24th Jun 2026 07:51
(Alliance News) - London stocks were called lower on Wednesday, as the US and Iran disagree over plans for the Strait of Hormuz, nuclear inspections, and missiles.
US Secretary of State Marco Rubio has said that Washington would not accept Iranian tolls or fees on the waterway, after Tehran announced its intention to maintain control. Iran has also denied a claim by Vice President JD Vance that it agreed to invite International Atomic Energy Agency inspectors back to nuclear sites bombed by the US and Israel last year.
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 36.6 points, 0.4% at 10,392.25
GBP: lower at USD1.3195 (USD1.3198 at previous London equities close)
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BROKER RATINGS
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Berenberg starts NatWest with 'buy' - price target 860 pence
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Jefferies raises Plus500 price target to 5,350 (5,100) pence - 'buy'
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COMPANIES - FTSE 100
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San Francisco, California-based real estate investor ProLogis announces that the board of Segro on Tuesday unequivocally rejected its proposal for acquiring Segro through a possible combination. Says Segro shareholders would receive 0.084 new ProLogis shares for each Segro share, implying a value of 925p per Segro share and of approximately GBP12.6 billion for the company. ProLogis calls the proposal "a highly compelling opportunity" as Segro shareholders "would receive shares in the world's largest logistics REIT with a USD140.9 billion market capitalisation, unlocking, on closing, significant upside to the current share price." Urges shareholders to encourage the board to engage with ProLogis and allow it to present a binding offer for their consideration.
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Berkeley Group's net asset value per share as of April 30 is GBP39.17, up from GBP35.95 one year prior. Pretax profit for the financial year ended April 30 falls 15% on-year to GBP451.4 million from GBP528.9 million. Revenue decreases 4.2% to GBP2.38 billion from GBP2.49 billion. "This robust performance, which is in line with guidance, reflects the focused execution of our Berkeley 2035 strategy, disciplined cost control and our agile response to extremely challenging macro-economic and regulatory conditions," comments Executive Chair Rob Perrins. Perrins says the government "has done an excellent job in restoring the fundamentals of housing policy," but that "the system needs to work to reduce the time taken to get buildings into development and allow homebuilders to make a return commensurate with the risk that can attract the necessary investment capital." Says stamp duty land tax "should be reduced on all new homes to a maximum of 3% [zero for first-time-buyers] and the SDLT surcharges that deter the vital investment in new build homes so damagingly should be removed." Berkeley declares no dividends for the year, down from 240 pence per share for financial 2025.
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Anglo American announces the completion, through 50.1%-owned subsidiary Anglo American Sur SA, of its definitive agreement with Codelco to implement a joint mine plan for their respective Los Bronces and Andina copper mines in Chile. Expects the joint mine plan to unlock 2.7 million tonnes of additional copper over 21 years, adding an average of 120,000 tonnes per year of low-cost copper production to create a minimum of $5 billion in shared additional pretax value. Says implementation remains conditional on the relevant environmental permits being secured, together with other customary conditions. Currently expects to complete these steps by 2030.
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COMPANIES - FTSE 250
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Primary Health Properties, responding press reports, confirms that it "is in advanced discussions with an investor regarding the potential contribution of the private hospital portfolio to seed a new joint venture." Reiterates that it has been exploring various strategic options, "including potential joint venture arrangements with highly credible investors," to enhance the portfolio's long-term value. Says it continues to evaluate all options.
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Trainline names Ian Brown as its next chief executive officer, effective from September 28. He will join the firm on September 7 "to support an orderly transition with [outgoing CEO] Jody Ford." Notes that he was most recently CEO of Flutter Entertainment's UK & Ireland division, "where he delivered sustained double-digit growth and strengthened its market position." "Ian brings a strong track record in scaling digital platforms and marketplace businesses, with significant experience in online travel," comments Chair Brian McBride. "I look forward to working closely with Ian to build on the momentum Trainline has generated as Europe's leading rail app."
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OTHER COMPANIES
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Bolton, England-based petrol station company EG Group has filed confidential plans with regulators for a listing in the US, the Financial Times reports on Tuesday evening. Cites "people familiar with the plans," who say the initial public offering could launch "within the next couple of months," and could raise about USD1 billion from investors. EG could be valued at over USD9 billion, the FT says. EG and major stakeholder TDR Capital, a London-based buyout group which owns 50% of the firm, decline to comment. EG for 2024 had reported revenue of USD24.2 billion and operating profit of USD856 million.
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By Emma Curzon, Alliance News reporter
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Related Shares:
NatwestPlus500Berkeley GroupPrimary HealthTrainlineSegroAnglo AmericanFlutter Entertainment