Weekly review
By Josh White
Date: Friday 19 Jun 2026
(Sharecast News) - The FTSE 100 ended the week down 108.1 points, or 1.03%, closing at 10,363.27 on Friday.
Equity view
UK housebuilder Barratt Redrow on Friday said it had appointed former Britvic and British Airways executive Rebecca Napier as chief financial officer with effect from August 3. Most recently CFO of Britvic until its acquisition by Carlsberg Group in 2025, she previously spent 17 years at IAG, including as CFO of British Airways. Napier began her career at Deloitte, having qualified as a chartered accountant.
Hospitality business PPHE Hotel Group said on Friday that its independent committee had concluded that the £22 per share indicative offer from Fattal Hotel Group would not proceed after major shareholder Euro Plaza Holdings signalled its opposition. PPHE Hotel entered an offer period in November 2025 after founder shareholders Eli Papouchado and Boris Ivesha began exploring options, including growth capital or a partial sale of their stakes. The board then launched a strategic review and began a formal sale process under a Takeover Panel dispensation.
Unite Group slumped on Friday after shareholder CPPIB European Student RE Holdings placed 36.2m shares in the company. According to Bloomberg, the shares are being offered via JP Morgan Cazenove in an accelerated bookbuild at a price of 505p to 515p - a discount to Thursday's closing share price of 532.50p.
Social entertainment business LBG Media said on Friday that it has agreed to acquire 75% of a UK‑based creative agency Uncovered Holdings for an initial sum of £26.8m. LBG said the acquisition, which comes with a potential earn‑out of up to £7m based on performance through 2026-27, also includes put and call options over the remaining 25%, exercisable at a multiple of 9x adjusted underlying earnings for 2028-30.
Premier Inn owner Whitbread backed its full-year outlook on Thursday as it said forward bookings in the UK remain ahead of last year, supported by peak leisure bookings. In an update for the 13 weeks to 28 May, the company said group like-for-like sales rose 2% to £727m. It hailed a positive trading performance in both Premier Inn UK and Premier Inn Germany, partially offset by an expected reduction in UK food and beverage sales as a result of its 'Accelerating Growth Plan' (AGP) to transition a number of its branded restaurants to "a more efficient integrated offering".
Tesco held annual guidance despite a slowing of like-for-like sales in the first quarter as customers shunned higher prices and cheaper competitors fought for market share. Sales in the 13 weeks to May 30 rose 1.8% compared with "an exceptionally strong prior-year period supported by record-breaking weather and competitor disruption", Tesco said in a trading statement, adding that the war in Iran and Lebanon "continues to create uncertainty for customers".
FirstGroup's share price jumped on Thursday after the travel operator beat market forecasts with its full-year results despite "significant headwinds" and unveiled a new £100m share buyback. The Aberdeen-based bus and rail group reported adjusted revenues of £1.72bn for the year to 28 March, up 25% and in line with analysts' estimates, as 33% growth in the larger bus division to £1.44bn outweighed a 16.4% drop in rail revenues to £272m.
Intertek said on Thursday that it has agreed to be taken over by Swedish private equity firm EQT in a £9.5bn deal. EQT will pay £61.077 per share for the inspection, product testing and certification group. This comprises £60 in cash and a final dividend of 107.7p per share.
Caledonia Investments on Wednesday said it had agreed a £60m financing deal with garden centre operator Blue Diamond. The investment will be made up of £40m to support future growth initiatives and the rest to facilitate shareholder liquidity. Following completion, Caledonia will hold a fully diluted minority shareholding of approximately 16%.
Tool hire provider Speedy Hire reported a drop in full-year profitability on Wednesday, with adjusted underlying earnings falling to £85.4m from £97.1m and the group swinging to an adjusted pre‑tax loss of £9.8m, compared with an £8.7m profit a year earlier. Speedy Hire said margins were hit by lower volumes, wage inflation and higher interest costs following accelerated fleet investment and its partnership with ProService transaction. Adjusted losses per share came to 1.71p, while operating profits also turned negative.
Shares in Castings fell on Wednesday after the Midlands-based iron casting and machining group said full-year results reflected subdued demand across its end-markets, with revenues falling year-on-year. The company, which operates two iron foundries in the West Midlands (Brownhills) and Derbyshire (William Lee), reported group revenues of £173.2m over the 12 months to 31 March, down 2.1% year-on-year.
Recruitment firm Hays said it is "exploring options" related to operations across a further seven non-core markets as it continues to focus on building leading positions in its primary regions. On Tuesday, the company completed the sale of operations in six European countries, which provide specialist recruitment services to local customers.
SThree backed its full-year guidance on Tuesday as the recruiter posted a drop in first-half group net fees but said the rate of decline had moderated during the period, supported by strong growth in the USA. In the half year to the end of May, group net fees fell 7% on the same period a year earlier to £147.7m, with an 8% drop in the contract segment to £124.9m and a 5% fall in permanent to £22.8m.
Science and technology investment firm IP Group said on Tuesday that portfolio company Istesso has begun dosing patients in a Phase 2 trial of its lead drug candidate, leramistat, targeting severe muscle loss in people with rheumatoid arthritis. IP Group said the study, which is randomised and placebo‑controlled, will assess whether the treatment can improve muscle quality, repair and function in an area where no approved medicines currently exist.
Rathbones shares were sliding on Tuesday after it said a skilled person review following engagement with the Financial Conduct Authority had identified areas for improvement in its UK Wealth Management business, including the implementation and embedding of Consumer Duty and aspects of compliance, oversight and assurance. The FTSE 250 wealth manager said it would carry out a two-year programme to address the review's recommendations and conduct a targeted review of some clients to assess whether they had received good outcomes.
Tatton Asset Management reported full-year results ahead of market expectations on Tuesday, with revenue rising 20.1% to £54.4m and adjusted operating profit increasing 24.1% to £28.5m in the year ended 31 March. The AIM-traded investment management and IFA support services group said statutory pre-tax profit rose 17.2% to £25.3m, while adjusted diluted earnings per share increased 22.3% to 35.05p.
Big Yellow said it has sold its industrial estate in Harrow, London, for £38.4m, subject to a £2m retention from the sale price, which will be released on the satisfaction of certain conditions. Proceeds from the sale will be used to fund the build out of 11 new stores and one replacement store in the development pipeline on land owned by the group. On a proforma basis, the 12 pipeline stores are expected to generate £35m net operating income. This represents an income return of 16.5% on the £212m total cost to complete.
Drugmaker Astrazeneca said on Monday that its cancer drug Truqap, used with abiraterone and prednisone, has been approved in the US as the first targeted treatment for a form of advanced prostate cancer driven by a fault in the PTEN gene. Astrazeneca said the approval was based on results from its Phase III CAPItello‑281 trial, which showed the combination cut the risk of the disease worsening or patients dying by 19%. Median progression‑free survival was 33.2 months on the Truqap regimen, compared with 25.7 months for those on standard therapy.
Shares in Union Jack Oil flew on Monday, after the AIM-listed energy company confirmed it had received a takeover approach from Reabold Resources. In a brief statement, Union Jack said British investment firm Reabold - which specialises in European gas assets - had sent it a non-binding indicative offer at the start of the month regarding a possible all-share offer.
Renewable energy investment firm The Renewables Infrastructure Group has agreed to sell its 17.5% stake in the 588mw Beatrice offshore wind farm for around £155m, marking further progress towards its £400m, 12‑month capital‑recycling target. TRIG said on Monday that the offer was made by an existing co‑shareholder, Equitix, which exercised its pre‑emption rights under the project's shareholder agreement. TRIG said the deal was subject to final documentation and customary consents.
Economic news
Government borrowing rose more than expected in May, according to figures released on Friday by the Office for National Statistics. Borrowing - the difference between total public sector spending and income - came in at £23.3bn, up £5.4bn on May 2025 and £5.6bn more than the £17.7bn forecast by the Office for Budget Responsibility.
UK retail sales rose more than expected in May, helped along by warm weather and promotions, according to figures released on Friday by the Office for National Statistics. Retail sales ticked up 1.2% following a 1% decline in April, coming in comfortably ahead of analysts' expectations for a 0.5% increase. Over the year to May, sales were up 3.2%.
UK consumer confidence remained firmly in negative territory this month, according to GfK's long-running sentiment survey published on Friday, The Consumer Confidence Barometer report, compiled by GfK and the Nuremberg Institute for Market Decisions (NIM), showed that the headline sentiment index was unchanged a -23 in June for the second straight month, compared with -18 in June 2025.
The UK unemployment rate unexpectedly eased in April, official data showed on Thursday. According to the Office for National Statistics, the unemployment rate was estimated to be 4.9% in the three months to April, up 0.3 percentage points on the year but down 0.3 percentage points on the last quarter. The market had been expecting no change.
The Bank of England left interest rates on hold on Thursday, as widely predicted. The Monetary Policy Committee voted to leave the cost of borrowing unchanged at 3.75% by a majority of 7-2. Hawks Megan Greene and Huw Pill, the bank's chief economist, both backed a hike, to 4%.
UK house prices rose in the year to April at the highest annual rate since March 2025 before Stamp Duty changes were implemented, according to figures released on Wednesday by the Office for National Statistics. House prices increased 3.8% to an average £270,000, following no growth in March. Average house prices ticked up to £291,000 in England, £212,000 in Wales, and £192,000 in Scotland.
UK inflation unexpectedly held steady in May, official data showed on Wednesday, as lower food prices helped offset sharply higher transport costs. In data released ahead of the Bank of England's latest decision on interest rates, the Office for National Statistics confirmed that the consumer prices index rose by 2.8% in the 12 months to May, unchanged on April. Consensus had been for a rise, to 3.0%.
Thames Water edged closer to possible re-nationalisation on Tuesday after the government baulked at a proposed £10bn rescue plan put in place by the stricken utility's creditors. In a letter sent on Monday, first reported by The Times, environment secretary Emma Reynolds argued that the proposed deal does not do enough for consumers or the environment. She is understood to have described the deal terms as "weak" and said she was hoping for an improved offer. She also reportedly accepted the possibility that a deal may yet not be possible.
Asking prices for UK houses saw their biggest June decline in 14 years this month as sellers cut expectations to attract buyers in an increasingly competitive market, according to property portal Rightmove. The average price of a home coming to market fell by 0.6%, or £2,113, in June to £376,191, leaving prices 0.5% lower than a year earlier.
International events
The US launched a trade investigation into Germany's drug pricing policies on Friday, raising the prospect of tariffs or other measures if Washington finds that Berlin's approach unfairly burdens American commerce. US trade representative Jamieson Greer said the probe, launched under Section 301 of the Trade Act, would examine whether Germany's "persistent underpayment" for innovative medicines is unreasonable or discriminatory.
Plans for the US and Iran to formally sign a deal to end war in the Middle East have been abruptly called off. A hard-fought 14-point deal was agreed last weekend. It was then signed electronically earlier in the week, with the two countries due to formally sign the memorandum of understanding in the mountaintop resort of Burgenstock on Friday, alongside mediators Pakistan and Qatar.
US initial jobless claims fell more or less in line with expectations last week, according to figures released on Thursday by the Labor Department. In the week to 13 June, jobless claims fell by 4,000 from the previous week's revised level to 226,000. Economists were expecting a dip to 225,000 from the 229,000 initially reported.
Construction output across the eurozone edged higher in April, while March's growth was revised sharply higher, according to data out on Thursday from Eurostat. The EU's statistical office reported that seasonally adjusted production in construction increased by 0.6% across the single-currency region in April.
The Swiss National Bank left interest rates unchanged on Thursday, as widely expected, on a benign inflationary outlook. The central bank opted to keep policy rate at 0%. It acknowledged that inflation had risen in recent months, coming in at 0.6% in May compared to 0.1% in February, due to higher energy prices. But medium-term inflationary pressures were "virtually unchanged" since its last report, it added.
Norway's central bank left its interest rate unchanged on Thursday at 4.25%, as expected, but signalled that rate hikes could be on the cards. Norges Bank governor Ida Wolden Bache said: "Inflation is too high, and the rapid rise in business costs in recent years will contribute to keeping inflation elevated ahead. New information indicates that inflation pressures are slightly stronger than we had anticipated earlier.
The US and Iran have signed an interim deal to end war in the Middle East and reopen the Strait of Hormuz, sending oil prices sharply lower. Donald Trump, who is in France for the G7 summit, confirmed late on Wednesday that the memorandum of understanding had been signed. Pakistan prime minister Shehbaz Sharif, who has acted as mediator, later confirmed it had been electronically signed and would come into effect immediately.
US retail sales rose 0.9% in May, according to advance estimates from the Census Bureau, hitting $763.7bn. Sales for the March-May period were up 5.3% compared with the same three months in 2025, while April's monthly gain was revised down slightly to 0.4%. On an annualised basis, retail sales registered a 6.9% increase.
US mortgage applications fell for a fourth time in five weeks in the week ended 12 June, according to the Mortgage Bankers Association, with overall volumes down 3.8% despite benchmark mortgage rates holding steady. Applications to refinance a mortgage, which are more sensitive to week-to-week rate moves, dropped 4.5%, while applications to purchase a home were 3.4% lower week-on-week.
Inflation across the eurozone was confirmed at a two-and-a-half-year high in May, according to the final estimate from Eurostat published on Wednesday, as price pressures intensified for the fourth straight month on the back of the Middle East conflict. Eurostat said that the annual change in the consumer price index was 3.2% last month, in line with initial estimates released two weeks ago and up from 3.0% in April.
Oil supplies are set to outstrip demand next year, the International Energy Agency forecast on Wednesday, after the US and Iran agreed a tentative peace deal. Publishing its latest monthly report, the influential Paris-based body said shipments through the Strait of Hormuz were already on the rise.
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