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Vistry profit warning continues to weigh
Vistry Group (LON:VTYV) sat among the FTSE 100’s biggest fallers yet again on Thursday after warning on profits for the coming years earlier in the week... Read more
Shares in the builder fell by 1.8% Thursday morning, placing Vistry as the day’s biggest loser when excluding companies trading without entitlement to their latest dividend.
This included Taylor Wimpey PLC (LON:TW.) and WPP PLC (LON:WPP), which appeared to weigh on the index as Tesco PLC (LON:TSCO) and Kingfisher PLC (LON:KGF) were also among those to go ex-dividend.
Overall, the index was trading flat on Thursday morning, having given up a 25-point gain seen as the market opened.
Oil recovers slightly, but below $77
Oil sat below the US$77 a barrel mark on Thursday morning after recovering slightly from a slump late on Wednesday.
Benchmark Brent crude was little changed for the day at US$76.96 on Thursday, having sunk as low as US$75.42 on Wednesday.
This came as concerns over a supply glut later this year and into the next increasingly appeared to outweigh fears over escalating tensions in the Middle East.
Speculation that Israel would launch a return strike against Iran last week had fuelled Brent to above the US$80 mark, with concerns appearing to ease as no such attack had so far come by Thursday.
Waitrose ramps up delivery options with Just Eat deal
Waitrose has ramped up its delivery options under a new partnership between the supermarket and Just Eat Takeaway (LON:JETJ).com NV (LSE:JET, NASDAQ:GRUB).
Some 229 of the John Lewis Partnership-owned supermarket’s sites will be covered under the new deal, including branches in Birmingham, Glasgow, London and Manchester.
This will buoy grocery delivery options offered by the supermarket, which already has existing deals with Uber (NYSE:UBER) Eats and Deliveroo PLC (LSE:LON:ROO).
“As demand for greater convenience has grown, so have expectations of convenience food - and rightfully so,” Waitrose executive director James Bailey said.
“Neither show signs of slowing and that is a huge opportunity for us.
“Partnering with Just Eat allows us to reach even more customers who want to be confident they are getting the same commitment to quality, taste and ethical standards whenever and wherever they want to enjoy great food.”
Stocks open higher as GSK jumps on Zantac settlement
London’s blue chips got off to a good start on Thursday morning, led by GSK PLC.
Shares in the pharmaceutical giant jumped 5.9% on news it had agreed to pay up to US$2.2 billion to settle thousands of lawsuits alleging its Zantac drug caused cancer.
This saw it take the spot as the index's biggest riser early on, ahead of Informa PLC (LON:INF) and Segro PLC (LON:SGRO).
Overall, the FTSE 100 ticked up 25 points as the market opened to reach 8,269, further recovering on Tuesday’s hefty decline.
GSK to pay out $2.2bn in Zantac settlements
GSK PLC will pay up to $2.2 billion to settle some 80,000 US lawsuits over its heartburn medication Zantac, generically known as ranitidine.
The plaintiffs alleged the drug caused cancer, although GSK maintains there is no evidence linking Zantac to an increased cancer risk and has not admitted liability.
The settlement resolves 93% of state court cases, and GSK expects it to be completed by mid-2025... Read more
House prices gaining overall for first time in two years
House prices grew overall nationally for the first time in two years in September, The Royal Institute of Chartered Surveyors (RICS) has said.
In its latest survey, RICS said more surveyors had reported prices were rising in their areas than those indicating a fall.
This comes after net readings have been either negative or flat in each month dating back to October 2022.
RICS also reported readings covering demand, sales, and new listings had all returned to growth in a “broadly positive” outlook for the market.
“The latest survey results once again convey a brighter picture for housing market activity, with the recent easing in mortgage interest rates continuing to support a recovery in buyer demand,” RICS market analytics head Tarrant Parsons said.
“Critical for the outlook, a further unwinding in monetary policy is anticipated over the months ahead, which should create a more favourable backdrop for the market moving forward.”
Meta AI to launch in UK
Meta Platforms Inc’s artificial intelligence assistant is set to be rolled out to six countries on Thursday, including the UK.
This will see Facebook (NASDAQ:META), Instagram, WhatsApp and Messenger users able to access Meta AI through the company’s social media sites or on the web.
Meta had faced regulatory delays in introducing the model in the UK, while product testing was also said to have held up the launch.