Proactive Investors -
- FTSE 100 well above opening low of 7,879.51
- Wall Street set for gains on big day for corporate earnings
- Miners lead London risers as Chinese GDP tops forecasts
Real estate gains
Overall commercial real estate values in the UK increased by 0.6% in March, showing gains for the first time since June 2022, according to the latest CBRE Monthly Index.
Retail capital values increased by 1.1% in March, mostly driven by retail warehouses rising 1.8%, CBRE noted. Values in the office sector fell by 0.3% last month and lost 1.5% in the quarter overall, while the industrial sector saw capital values rise 1.3% in March and end the quarter little changed, the property investment firm added.
The pick-up in March was not enough to offset falls in January and February, CBRE noted, meaning that capital values fell 0.3% overall in the first quarter of 2023.
"The March Monthly Index results showed a modest upturn, positive signs against an eight-month backdrop of downward movement in commercial real estate values," said Jennet Siebrits, head of UK research at CBRE. "It's too early to predict whether this is the start of a recovery."
British Gas owner under pressure
British Gas-owner Centrica (LON:CNA) saw its shares shed 2% after plans to clamp down on forced installations of pre-payment meters by energy companies have been criticised as too lenient after they stopped short of an outright ban.
Instead, companies will have to comply with a code of practice that will see body cameras worn by engineers and suppliers make at least ten attempts before forced entry plus carry out welfare visits beforehand.
Customers also will have greater leeway to clear debts while forced meter fittings will no longer be allowed for people aged 85 or over.
Forced prepayment meters become a national scandal after a Times investigation revealed British Gas contractors breaking down doors to gain entry.
According to recent government data, British Gas, Scottish Power and Ovo Energy made up 70% of all forced installations with more than 94,000 prepayment meters installed last year.
Here’s a quick look at the top movers and shakers on the junior market
Kromek Group PLC (LON:KMK) (AIM:KMK) shares surged 30% higher to 7p after it reported improved trading in the past quarter and said it has won a seven-year contract with a top medical imaging manufacturer.
Volex PLC (LON:VLX) saw its shares surge 17% higher to 246.98p after the specialist maker of critical power and data transmission products said both revenue and profit for the year just ended would beat market expectations.
N4 Pharma PLC (LON:N4P) shares rose over 7% after the biotech firm said it has completed the single loading of both EGFR and BCL-2 siRNA nucleotides onto Nuvec, its novel delivery system for cancer treatments and vaccines, and has produced good monodisperse formulations.
IOG PLC (LON:IOG) shares slumped 18% after the company reported pressure issues and an influx of non-commercial quantities of gas in the Blythe-2 well drilling programme, which are expected to result in delays.
Echo Energy PLC (LON:ECHOE) shares dropped some 40% after the company flagged a fall in production at its Santa Cruz Sur assets in Argentina.
Shares in Mitie Group PLC (LON:MTO) jumped 13% to near a five-year high at 92.2p after issuing a bullish unscheduled year-end trading update and unveiled its intention to carry out a £50mln share buyback.