Weekly review
By Josh White
Date: Friday 29 May 2026
(Sharecast News) - The FTSE 100 ended the bank holiday-truncated week down 33.83 points, or 0.32%, closing at 10,409.28 on Friday.
Equity view
Drugmaker Astrazeneca said on Friday that Imfinzi has been approved in the US as part of the first immunotherapy‑based combination for patients with high‑risk, non‑muscle‑invasive bladder cancer who have not previously been treated with Bacillus Calmette-Guérin. Astrazeneca said the Food and Drug Administration's decision was based on results from its Phase III POTOMAC trial, which showed that adding a year of Imfinzi to standard BCG therapy cut the risk of high‑risk disease returning, progressing or leading to death by 32% after one year compared with BCG alone.
Drax said on Friday that it had completed commissioning of Hirwaun Power Station in South Wales, the first of three 299MW open cycle gas turbine plants it is developing in England and Wales. The FTSE 250 power generation group said it had now assumed commercial control of Hirwaun from developer Metlen Energy & Metals.
Serabi Gold reported a sharp rise in first-quarter profit and cash generation on Friday, as production increased and the Brazilian-focused miner benefited from a significantly stronger gold price. The AIM-traded company said gold production for the three months ended 31 March rose 20% to 12,043 ounces, from 10,013 ounces a year earlier.
Property developer Great Portland Estates said on Friday that it has pre-let over 13,000 square feet of fully managed offices at Elsley House in West London, including both the first and second floors. Great Portland said the space was let at an average rent of £260 per square foot, with the deals completed in March and April, 4.4% ahead of the site's new March 2026 enterprise rental value.
Ocado said on Friday that it has agreed to enter a partnership with Asda to develop the latter's online business across the UK with the Ocado Smart Platform. No financial details were disclosed but Ocado said the focus will be to quickly replace and upgrade Asda's existing ecommerce infrastructure, with Ocado's solutions to be rolled out across both stores and dark stores - warehouses - from 2027.
Utilities provider SSE reported a small decline in annual profits but adjusted earnings above the upper end of guidance, delivering an upbeat outlook following a record year for capital investment. Adjusted pre-tax profits totalled £2.03bn over the 12 months to 31 March, down 6% over the year before, though adjusted earnings per share of 153.5p came in comfortably ahead of last month's guidance range of 147-152p.
Metal flow engineering firm Vesuvius said on Thursday that trading over the first four months of the year was slightly ahead of 2025 on a constant‑currency basis, leading the group to maintain its full‑year guidance as it expects to report a stronger second half performance. Vesuvius said steel production outside China, Ukraine, Russia and Iran rose 2.5% in the first quarter, with improving momentum in India, South East Asia and now North America. Output in Europe, the Middle East and South America remained below prior‑year levels, though Vesuvius expects conditions in Europe to improve as new protective measures take effect later in the year.
Johnson Matthey delivered operating profits in line with previously upgraded guidance on Thursday, as it announced a $360m acquisition to beef up its presence in the growing US power generation market. Underlying revenues at the speciality chemicals firm totalled £2.56bn over the year to 31 March when excluding the sales of precious metals to customers, down 10% over the year before, driven by an 8% sales decline at the larger Clean Air Solutions business and a 13% drop in the PGM (platinum group metal) services top line.
Finsbury Growth & Income Trust said in its half-year report on Thursday that it would enhance its dividend policy, increase gearing and reduce management fees as the board looked to improve shareholder returns after a period of weak performance. The FTSE 250 UK equity investment trust said net asset value per share total return was -14.0% for the six months ended 31 March, while the share price total return was -13.2%.
Computacenter said on Thursday that it has bought Government Acquisitions (GAI), a value-added reseller focused on the US federal government market, for up to $92m (£68.6m). Headquartered in Cincinnati, Ohio, GAI is an IT solutions partner for federal agencies and employs approximately 90 people. In 2025, it reported gross invoiced income of around $390m and adjusted EBITDA of approximately $8m.
Hollywood Bowl posted a jump in interim profit and revenue on Wednesday as it hailed "robust" demand for affordable leisure experiences. In the six months to the end of March, group adjusted pre-tax profit rose 8.1% from the same period a year earlier to £32.1m, with revenue up 9.5% to a record £141.5m. Adjusted earnings before interest, tax, depreciation and amortisation grew 8.9% to £42.2m and the company lifted its dividend by 10.2% to 4.52p a share.
Scottish Mortgage Investment Trust reported a strong year of absolute and relative performance on Wednesday, as gains from artificial intelligence-related holdings and a sharp revaluation of SpaceX helped it outperform global markets.
Retailer Pets at Home posted a mixed set of full‑year results on Wednesday, with solid progress in its veterinary unit offset by continued pressure in retail as the firm continued to push ahead with its turnaround plan. Pets at Home said group consumer revenues had edged 1% higher to £1.98bn, driven by a 5% rise in Vet Group revenue to £688m, while retail slipped 1% to £1.29bn against a subdued market backdrop.
HICL Infrastructure reported a stronger annual performance on Wednesday, with net asset value growth supported by portfolio disposals, operational outperformance and active capital allocation. The FTSE 250 infrastructure investment company said NAV per share rose to 160.2p at 31 March, from 153.1p a year earlier, delivering a total NAV return of 10.3%.
Watkin Jones reported a flat first-half operating profit on Wednesday, as lower revenue from in-build schemes was offset by cost control and steady construction delivery, while the group continued to diversify beyond its traditional forward-funding model. The AIM-traded residential-for-rent developer said revenue fell to £100.2m in the six months ended 31 March, from £129.2m a year earlier.
Government services provider Serco said on Tuesday that it has successfully retained its facilities management contract at Norfolk and Norwich University Hospital. Serco, which has delivered critical services at NNUH for 25 years, said the renewed agreement had a total value of more than £270m over the next 10 years and takes effect immediately.
Atalaya Mining reported a solid first-quarter financial performance on Tuesday, despite lower copper production caused by heavy rainfall at its Proyecto Riotinto operations in Spain. The FTSE 250 company said copper production fell to 9,939 tonnes in the three months ended 31 March, from 14,291 tonnes a year earlier, after unusually high rainfall in late January and early February reduced access to parts of the Cerro Colorado pit.
Greatland Resources said on Tuesday that it had received the main Western Australian environmental approval for its Havieron gold-copper project, clearing another key step towards a final investment decision. The AIM-traded company said approval from the Western Australian Minister for the Environment, under Part IV of the Environmental Protection Act, was received on 25 May following a recommendation from the state Environmental Protection Authority that the project be implemented subject to specified conditions.
Kefi Gold and Copper said on Tuesday that Stifel had been appointed as financial adviser and joint broker, and would act as sponsor for the company's planned move to the Main Market of the London Stock Exchange. The AIM-traded company said the move to the Equity Shares - Commercial Company segment of the Main Market was expected to take place in 2027.
Veterinary services provider CVS Group said on Tuesday that it has successfully refinanced its bank debt facilities, as it announced the launch of a £50m share buyback and the acquisition of a small animal practice in Australia. The company said it has refinanced its £350m debt facilities on improved terms. This includes a term loan of £125m and a revolving credit facility of £225m, both repayable in May 2030, and the existing overdraft facility of £5m, renewable annually.
Economic news
The number of young people not in education, employment or training (Neets) has risen to more than 1 million, according to figures released on Thursday by the Office for National Statistics. There were an estimated 1.01m young people between the ages of 16 and 24 who were Neet in January to March 2026, the ONS said. This is up by 89,000 from the same period a year earlier, and by 55,000 on October to December 2025.
Grocery inflation eased in May, according to data released on Wednesday by Worldpanel by Numerator. Like-for-like grocery prices rose by 3.1% in the four weeks to 17 May, down from 3.8% in April and marking the slowest rate of increase since December 2024.
Ofgem said the energy price cap will rise by 13% from July, as higher wholesale gas prices linked to the conflict in the Middle East feed through to household bills. The regulator said the cap for the period from 1 July to 30 September would increase from £1,641 to £1,862 a year for a typical household paying by direct debit for gas and electricity under its existing consumption measure.
UK retail selling prices in May grew at their slowest pace in more than a year and are expected to remain poor on the back of weak consumer demand although volumes were better than the record downturn posted in February, according to a widely read survey published on Tuesday. Sales volumes fell short of seasonal norms in May, while annual sales volumes continued to fall but at a slightly slower pace, the Confederation of British Industry said in its latest quarterly distributive trades survey.
International events
German inflation eased in May despite the ongoing conflict in the Middle East, according to figures released on Friday by Destatis. The consumer price index fell to 2.6% on the same month a year earlier, from 2.9% in April. Meanwhile, the harmonised index of consumer prices was 2.7%, down from 2.9% in April and versus expectations of 2.8%.
America's goods deficit narrowed to $82.4bn in April, according to preliminary data from the Census Bureau, down from $85.3bn in March and better than the $86.5bn expected by economists. Exports surged 4% to a record $219.7bn, driven by strong sales of capital goods, industrial supplies and consumer goods. However, vehicle and food exports fell by 2.8% and 0.3%, respectively.
US durable goods orders surged in April, according to the Census Bureau, rising 7.9% to $346bn for the strongest monthly increase since May 2025. April's durable goods reading far outpaced expectations for a 3.5% gain and followed an upwardly revised 1.3% rise in March, driven largely by a 21.5% increase in transportation equipment, including a sharp 165.9% rise in non‑defence aircraft and parts.
Americans lined up for unemployment benefits at an accelerated clip in the week ended 23 May, according to the Labor Department, rising by 5,000 to 215,000 - above expectations for a softer 1,000 increase. Continuing claims increased by 15,000 to 1.78m, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 6,250 to 209,000.
The US economy grew less than originally estimated in the first quarter of 2026, according to amended figures out on Thursday from the Bureau of Economic Analysis, with both investment and consumer spending figures revised lower. US gross domestic product increased at a year-on-year rate of 1.6% over the first three months, marking an acceleration from the 0.5% growth registered in the fourth quarter of 2025.
US inflation held broadly in line with expectations in April, with the Federal Reserve's preferred gauge showing little change in underlying price pressures, even as household spending continued to rise. According to the Bureau of Economic Analysis, the personal consumption expenditures price index increased 0.4% on the month and 3.8% year‑on‑year, matching forecasts, while core PCE, which strips out volatile food and energy costs, rose 0.2% on the month and 3.3% annually.
Economic sentiment across the eurozone was broadly stable over the month of May, according to the European Commission on Thursday, stabilising after hitting its lowest in over five years the previous month amid heightened geopolitical tensions in the Middle East. The EC's Economic Sentiment Indicator rose just 0.3 points to 93.5 this month after dropping to 93.2 in April - its lowest since November 2020.
Oil prices slid further on Wednesday afternoon following a report that Iran is committed to restoring the number of commercial transit ships through the Strait of Hormuz to pre-war levels within a month. According to Reuters, citing Iran's state TV, Tehran has obtained a draft of an initial unofficial framework for a memorandum of understanding with the US.
The Richmond Federal Reserve's manufacturing index increased to 13 points in May, up from a reading of 3 in April, as all three of its component indices rose. Shipments jumped to 16 from −2, while new orders rose to 17 from 8, and employment improved to 3 from 0. The future indices for shipments and new orders increased further into positive territory, while the expectations index for employment rose to 23 from 7.
US mortgage applications fell by 8.5% in the week ended 22 May, according to the Mortgage Brokers Association, with climbing interest rates weighing on demand. Applications to refinance a mortgage, which are more sensitive to week-to-week interest rate changes, slumped 18% week-on-week, while applications to purchase a home dropped just 0.4%.
US consumer confidence slipped slightly in May, according to the Conference Board, with the headline index edging down to 93.1 from an upwardly revised 93.8 in April. The Conference Board said the present situation index, which tracks consumers' assessment of current business and labour‑market conditions, fell more sharply to 121.2, down 3.2 points on the month.
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