10th Oct 2025 07:50
(Alliance News) - The FTSE 100 was called lower on Friday, ahead of the US Michigan consumer sentiment index due later.
In corporate news, Princes Group confirmed its intention to IPO in London.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 17.8 points, 0.2% at 9,491.60
GBP: slightly lower at USD1.3302 (USD1.3305 at previous London equities close)
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BROKER RATINGS
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Jefferies cuts HSBC to 'hold' (buy) - price target 1,120 (960) pence
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RBC starts Keller with 'sector perform' - price target 1,540 pence
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Berenberg starts Xaar with 'buy' - price target 160 pence
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COMPANIES - FTSE 100
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The Financial Times reported Thursday that BP has won an arbitration case against Venture Global, having accused the US liquefied natural gas producer of breaching contracts to profit from higher prices after Russia's invasion of Ukraine. Multiple Venture customers have filed similar cases, alleging that it failed to deliver shipments under long-term supply contracts and instead sold them for higher prices on the spot market when gas prices soared in early 2022. The oil major is seeking over USD1 billion in damages, not including interest, costs and attorneys' fees. "BP's victory is a major blow to one of the largest US LNG exporters, which now faces a separate hearing to determine damages in the case," the FT said, adding that the win was unexpected as Shell lost its own case against Venture in August.
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COMPANIES - FTSE 250
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Hays net fees are down 8% on-year in the first quarter ended September 30, on an actual and like for like basis, with Temp & Contracting fees down 5% and Permanent fees down 13%. Temp & Contracting volumes "have rebuilt through the quarter in line with prior years" but Permanent markets "remain challenging". The recruitment company says September net fee growth was also minus 8% on a working day adjusted basis, and it continues to expect near-term market conditions to remain challenging. Says however that initiatives to deliver further structural cost savings of about GBP45 million per year by the end of financial 2029 are progressing well: its periodic cost base has improved to about GBP74 million from about GBP75 million in the fourth quarter. Pre-exceptional operating profit was "broadly stable" and "in line with our expectations". Looking ahead, Hays says: "In many of our global markets, the vast majority of professional and skilled recruitment is still done in-house, with minimal outsourcing to recruitment agencies, which presents substantial long-term structural growth opportunities."
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JTC has extended the put-up-or-shut-up deadline for Warburg Pincus LLC to potentially announce a firm intention to make an offer, to 1700 BST on October 24. The original deadline was the same time on Friday, but the professional services company says discussions between it and Warburg Pincus remain ongoing.
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Ibstock says a more uncertain near-term backdrop for its core construction markets has caused demand to be weaker than expected, effecting Clay and Concrete revenues during the third quarter. Second-half sales volumes are expected to be in line with the first half, and the building products and solutions manufacturer expects second-half adjusted Ebitda to be similar to the first half. "Market dynamics, coupled with the continued shift in sales mix towards new-build residential demand, have also limited the Group's ability to achieve targeted pricing levels," it says. Net debt at the year's end is forecast above previous guidance, but Ibstock says it retains "a robust financial position" and delivered "a solid Q3 cash performance". Adds that the Atlas pathfinder factory continues to make good progress and expects to see "a good uplift in profitability" there as it enters 2026.
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OTHER COMPANIES
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Princes Group, a consumer staples seller, confirms its intention to float on the Main Market of the London Stock Exchange. Expects that immediately following admission, it would have a free float that would make it eligible for inclusion in the FTSE UK indices. This means its listing category would allow it to be considered for inclusion into the FTSE 250 or FTSE 100 at the next quarterly review. The final price for the initial public offering will be determined following a bookbuilding process, and Princes expects trading to start by the end of this month. IPO is intended to raise net proceeds that will support it in further inorganic growth through acquisitions. Princes reported GBP2.1 billion in pro forma revenue in 2024, and pro forma adjusted earnings before interest, tax, depreciation and amortisation of GBP122.3 million.
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WH Ireland Group said on Thursday afternoon that the proposed GBP1 million sale of its wealth management business to Oberon Investments Ltd was vetoed by shareholders on Thursday, along with its AIM delisting. Last month, WH Ireland struck a deal with Oberon Investments, the investment management division of the London-based investment management, wealth planning and corporate broking group, Oberon Investments Group PLC, to sell the division for GBP1 million in cash, and proposed the delisting of its shares from London's junior market. Both resolutions have failed as of Thursday, with the proposed transaction voted down by 95.63% of participating shareholders, and with the proposed delisting receiving 55.50% votes against. WH Ireland states that it will consult with its key shareholders regarding plans for the business, noting that, despite continuing to be loss-making, it has "sufficient liquidity and regulatory capital" to operate on a business-as-usual basis. Non-Executive Directors Simon Moore and Garry Stran intend to resign as directors on January 9, owing to the meeting outcome.
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Defence Holdings shares have been approved for cross-listing on the US OTC Market and will commence trading under the ticker ALRDF, the "software-led defence company" says. The move reflects its "expanding collaboration with US hyperscale infrastructure partners and its role within the allied defence technology ecosystem". Says the cross-listing enables direct participation from North American investors in the UK's sovereign AI defence sector, increasing liquidity, visibility, and access to capital as Defence Holdings scales. Company is establishing an at-the-market equity issuance facility, which "provides a flexible mechanism to raise growth capital at prevailing market prices, avoiding the material discounts typically required for traditional block placings". Firm also celebrates its invitation to present at Oracle AI World this month, which "reflects [its] growing recognition within the global AI infrastructure community".
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By Emma Curzon, Alliance News reporter
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Related Shares:
WHIrelandHSBC HoldingsKellerXaarHaysJtc PlcIbstockBPShellDefence Holdings