FTSE 100 Live 8 May: Bank of England in focus after index surges to close at another record
A fresh record for the FTSE 100 index and trading updates by JD Wetherspoon and Informa today provided more cheer for investors.
Loss-making fashion chain Boohoo and the insurer Direct Line fared less well in the City, having also reported this morning.
The Bank of England’s two-day policy meeting is underway, with Sweden’s central bank today cutting interest rates.
FTSE 100 Live Wednesday
Live updates
Bank of England in focus tomorrow
The Bank of England will take centre stage tomorrow, while ITV will be among the most-watched companies reporting results.
Results
3i
Airtel Africa
Trading updates
ITV
John Wood
Rathbones
Derwent London
Balfour Beatty
IMI
Harbour Energy
Economics
12am: Bank of England rate decision
RICS Residential Market Survey
China trade data (April)
Yet another record close
The FTSE 100 closed at yet another record today, finishing the day up 0.5% at 8,354.05.
It hit a new intraday high of 8364 in the mid-afternoon.
Top risers included airlines IAG and EasyJet, while Ocado and Phoenix were among the big fallers.
The FTSE 100 has now gained almost 550 points since 16 April.
John Wood Group rebuffs takeover offer from Dubai-based rival Sidara
Engineering firm John Wood Group said it has turned down a £1.42 billion buyout offer by Dubai-based rival Sidara on Wednesday.
The FTSE 250 firm, which provides oilfield and engineering services, said in a stock market update that it had rejected the offer because it “undervalued Wood and its future prospects”.
The offer of 205p per share represented a 35.5% premium on Wood’s closing price when it was made on April 30.
Energy bosses call for ‘progressive social tariff’ on bills amid price hikes
The bosses of Centrica and E.On have called for sweeping reforms to how consumers’ energy bills are calculated in the wake of price hikes in recent years.
Chris O’Shea, chief executive of British Gas owner Centrica, called for a so-called social tariff, which would see the industry and the Government subsidise reducing bills for low-income households.
The measure would see the abolition of standing charges, which are applied daily, regardless of how much energy the customer uses, and are used to cover the cost of supplying energy to homes and businesses.
Market snapshot: FTSE fades but still up
The FTSE 100’s gains have faded a little, but it’s still up for the day
Savile Row tailors' fury at Westminster recommendation to block new apprentice academy scheme
The head of the Savile Row tailors’ association today said he was “shocked and horrified” by Westminster council officers’ recommendation to reject plans to demolish an empty police station and replace it with a new building that would include an academy for apprentice tailors.
Mark Henderson, chair of Savile Row Bespoke and a former chair of Royal warrant holder Gieves & Hawke, said the proposed office, restaurant and affordable tailoring workspace scheme from Czech developer CPI Property would revitalise the northern end of one of the world’s most famous addresses
TSB to shut 36 bank branches and cut 250 jobs amid digital shift
Banking group TSB has said it is closing 36 branches and cutting 250 jobs across the business.
The job cuts will be in the fraud operations department of the bank, central operations and staff who work at the branches earmarked for closure.
The latest round of branch closures will start in September, and continue through to May next year.
Brewdog boss quits
Brewdog boss James Watt announced today that he is stepping down from the top job at the brewer he founded in 2007.
Watt, who owns 21% of Brewdog, will stay on as a director, while chief operating officer James Arrow moves to the CEO role.
In a LinkedIn post, Watt said: “After 17 fantastic years as chief executive, I have decided to transition into a new role in the business, one of ‘captain and co-founder.”
Boohoo leaves City doubting recovery plan as losses grow to £160 million
Fast fashion firm Boohoo left the City in doubt about its recovery plan this morning, as losses ballooned to £160 million and sales slid by double digits across all regions.
The online retailer, which also owns Debenhams and the PrettyLittleThing brand, reported a £160 million loss for the year to 29 February, up 70% on last year.
Revenue was down 17% to £1.46 billion, which the business said came "as group performance continued to be impacted by a difficult macroeconomic environment".
Yorkshire Building Society gives savings accounts ‘customer friendly’ names
Yorkshire Building Society has renamed a range of savings accounts to make them more “customer friendly” by spelling out more clearly what they do.
The new names are the Easy Access Saver, Easy Access Isa, the Everyday Saver and the Everyday Isa.
The Society said the changes to its easy access deals aim to support customers in choosing accounts to meet their needs.