide figures.
Gulf Marine Services reported a 24% drop in operating profits over the first quarter after having to evacuate four of its vessels in the Gulf as a result of the Iran war, though the company still maintained its guidance for the full year. GMS, which provides self-propelled, self-elevating support vessels to support the offshore energy sector, said EBITDA totalled $19.5m over the three months to 31 March, down from $25.6m a year earlier.
Petra Diamonds' share price slumped on Friday after the South Africa-focused miner said it had kickstarted an immediate cost review to "preserve liquidity" as pricing in the market continues to be weak. The company reported sales of $68m for its third quarter, up from $49m the year before, mainly a result of the sale of a 41.82 carat Type IIb blue stone from the Cullinan Mine during the period.
Workspace said on Friday that it has rejected a proposal by activist investor Saba Capital to wind down the company over a 12-month period to address the discount to net asset value. Workspace said that following Saba's letter in January, which set out the proposal, it has engaged constructively with the investor. However, having "properly considered" it, the board concluded and has notified Saba that it is "not achievable, nor will it maximise value for shareholders".
Energy company Centrica said on Thursday that it had continued to make "good progress" on the execution of its strategy, but warned that retail EBITDA was expected to be "towards the lower end" of its guidance range of £500m to £800m, reflecting the impact of warmer weather year-to-date, the shape of the commodity price curve and "continued challenges" in residential energy bad debt collection. Centrica said there was no change to its optimisation EBITDA guidance of roughly £250m, while infrastructure EBITDA was now expected to come in above the top end of its guidance range of £500m to £650m, supported largely by higher realised prices.
Insurer Hiscox posted a 10.2% jump in first-quarter written premiums on Thursday as it pointed to accelerating momentum in the retail segment. Group insurance contract written premiums (ICWP) rose to $1.72bn. ICWP in the retail insurance arm rose 15.1%, or 8% at constant currency, to $847.2m, in line with the company's full-year guidance.
Savings and investments business M&G reported a "resilient" start to the year on Thursday, with group assets under management and administration edging down to £371bn at 31 March from £376bn at year‑end, as modest market weakness offset improving business flows. However, despite the AUMA decline, M&G said net flows from open business came in at £600m for the quarter, a sharp improvement on the £100m outflow recorded a year earlier, supported by stronger wholesale activity and steady contributions from the group's life operations.
Construction contractor Balfour Beatty reaffirmed full-year guidance on Thursday, despite a "volatile" macroeconomic backdrop and inflationary pressures. Updating on trading ahead of its annual general meeting, the 117-year-old infrastructure specialist said the positive momentum seen in its main markets in 2025 had continued into the first four months of the current year.
Helios Towers raised its 2026 guidance after a strong first quarter on Thursday, as tenancy growth drove double-digit increases in revenue and adjusted EBITDA. The FTSE 250 mobile tower company said revenue rose 12% to $229.2m in the three months ended 31 March, from $203.8m a year earlier.
Retailer Next lifted full-year guidance on Wednesday after first-quarter sales beat forecasts, boosted by unusually warm weather. Full-price sales jumped 6.2% in the 13 weeks to 2 May - comfortably ahead of expectations for a 4% uplift - adding an extra £8m to profits.
Medical equipment manufacturer Smith & Nephew said on Wednesday that its first-quarter trading performance was in line with expectations, with underlying revenues growing year-on-year on the back of a solid performance across all business units and regions. Smith & Nephew reported first‑quarter revenue of $1.50bn, up from $1.41bn a year earlier, representing underlying growth of 3.1%, while reported revenue rose 6.6%, helped by a 350‑basis‑point foreign‑exchange tailwind.
The chief executive of B&Q owner Kingfisher is stepping down after nearly seven years in the role, the retailer confirmed on Wednesday. Thierry Garnier is leaving the British chain to become president and chief executive of Ahold Delhaize, the Dutch-Belgian supermarket group. He is expected to take up the role after serving his 12-month notice period, in April 2027.
Shares in Trainline slumped on Wednesday as the online rail ticket platform warned the Iran war and a series of policy measures in the UK would hit sales this year. The company on Wednesday said it expected £6.2bn - £6.45bn in sales, compared with £6.3bn in fiscal 2025/26 - a rise of 7%. Adjusted core earnings rose 11% to £177m.
Publishing giant Reach said on Wednesday that first-quarter trading had been hit by continued disruption to search and referral volumes, extending trends first highlighted back in July 2025. Reach said on‑platform referrals, mainly from Google, remained materially lower throughout the period, contributing to an 8.1% decline in digital revenue. Direct digital revenue fell 4.5%, while indirect revenue was down 10.5%.
Plus500 said it remains confident in its outlook for FY26 following a better-than-expected performance in the first quarter. The fintech group had already lifted its full-year profit outlook in April, saying it expected 2026 revenue and earnings before interest, tax, depreciation and amortisation to be ahead of market expectations of $779.3m and $360.4m respectively.
Budget carrier Wizz Air said on Tuesday that passenger numbers were up 21.9% year-on-year in April, with the Hungarian airline carrying 6.63m people last month. Wizz Air said capacity had risen 23.1% to 7.46m seats, while April's load factor came to 88.9% - down 0.9 percentage points year-on-year.
Shares in Amigo Resources rose on Tuesday after the gold and rare earth element (REE) miner unveiled a new strategic joint venture in south-west Tanzania, giving it a stake in a REE licence package in one of East Africa's most prospective REE provinces. The AIM-listed group said it has agreed a deal with AK Corporation and Anil Group to develop a portfolio of REE licences in the Songwe region, with Amigo taking a 51% controlling stake and acting as operator.
Telecommunications devices firm Ethernity Networks cut senior management hours and moved to preserve cash after expected warrant exercises failed to materialise, with the company also lowering its 2026 revenue guidance. Ethernity said its 2026 cash‑flow plan had assumed revenue from customers as well as proceeds from the exercise of outstanding warrants, but noted that no such exercises had taken place to date and were now considered unlikely given its current share price.
Intertek surged on Tuesday after Swedish private equity firm EQT sweetened its takeover proposal for the inspection, product testing and certification group. EQT's latest offer of 5,800p was up from previous offers of 5,400p and 5,150p per share.
Economic news
House prices ticked lower in April, industry data showed on Friday, as mounting geopolitical uncertainty weighed on consumer sentiment at home. According to Halifax, house prices edged down 0.1% last month, adding to March's 0.5% decline. The average property price now stands at £299,313.
UK retail footfall slumped in April as the Iran war dented consumer confidence, according to data released on Friday by the British Retail Consortium. The BRC-Sensormatic footfall monitor showed that total footfall fell by 10.7% year-on-year following 2.4% growth in March.
Construction output in the UK saw its steepest decline in April since November 2025 as the Middle East conflict drove up input prices, according to a survey released on Thursday. The S&P Global construction purchasing managers' index fell to 39.7 from 45.6 in March. This was below the 50.0 mark that separates contraction from expansion again and marked the weakest reading for five months.
The UK's Financial Conduct Authority has launched a review of the claims management sector amid concerns consumers are being "let down" by firms in ways that could be a result of potential misconduct. The regulator said the review will examine the root causes of "poor practices", including aggressive marketing, misleading advertising and the use of unfair exit fees.
The UK service sector continued to grow in April, a closely-watched survey showed on Wednesday, despite the Middle East crisis causing a sharp spike in input price inflation. The latest S&P Global UK services PMI business activity index came in at 52.7, up on March's 11-month low of 50.5 and ahead of consensus for 52.0.
New car sales motored ahead in April, industry data showed on Tuesday, driven by strong demand for electric vehicles amid surging fuel prices. According to the Society of Motor Manufacturers and Traders, new car registrations rose 24% to 149,247 last month, the best outturn since April 2019, when just over 161,000 units were sold.
International events
US consumer sentiment dropped to a record low of 48.2 in early May, according to preliminary figures from the University of Michigan, down from April's 49.8 print and falling short of expectations of 49.5. The current conditions component fell roughly 9% to 47.8, principally due to elevated concerns regarding how heightened prices will weigh on personal finances and buying conditions for major purchases. The expectations index, on the other hand, edged up to 48.5.
US job growth heated up in April, with non‑farm payrolls rising by 115,000, according to the Bureau of Labor Statistics, coming in well and truly above expectations for a much softer increase of 63,000. Across major demographic groups, unemployment rates showed minimal movement, while broader labour‑market participation was also largely flat. The participation rate held at 61.8% and the employment‑to‑population ratio remained at 59.1%. The number of people working part‑time for economic reasons rose sharply to 4.9m, suggesting some softening in labour demand, although long‑term unemployment was broadly unchanged at 1.8m.
German industry continued to struggle at the end of the first quarter, according to fresh data from the Federal Statistical Office, as higher costs and weak global demand again weighed on output. Industrial production fell 0.7% month‑on‑month in March, with February's reading also revised lower, leaving overall output more than 1% weaker in the first quarter than in the final three months of 2025.
Washington has insisted that the ceasefire between the US and Iran was holding, despite the two countries exchanging fire in the Strait of Hormuz. Donald Trump said three US Navy destroyers had been attacked as they moved through the narrow waterway, but that they had not been damaged. Instead, he claimed "great damage" had been done to the "Iranian attackers".
Americans lined up for unemployment benefits at an accelerated pace in the week ended 2 May, according to the Labor Department, after hitting a 57-year low a week earlier. US initial jobless claims rose by 10,000 from the previous week's upwardly revised level to 200,000, below market expectations of 205,000.
Eurozone construction saw activity slide in April, a closely-watched survey showed on Thursday, as inflationary pressures started to mount. The latest S&P Global Eurozone construction PMI total activity index came in at 41.7, down from 44.6 in March and well below the neutral 50.0. A reading above 50.0 suggests growth while one below it indicates contraction.
Norges Bank lifted its key deposit rate on Thursday to 4.25% from 4.0%, confounding consensus expectations for no change as it pointed to "substantial uncertainty" about the economic outlook. In a statement accompanying its first rate hike since 2023, the Bank said inflation is too high and there are prospects that inflation will remain elevated ahead. It pointed out that high inflation over time can lead firms and households to plan for persistently high inflation, making it more difficult to bring inflation down again.
Sweden's central bank left its key interest rate on hold as it assessed the economic impact of the Iran war on inflation. The Riksbank held its benchmark rate at 1.75% in line with expectations. Sweden's underlying inflation was the lowest in 30 years in April at 0.0%, partly due to a temporary cut in VAT on food, along with a stronger currency and modest wage deals.
German factory orders surged in March, official data showed on Thursday, outstripping forecasts for a much smaller rise. According to provisional figures from Destatis, the Federal Statistical Office, new orders in manufacturing jumped 5% on the previous month, or 6.3% year-on-year. In February, orders rose by a revised 1.4%. Analysts had been expecting growth to slow in March, to 1%.
Private sector employment in the US rose more than expected in April, according to figures released on Wednesday by ADP. Employment rose by 109,0000 from March, versus expectations for a 99,000 increase. Meanwhile, the March figure was revised to show that 62,000 jobs were added, rather than 61,000.
US mortgage applications fell 4.4% in the week ended 1 May, according to the Mortgage Bankers Association, extending the previous week's 2.6% decline. The drop came as benchmark mortgage rates rose by eight basis points, reflecting higher long‑term Treasury yields amid surging energy prices, increased underlying inflation and a resilient labour market that has fuelled expectations of a Federal Reserve rate hike later in the year.
Oil prices slid on Wednesday following a report that the US and Iran are close to reaching a deal to end the war. According to Axios, citing two US officials and two other sources briefed on the issue, the White House believes it's getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.
The eurozone economy slipped back into contraction in April, according to final estimates of S&P Global's monthly purchasing managers' indices, with rising prices and weakening demand painting a picture of stagflation. The eurozone composite PMI - a weighted average of the manufacturing PMI output index and the services PMI, which acts as an early indicator of economic health - dropped to 48.8 in April, down from 50.7 in March.
Services activity in China unexpectedly grew in April, according to a private survey released on Wednesday. The RatingDog China general services purchasing managers' index, compiled by S&P Global, rose to 52.6 from 52.1 in March. This was above the 50.0 mark that separates contraction from expansion and above economists' expectations for a reading of 52.0.
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