Weekly review
By Josh White
Date: Friday 05 Jun 2026
(Sharecast News) - The FTSE 100 ended the week down 41.29 points, or 0.4%, closing at 10,368.05 on Friday.
Equity view
Bodycote said Apollo Management had pulled out of its proposed £1.5bn offer for the UK thermal processing company. "The board of Bodycote has strong confidence in Bodycote's potential and its strategy to create a high-performing, resilient business with attractive growth prospects," the company said on Friday.
William Hill UK owner Evoke on Friday said it had accepted a £243m takeover offer from Bally's Intralot. Under the terms of the deal Evoke investors will get 0.537 new Intralot shares for every Evoke share they hold, representing a value of 52p per Evoke share based on Intralot's share price of €1.12.
Technology firm Raspberry Pi said on Friday that "strong" first‑half profitability was now expected to be "materially ahead" of last year, prompting an upgrade to its full-year outlook. Raspberry Pi said trading in the six months ending 30 June has been strong so far, with unit shipments set to exceed 4.0m and adjusted underlying earnings seen at no less than $38m.
Revolution Beauty said on Friday that the Financial Conduct Authority had closed its investigation into the company and would take no further action against it or its founders. The AIM-traded beauty group said on Friday that it had been notified by the FCA that the investigation, which began on 21 July 2023, had ceased.
Mitie Group said on Thursday that it had started the current year on the front foot, after posting a jump in annual earnings. Revenues at the facilities manager rose 10.5% in the year to 31 March to £5.6bn, including 5.3% organic growth driven primarily by new contract wins and scope increases. That helped lift adjusted operating profits 13% to £264m.
Property developer Great Portland Estates has secured three further lettings at City Tower, EC2, taking leasing of the recently refurbished space to 69%. Great Portland Estates said the deals, which total 13,600 square feet, were signed at an average premium of 3.1% to enterprise rental value, underlining "continued demand" for its Fully Managed offer.
Digital advertising and marketing firm S4 Capital said on Thursday that trading through 2025 had continued to reflect volatile macro conditions, with tariff negotiations and geopolitical risks keeping clients cautious. S4 Capital said technology clients, which account for almost half of group revenues, remained focused on capital spending to expand AI capacity rather than operating budgets. It also said its technology services unit was hit early in the year by the loss of a major account and longer sales cycles, though it also noted that this eased as the year progressed.
Universal Music Group shares fell on Thursday after Bill Ackman's Pershing Square exited its €1.4bn stake in the company, just days after the world's largest music group rejected a takeover proposal from the hedge fund billionaire. The Amsterdam-listed company said it had repurchased 14.16m ordinary shares from Pershing Square funds at €17.66 each, for total consideration of about €250m.
Real estate investment trust Tritax Big Box said on Wednesday that it has sold six logistics assets to EQT Real Estate for a total cash consideration of £199m as it looks to invest further into higher returning development-led logistics and data centre opportunities. Tritax said the disposals were in line with their respective book values and comprised big box and urban logistics assets located at Leamington Spa, Peterborough, Didcot and Kettering. The assets generated a total contracted annual rent of £12m.
Shares in Boohoo Group soared on Wednesday, after the Debenhams-owner reaffirmed its outlook following a strong start to the year. The online retailer, which also owns Karen Millen, MAN and PrettyLittleThing, said it returned to growth in the three months to May end, with gross merchandise value (GMV) up 0.5% year-on-year. May trading was "particularly strong", it added, with GMV jumping 8%, led by Debenhams and PrettyLittleThing.
Ninety One shares fell more than 7% on Wednesday despite the asset manager reporting higher full-year earnings and a return to annual net inflows, as investors appeared to focus on the quality of asset growth and only modest growth in statutory profit. The London- and Johannesburg-listed group said assets under management rose 31% to £171.8bn in the year ended 31 March, from £130.8bn a year earlier.
Exploration and production firm Energean said on Wednesday that Chevron had notified the group that Etu Energias has moved to exercise its pre‑emption rights over Energean's planned acquisition of interests in Blocks 14 and 14K offshore Angola. The deal, announced in March, will see Energean acquire a 31% operated stake in Block 14 and a 15.5% non‑operated interest in Block 14K, with the FTSE 250-listed company noting that its sale and purchase agreement with Chevron remained in place until Etu Energias' pre‑emption claim has been confirmed as valid and completed, and a replacement agreement between Chevron and Etu can be executed.
UK defence company Chemring on Tuesday reported a record order book at the half-year stage and held full-year guidance as governments continued to ramp up military spending. Orders at the end of April stood at £1.4bn, a rise of 8%. Underlying core earnings fell 2% to £38.2m. Underlying operating profit fell to £24.5m from £26.5m a year ago, leading to a decline in operating margin to 10.3% from 11.9%. Revenue rose to 7% £237.3m.
Tobacco giant British American Tobacco said on Tuesday that it was firmly on track to deliver full-year guidance, driven by continued US delivery and new category momentum. British American Tobacco said revenue growth in its new categories division was accelerating, led by strong performances in its modern oral and vapour units, adding that it now expects to see mid‑teens growth for both the first half and the full year.
British Land has named Joanne McNamara as its next chief executive, it was confirmed on Tuesday, the first woman to take up the role in the blue chip's 170-year history. McNamara is joining from Oxford Properties, a real estate investor owned by Canada's Ontario Municipal Employees Retirement System, where she is currently executive vice president, Europe. British Land and Oxford Properties are joint venture partners on the Leadenhall Building development in the City.
Wizz Air reported a sharp rise in May passenger numbers on Tuesday, as capacity increased into the summer season, while its load factor improved year on year. The FTSE 250 low-cost carrier said it carried 7.13m passengers in May, up 26.1% from 5.66m a year earlier. Capacity rose 25.4% to 7.77m seats from 6.20m, while the load factor increased 0.5 percentage points to 91.7%.
Renewable energy business Drax has agreed to acquire Bluefield Solar Income Fund in a cash deal worth about £548m, with an additional 2.25p dividend taking the total offer to 94.824p per share - a 31% premium to BSIF's 4 November 2025 closing price, the last trading day before the offer period began. Including the dividend, the offer values the solar investor at roughly £561m and will be carried out through a court‑sanctioned scheme of arrangement.
Sports nutrition company Applied Nutrition said on Monday that trading for the year ending 31 July was running ahead of expectations, with revenues now forecast to come in at roughly £148m and underlying earnings margins to be in line with consensus estimates, excluding the impact of a newly announced US acquisition. Applied Nutrition has acquired US‑based Nutrablend Group for $16m, funded from existing cash, with the deal including a fully fitted manufacturing and warehousing facility in New York, valued at about $7m, along with production equipment, inventory and two in‑house brands - Basic Supplements and GR8 Lifestyle.
Disputes financier Litigation Capital Management said on Monday that its debt covenant waiver with Northleaf had been extended by a month, but also warned of negative developments in two case investments. Litigation Capital said its debt covenant waiver with Northleaf, which had been due to expire on 30 May, has been extended to 30 June, but stated the interest rate on the loan will remain 2% higher during the waiver period, in line with the original terms. It also highlighted that no additional one‑off fee will be charged.
Shares in Wise tanked on Monday after it emerged the fintech is being investigated over potential money laundering failures. According to The Bureau of Investigative Journalism, which broke the story, prosecutors in Belgium opened a probe into the London-based payments specialist last year, after noticing that Wise accounts had featured in hundreds of requests for cross-border help in criminal proceedings from more than 30 countries across Europe. The report said the transactions amount to €500m.
Economic news
UK house prices unexpectedly declined in May, according to figures released by Halifax on Friday. House prices fell 0.1% on the month, matching April's fall but missing expectations for an increase of 0.1%. On the year, house prices were up 0.5% in May following a 0.4% rise the month before, but missing expectations for a 1% jump.
UK retail footfall fell in May, albeit less than in April, as the heatwave in the final week of the month kept shoppers away, according to data released on Friday by the British Retail Consortium. The BRC-Sensormatic footfall monitor showed that total footfall fell 2.6% year-on-year last month, an improvement on April's 10.7% slump.
UK construction output fell in May at the fastest pace in six years, according to a survey released on Thursday. The S&P Global construction purchasing managers' index fell to 38.2 from 39.7 in April, coming in below the 50.0 mark that separates contraction from expansion for the 17th month in a row.
The Confederation of British Industry will warn on Thursday that the soaring costs facing businesses, including a "record" tax burden, are putting jobs and investment at risk. In a speech to be delivered at the trade body's national business dinner in London on Thursday, chief executive Rain Newton-Smith will say the UK has "the makings of a true growth story".
The Financial Conduct Authority said on Wednesday that it has warned football clubs - mainly in the Premier League - over their sponsorship relationships with a number of unauthorised firms, including crypto businesses and trading platforms. The watchdog said these unauthorised firms may be breaching UK financial services laws by providing financial services in the UK without authorisation. It cautioned that football fans using these firms risk losing all their money.
UK consumer confidence rose in May, according to the latest survey from YouGov and the Centre for Economics and Business Research (Cebr), as negative perceptions surrounding household finances eased. The headline consumer confidence index rose to 104.9 from 102.4 in April, with the 2.6-point increase marking the largest monthly gain in sentiment since May 2021.
The UK economy stumbled in May, a closely-watched survey showed on Wednesday, as the dominant services sector saw activity fall for the first time in over a year. The S&P Global UK services PMI business activity index came in at 49.3, down on April's 52.7 and the first reading below the neutral 50.0 benchmark since April 2025. A reading above 50.0 suggests growth while one below indicates contraction.
Mortgage approvals unexpectedly spiked in April, data from the Bank of England showed on Tuesday. According to the central bank's latest monthly Money and Credit Report, there were 65,945 net mortgage approvals for house purchases in April. The highest figure since January 2025, it was comfortably above both the six-month average, of around 63,100, and March's 63,979.
The UK manufacturing sector grew in May at the fastest pace in four years, according to a survey released on Monday. The S&P Global manufacturing purchasing managers' index rose to a four-year high of 53.9 from 53.7 in April, remaining above the 50.0 mark that separates contraction from expansion for the seventh month in a row.
UK companies continue to expect broad-based weakness over the summer, according to a survey released on Monday. The Confederation of British Industry's latest growth indicator showed the balance of private sector companies expecting activity to fall in the three months to August was -24, little changed from -25 previously.
International events
World food prices edged lower in May but remained close to a three-year high, according to the Food and Agriculture Organization on Friday, with prices relatively stable amid diverging trends in commodity markets. The UN agency's food price index was 130.8 points in May, down 0.2% over the month but broadly stable following April's upwardly revised reading of 131.0 points - its highest mark since January 2023.
Americans lined up for unemployment benefits at an accelerated clip in the week ended 30 May, according to the Department of Labor, hitting the highest initial claim count since February. Initial jobless claims rose by 13,000 to 225,000, well ahead of market expectations for a much smaller 1,000 increase to 213,000.
Eurozone retail sales declined in April after growing in March by the most in 19 months, according to data out on Thursday from Eurostat. The volume of retail trade across the single-currency region was down 0.4% over the month, slightly worse than the 0.3% decline expected by economists.
The decline in activity across the eurozone construction sector eased slightly in May after contracting by the most in 20 months in April, though price and supply disruptions continued to hamper the industry. The S&P Global eurozone construction purchasing managers' index (PMI) increased to 43.7 in May from 41.7 in April, which was the lowest level since August 2024.
Israel and Lebanon have agreed to a US-brokered ceasefire, according to a joint statement released by the US State Department. The ceasefire is contingent on a complete cessation of fire from Iran-backed Hezbollah and the evacuation of all Hezbollah operatives from the South Litani area.
The European Union on Wednesday set out plans to cut Europe's reliance on foreign technology providers, including strengthening semi-conductor, cloud computing and artificial intelligence capacity. European Commission President Ursula von der Leyen said the 27-member bloc could not afford to "depend on others for the technologies that keep our hospitals running, our energy grids stable and our services secure".
US factory orders rose for the fifth time in six months in April, according to the Census Bureau, climbing 4.8% to $662.7bn following a 1.8% increase in March. Shipments were also higher, up 1% month-on-month to $641bn after a 1.5% rise previously.
Private sector employment in the US rose more than expected in May, according to figures released on Wednesday by ADP. Employment rose by 122,000 from April, versus expectations for a 110,000 increase. Meanwhile, the figure for April was revised to 105,000 jobs added, from 109,000.
US mortgage applications fell for a third consecutive week at the end of May, according to the Mortgage Bankers Association, with overall volumes down 2.5%. The decline followed an 8.5% drop in the prior week and came despite a slight easing in benchmark mortgage rates, which tracked lower long‑term Treasury yields as energy prices pulled back from recent highs.
Activity in China's services sector grew in May at the fastest pace in three months, according to a survey released on Wednesday. The RatingDog China general services purchasing managers' index, compiled by S&P Global, rose to 54.4 from 52.6 in April. A reading above 50.0 indicates expansion, while a reading below signals contraction.
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