13th Apr 2026 07:54
(Alliance News) - Halma makes a USD90 million acquisition to expand its healthcare offering, while BP enters Namibia with a stake in offshore exploration blocks, and Vistry appoints a new chief executive as part of a leadership transition.
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 0.6% at 10,541.53.
GBP: lower at USD1.3408 (USD1.3472 at previous London equities close)
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ECONOMICS
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Keir Starmer's government will follow EU rules without necessarily giving MPs a vote on each piece of red tape under plans which will be unveiled in the King's Speech. As part of the UK prime minister's reset with Brussels, the UK government will seek to pass a new law which would allow single market rules to be adopted through secondary legislation. That is likely to mean new rules being rubber stamped by MPs as Parliament can either approve or reject secondary legislation but cannot amend it. The UK-EU reset legislation enabling the use of the so-called Henry VIII powers is expected to be part of the King's Speech package set out on May 13 and will be subject to the full parliamentary scrutiny process as usual. But critics said the plan to allow the use of secondary legislation for dynamic alignment with Brussels – changing the UK's rules to mirror those set in Brussels to make trade easier – would sideline Westminster.
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BROKER RATINGS
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RBC cuts AB Foods to 'underperform' (sector perform) - price target 1,850 (2,050) pence
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Barclays cuts Rotork to 'equal weight' (overweight) - price target 355 (375) pence
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Bernstein cuts Wizz Air to 'market-perform' (outperform) - price target 1,300 (2,500) pence
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Bernstein cuts easyJet to 'market-perform' (outperform) - price target 425 (510) pence
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COMPANIES - FTSE 100
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Halma says it has acquired US-based Surgistar Inc for USD90 million, or around GBP67 million, on a cash- and debt-free basis. The acquisition is a bolt-on to Halma's Healthcare sector company MicroSurgical Technology Inc, and is funded from the group's existing facilities. Surgistar, based in California, designs and manufactures ophthalmic surgical instruments, including blades, cannulas and trephines, using automated processes to ensure consistent quality. Amersham, England-based safety products manufacturer Halma says the deal strengthens its ophthalmic product offering. Halma Chief Executive Marc Ronchetti says: "Surgistar's differentiated product range is highly complementary to MST's and further strengthens Halma's ophthalmic product offering. The acquisition enhances MST's manufacturing capabilities and supports its long-term growth through MST's existing direct and global channels."
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National Grid says full-year performance is in line with expectations ahead of its results for the year to March 31. The London-based electricity and gas utility, which operates the UK's electricity transmission network, notes a net impact of around 1p per share to underlying earnings per share, reflecting customer refund charges linked to a recent US regulatory ruling and higher storm-related costs in its US operations, partly offset by lower finance costs. National Grid says it will report full-year results on May 14.
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BP agrees to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas, marking its entry into the country as an operator. The blocks - PEL97, PEL99 and PEL100 - are located in the Walvis Basin, with BP to operate the assets alongside partners including Namibia’s national oil company NAMCOR, subject to regulatory approvals. Eco Atlantic says USD2.7 million is payable upon completion of the transaction.
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COMPANIES - FTSE 250
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Sirius Real Estate says it expects to deliver full-year results in line with market expectations, as it reports strong rent roll growth for the year to March 31. The company says rent roll rises 18% year-on-year, driven by acquisitions and continued demand for space across its business parks, while like-for-like rent roll growth accelerates in the second half, contributing to a 6.4% annual increase and marking its twelfth consecutive year of more than 5% like-for-like growth. Sirius says UK performance is impacted by uncertainty around the government budget, which dampens occupier demand and delays decision-making towards the end of 2025, though activity improves at the start of 2026 as confidence returns. In Germany, the group reports a strong finish to the year, with pricing gains on renewals and higher occupier activity supporting income growth, and expects this to translate into valuation gains at year-end.
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Vistry appoints Adam Daniels as chief executive officer and executive director with immediate effect, succeeding Greg Fitzgerald, who steps down from his roles as executive chair, CEO and board director. Daniels, currently executive chair of one of Vistry's largest operating divisions, brings experience across partnerships, affordable housing and housebuilding, and has been with the group since joining Countryside Partnerships in 2016. The company says his appointment follows a multi-year succession process considering internal and external candidates. Vistry says Daniels will focus on improving cash generation, driving open-market sales, and reducing inventory in 2026. Non-executive chair Rob Woodward assumes the role of chair, while Rowan Baker becomes senior independent director.
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Shareholders of Edinburgh Worldwide Investment Trust reject the company’s proposed tender offer, prompting Saba Capital to say it will not support any further proposals from the board ahead of the April 30 annual general meeting. Saba, the trust's largest shareholder, welcomes the vote outcome and reiterates its backing for an alternative enhanced liquidity proposal, which it says would offer greater flexibility and improved management of tax consequences for investors. The firm criticises the board’s proposal and governance, and urges shareholders to vote in favour of its nominated independent directors at the upcoming AGM.
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OTHER COMPANIES
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Wise reports "strong" fourth-quarter growth, with cross-border volumes rising 26% year-on-year to GBP49.4 billion and underlying income up 24% to GBP435.3 million. The company says active customers increase 22% to 11.3 million in the quarter, while customer holdings jump 37% to GBP29.4 billion, supporting continued diversification of income. Wise adds that business customers grow 26% to 572,000, with volumes up 35%. For the full year, Wise says cross-border volumes rise 25% to GBP181.7 billion, while underlying income grows 18% to GBP1.61 billion, as active customers increase 21% to 18.9 million. The firm says it expects full-year underlying pretax margin to be towards the top of its 13% to 16% target range, despite continued investment in growth. It adds that it remains on track to complete its dual listing this quarter, with a planned US listing on Nasdaq on May 11.
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Marks Electrical Group says it expects to report full-year revenue of GBP108.5 million for the year to March 31, as trading improves towards the end of the period. The company says adjusted Ebitda totals GBP2.7 million and net cash stands at GBP4.5 million at year-end, both ahead of previous guidance following stronger-than-expected trading. Marks Electrical says it enters the new financial year with "positive trading momentum" and a strengthened balance sheet, and expects sustainable growth in revenue and profitability in financial 2027, driven by improved margins and operational efficiency.
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Heathrow reported a 10% spike in transfer passengers last month caused by the war in the Middle East. The west London airport said it "temporarily absorbed demand from elsewhere", as the conflict led to widespread airspace closures. About half a million passengers per day usually use airports in Dubai, Doha or Abu Dhabi, which are vital hubs for travel between Europe and the continents of Asia and Australia. Heathrow said a total of 6.6 million passengers travelled through its four terminals last month. This was a 6.9% increase from the same month last year, and represents the busiest March in its history. But the airport warned "the outlook for the next few months is uncertain, due to the ongoing conflict". Heathrow said the impact of the war on the supply of jet fuel has "not affected airport operations", adding that it will "monitor the situation and liaise with government and airlines to protect passengers' journeys".
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By Eva Castanedo, Alliance News reporter
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Sirius Real EstateNational GridHalmaVistry GrpEdinburgh Worldwide Investment TrustBPEco (atlantic)Marks ElectricWise PlceasyJetWizz AirRotorkAB Foods