7th Aug 2026 08:00
(Alliance News) - UK house price growth slows to its weakest pace since late 2023 in July, according to Lloyds, while JD Sports Fashion appoints former IKEA chief executive Peter Agnefjall as chair. Goodwin confirms it is reviewing strategic options, including a potential sale of a substantial part of its Mechanical Engineering division.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: opened 0.2% lower at 10,867.89
GBP: unchanged at USD1.3454 (USD1.3454 at previous London equities close)
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ECONOMICS
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UK house prices were unchanged in July, with annual growth slowing to 0.1% from 0.7% in June, the weakest pace since November 2023, according to the Lloyds house price index. The average property price held steady at GBP299,253 in July, following a 0.2% increase in June. Lloyds says affordability pressures and higher mortgage rates continue to weigh on demand, though recent mortgage approvals and transactions suggest activity has stabilised. Northern Ireland remained the strongest-performing UK region with annual house price growth of 7.4%, while the South East and Greater London recorded declines of 2.0% and 1.3%, respectively.
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BROKER RATINGS
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Goldman Sachs reinitiates Smiths Group with 'buy' - price target 3,150 pence
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RBC cuts Endeavour Mining to 'sector perform' - price target 4,600 (5,100) pence
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COMPANIES - FTSE 100
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JD Sports Fashion appoints former IKEA chief executive Peter Agnefjall as chair, effective September 1. He succeeds Darren Shapland, who has served as interim chair since the company's annual general meeting in July and will remain on the board as an independent director. Agnefjall previously served as chair of Ahold Delhaize and is currently a non-executive director at WPP. JD says he brings extensive international retail, governance and transformation experience to support the group's long-term growth strategy. Agnefjall says: "JD has built a powerful global position in sports and sport-inspired fashion, with a unique connection to its core customer, strong brand partnerships, carefully curated and vibrant stores, and a clear, defined omni-channel strategy."
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COMPANIES - FTSE 250
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Oxford BioMedica expects 2026 revenue of GBP180 million to GBP200 million, down from previous expectations, after client programme deferrals, delayed timelines, changes to a large client's procurement strategy and a slower-than-expected operational ramp-up at its Durham, North Carolina site. The cell and gene therapy manufacturer expects a mid-single-digit percentage Ebitda margin for 2026, excluding one-off costs, but maintained guidance for 25% to 30% revenue growth in 2027. First-half revenue rose around 9% year-on-year to about GBP80 million. Oxford BioMedica said around GBP165 million of forecast 2026 revenue is covered by contracted client orders, and it has a total revenue backlog of about GBP193 million. CEO Frank Mathias says: "While we are updating our financial 2026 guidance to reflect the short-term impact of changes in client ordering behaviour and the phased ramp-up of our Durham, NC site, we remain confident about OXB's future as we continue to expand our market position in the growing cell and gene therapy sector."
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Goodwin confirms it has launched a strategic review following recent media speculation, including considering the potential sale of a substantial part of its Mechanical Engineering division. The engineering and refractories company says the review aims to maximise shareholder value while ensuring continuity for customers and the long-term prosperity of its businesses. Assets under review include GSC, GI, Noreva, Easat and Pumps. Goodwin says discussions are ongoing and there is no certainty a transaction will be completed. Rothschild & Co advises on the review.
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Murray International Trust reports a net asset value per share of 351.9 pence at June 30, up 8.1% from 325.4p a year before, while its first-half NAV total return is 10.5%, behind the benchmark's 12.4% return. The investment trust raises its first and second interim dividends to 2.8p per share each from 2.6p a year ago. It says the UK and the Americas are the main regional detractors from performance, while maintaining that the outlook for global equity markets remains "broadly positive", despite expecting continued volatility.
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OTHER COMPANIES
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Wheaton Precious Metals reports record second-quarter revenue of USD929.2 million, up 85% from USD503.2 million a year before, while net earnings rise 86% to USD543.2 million. First-half revenue jumps 88% to USD1.83 billion and net earnings more than double to USD1.13 billion from USD546.3 million. Second-quarter attributable production increases 6.3% to 202,200 gold equivalent ounces, primarily reflecting its precious metals purchase agreement with BHP covering silver production at the Antamina mine, alongside contributions from Hemlo, Fenix, Platreef and Goose. Wheaton maintains its 2026 production guidance of 860,000 to 940,000 gold equivalent ounces and raises its third quarterly dividend by 18% to USD0.195 per share.
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Vaalco Energy reports second-quarter net income of USD42.4 million, up from USD8.4 million a year before, as oil and gas sales increase to USD135.2 million from USD96.9 million. Working interest production rises 10% year-on-year to 16,688 net revenue interest barrels of oil equivalent per day, and the company expects third-quarter production to increase to 19,600 to 21,600 NRI barrels of oil per day, around 23% higher year-on-year, with sales volumes forecast at 17,200 to 18,900 barrels per day. For the first half, Vaalco swings to a net loss of USD51.3 million from net income of USD16.1 million, reflecting a first-quarter loss. The company declares an unchanged quarterly dividend of USD0.0625 per share.
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DNO, an Oslo-based oil and gas operator, says that on July 28 it approached Genel Energy's board with a possible cash offer, valuing Genel at 69 pence per share, or GBP202 million. It would be a 38% premium to Genel's closing share price of 49.95p on Thursday. DNO has until September 4 to announce either a firm intention to make an offer for Genel, or walk away.
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Pharos Energy withdraws its recommendation for Serica Energy's takeover offer, after Ratio Petroleum Energy raises its offer which would result in a total value offered of around 32.82p per Pharos Energy, around GBP146.4 million, or 0.5% higher than Serica's offer valuing Pharos at around 32.67p per share. Pharos Energy says it recommends Ratio's increased offer.
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
JD SportsWPPOxford BiomedicaGoodwinMurray InternationalBHP GroupWheaton Precious Metals Corp.Vaalco EnergySmiths GroupEndeavour MiningGenel EnergyPharos EnergySerica Energy