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LONDON MARKET CLOSE: Rotork bid lights up FTSE 250 as miners fall back
- FTSE 100 outperformed European peers, closing up 0.5% at 10,572.24, supported by gains in engineering stocks.
- FTSE 250 rose 1.1% to 23,715.83, while AIM All-Share increased 0.1% to 766.18.
- Sterling peaked at a year-high against the dollar amid expectations of Shabana Mahmood becoming chancellor under Andy Burnham’s government.
- Mahmood favored by markets for fiscal discipline over Ed Miliband, who was previously considered for the role.
- IMF urged Burnham’s government to avoid increasing public spending despite rising household energy bills.
- UK GDP grew 0.1% in May, driven by a 0.3% expansion in the services sector, offsetting declines in production and construction.
- European markets were mixed, with CAC 40 down 0.1% and DAX 40 down 0.3%; US markets saw modest gains except for Nasdaq, which fell 0.7%.
- TSMC fell 2.7% despite record profits and positive guidance, raising questions about investor expectations for US tech corporations.
- Rotork surged 67% after accepting a £4.14 billion takeover bid from ABB; Gooch & Housego jumped 39% on a £345.6 million bid from Arlington Capital Partners.
- Diploma led FTSE 100 risers with a 6.3% gain after raising full-year guidance for the third time in five months.
- Ocado fell 10% due to cash flow concerns and a 7% miss in its Tech Solutions division.
- Upcoming economic data includes eurozone CPI, US industrial production, and Michigan consumer sentiment index.
LONDON MARKET MIDDAY: Pound hits annual high on Mahmood as chancellor
- London Stock Market: Mixed performance with FTSE 100 down 0.2% and FTSE 250 up 0.4%.
- UK GDP: Modest growth of 0.1% in May, driven by a 0.3% expansion in the services sector.
- Brent Crude: Traded at USD84.71/barrel, up due to US-Iran military tensions affecting oil supplies.
- Sterling: Strengthened to USD1.3506, highest in a year, amid expectations of Shabana Mahmood as chancellor.
- Top FTSE 100 Performer: Diploma, up 4.7% after raising full-year guidance.
- FTSE 250 Highlights: Rotork soared 67% on ABB takeover; Funding Circle up 12% on higher revenue.
- Mid-Cap Fallers: Ocado down 17% despite profit swing, due to one-off fees exclusion.
- European Markets: CAC 40 down 0.7%, DAX 40 down 0.6%, with eurozone trade deficit widening.
- US Markets: Mixed outlook with Dow up 0.2%, S&P 500 down 0.1%, and Nasdaq down 0.5%.
- Commodities: Gold down to USD4,026.10/ounce; US 10-year Treasury yield at 4.57%.
LONDON BROKER RATINGS: Panmure Liberum raises Dunelm and cuts B&M
- 16th Jul 2026 09:46
- The following London-listed shares received analyst recommendations Thursday morning and on Monday:
- FTSE 100
- Jefferies raises Glencore price target to 720 (700) pence - 'buy'
- Berenberg cuts Rio Tinto price target to 8,100 (8,200) pence - 'hold'
- RBC cuts Rio Tinto price target to 6,100 (6,300) pence - 'underperform'
- FTSE 250
- Deutsche Bank Research cuts Baltic Classifieds price target to 272 (278) pence - 'buy'
- Deutsche Bank Research raises Grafton price target to 1,315 (1,275) pence - 'buy'
- Panmure Liberum raises Dunelm to 'hold' (sell) - price target 820 (810) pence
- Deutsche Bank Research cuts Coats Group price target to 110 (115) pence - 'buy'
- Citigroup starts Hikma Pharmaceuticals with 'buy' - price target 1,700 pence
- Jefferies raises Man Group price target to 345 (280) pence - 'buy'
- Jefferies raises Hammerson price target to 360 (334) pence - 'hold'
- Jefferies raises Derwent London price target to 1,629 (1,492) pence - 'underperform'
- Panmure Liberum cuts B&M European Value Retail to 'hold' (buy) - price target 200 (230) pence
- UBS raises Watches Of Switzerland price target to 890 (850) pence - 'buy'
- UBS cuts Ashmore Group price target to 209 (216) pence - 'neutral'
- SMALL CAP
- RBC cuts Gore Street Energy Storage Fund price target to 45 (50) pence - 'underperform'
- UBS raises Jet2 price target to 1,695 (1,660) pence - 'buy'
- Related Shares:
LONDON MARKET OPEN: UK ekes out 0.1% growth; M&A dominates market
- London stock prices opened lower despite UK economic growth in May, due to Middle East tensions and M&A activity.
- FTSE 100 down 0.5%, FTSE 250 down 0.2%, AIM all-share marginally higher.
- UK GDP grew 0.1% in May, driven by 0.3% expansion in services, offsetting declines in production and construction.
- Analysts caution UK recovery may slow into summer.
- European equities also lower, with CAC 40 down 0.4% and DAX 40 down 0.5%.
- Pound strengthened against USD and EUR; euro and dollar weakened.
- Diploma rose 4.2% after reporting strong revenue growth and upgrading full-year guidance.
- DCC up 1.1% after extending takeover offer deadline with improved proposal.
- Experian fell 5.3% despite strong Q1 revenue growth.
- Ocado Group slumped 14% due to scaled-back partnerships with Kroger and Sobeys.
- Rotork surged 67% after ABB agreed to acquire it for GBP4.14 billion.
- Ramsdens climbed 14% on sweetened takeover by FirstCash.
- Gooch & Housego jumped 38% on acquisition by Arlington Capital Partners.
- Uber announced acquisition of Delivery Hero SE for nearly USD15 billion.
- Asian markets mixed; Nikkei down 2.8%, Shanghai Composite down 1.9%, Hang Seng up 1.4%.
- US markets ended higher on Wednesday; Dow Jones up 0.3%, S&P 500 up 0.4%, Nasdaq up 0.6%.
- Brent crude up to USD84.48/barrel; gold down to USD4,028.10/ounce.
- British Steel brought into public ownership to safeguard production and supply chains.
LONDON MARKET EARLY CALL: FTSE 100 seen down ahead of UK GDP
- London stocks expected to open lower on Thursday, with FTSE 100 futures down 0.3% at 10,484.42.
- UK economic data in focus: GDP, trade balance, and industrial production figures due at 0700 BST.
- GDP forecast to rise 0.1% month-on-month in May, trade deficit expected at GBP23.6 billion, and industrial output to slip 0.1%.
- Sterling strengthened against USD (1.3537) and EUR (1.1800) early Thursday.
- Federal Reserve's Beige Book indicates modest US economic growth, with 11 out of 12 districts reporting slight to moderate growth.
- Fed Governor Lisa Cook signals readiness for tighter monetary policy if inflation persists.
- Wall Street closed higher on Wednesday: Dow +0.3%, S&P 500 +0.4%, Nasdaq +0.6%.
- SpaceX shares fell below IPO price, closing at USD135.27 after touching a record low of USD132.75.
- US launched fresh strikes against Iran targeting military capabilities threatening shipping in the Strait of Hormuz.
- EU maintains Russian oil price cap at USD44 for another week to negotiate broader sanctions.
- UK's incoming PM Andy Burnham declines to rule out wealth tax, emphasizes fairness and public finance restoration.
- Asian markets mixed: Nikkei -2.8%, Shanghai Composite -1.2%, Hang Seng +2.1%, S&P/ASX 200 marginally lower.
- Gold prices dipped to USD4,029.10 an ounce early Thursday.
- Corporate calendar highlights: Crest Nicholson, Ocado, SSE (half-year results), Northern Bear (full-year results), and trading statements from DCC, Dunelm, Experian, Wise Group.
- Economic calendar: UK GDP, trade, industrial/manufacturing production; Eurozone trade balance; US jobless claims, retail sales, pending home sales.
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