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LONDON MARKET CLOSE: Stocks end winning week up despite Whitbread hit
- FTSE 100 Performance: Closed up 26.58 points (0.3%) at 9,720.51, ending the week 1.9% higher despite Whitbread's decline.
- FTSE 250 & AIM All-Share: FTSE 250 gained 52.44 points (0.2%) at 22,143.91, up 3.8% for the week; AIM All-Share rose 5.09 points (0.7%) at 754.08, up 2.6% weekly.
- CME Technical Outage: Trading halted due to a cooling issue at CyrusOne data centers, impacting commodities, treasuries, and index futures.
- Whitbread Slump: Fell 11% after warning of a £40-50 million hit from business rate changes in the 2027 financial year; Bernstein double-downgraded to 'underperform'.
- Weir Group & IMI Gains: Weir Group up 0.9% and IMI up 1.6% after Exane BNP reissued 'outperform' ratings.
- Burberry Decline: Fell 2.9% as JPMorgan downgraded to 'underweight', citing overly optimistic forecasts.
- Currency & Bond Markets: Pound lower at $1.3236; Euro at $1.1593; US 10-year Treasury yield at 4.03%.
- European & US Markets: CAC 40 and DAX 40 up 0.3%; Dow Jones, S&P 500, and Nasdaq up 0.5%, 0.3%, and 0.3% respectively.
- easyJet Rally: Rose 3.0% after a seminar on its Holidays business; Citi raised pretax profit assumption to £450 million by 2030.
- Mitchells & Butler Surge: Shares up 13% on strong profit growth, with pretax profit up 20% to £238 million.
- Evoke Plunge: Fell 9.6% after Berenberg downgraded to 'hold' due to gambling duty changes.
- SolGold Rebound: Jumped 13% after rejecting a second bid from Jiangxi Copper at 26p per share.
- Commodity Prices: Brent oil at $63.19/barrel; Gold at $4,208.13/ounce.
- FTSE 100 Top Performers: easyJet, Antofagasta, Fresnillo, British American Tobacco, and BP.
- FTSE 100 Biggest Fallers: Whitbread, Burberry Group, J Sainsbury, Mondi, and 3i.
- Upcoming Events: Monday features manufacturing PMI readings, UK mortgage approvals, and a speech by Federal Reserve Chair Jerome Powell.
LONDON MARKET MIDDAY: FTSE 100 rises as Weir Group and IMI climb
- London Stock Market:
- FTSE 100 up 0.2% at 9,714.39, FTSE 250 up 0.1% at 22,105.73, AIM All-Share up 0.3% at 751.22.
- Cboe UK indices also saw gains: Cboe UK 100 up 0.3%, Cboe UK 250 up 0.2%, Cboe Small Companies up 0.8%.
- Weir Group (+1.9%) and IMI (+1.3%) led FTSE 100 gains after broker upgrades by Exane BNP.
- Whitbread (-6.2%) sank due to a double downgrade from Bernstein to 'underperform'.
- Burberry (-2.4%) fell after JPMorgan cut its rating to 'underweight'.
- European Markets:
- CAC 40 in Paris up 0.2%, DAX 40 in Frankfurt up 0.1%.
- UK Budget Impact:
- Market reaction to the budget has been mild, with gilt yields modestly higher but stable.
- High-value council tax surcharge on homes above GBP2 million from April 2028 announced.
- UK Housing Market:
- October house sales 2% lower than October 2024 but 2% higher than September 2025.
- Mixed market reaction with some transactions rushing to beat the budget deadline.
- Currency and Commodities:
- Sterling down to USD1.3204, Euro lower at USD1.1565, Dollar slightly down against Yen.
- Gold up to USD4,171.30/ounce, Brent oil down to USD62.77/barrel.
- US Markets:
- US markets closed Thursday for Thanksgiving, half-day trading Friday with stocks called higher.
- Dow and S&P 500 up 0.1%, Nasdaq up 0.2%.
- 10-year US Treasury yield slightly narrowed to 4.00%.
- Corporate Highlights:
- Mitchells & Butlers (+11%) reported strong sales and profit growth.
- European Metals Holdings (+70%) received a EUR360 million grant for lithium mine development.
- Caffyns (-11%) reported a pretax loss despite unchanged interim dividend.
- Economic Data:
- UK vehicle production fell 31% year-on-year in October.
- Canadian GDP and German CPI figures expected later Friday.
LONDON BROKER RATINGS: Bernstein raises easyJet; JPM cuts Burberry
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- 28th Nov 2025 10:18
- The following London-listed shares received analyst recommendations Friday morning and on Thursday:
-
FTSE 100
- Bernstein cuts Whitbread to 'underperform' (outperform) - price target 2,500 (3,600) pence
- Exane BNP reinitiates IMI with 'outperform' - price target 3,100 pence
- Exane BNP reinitiates Weir Group with 'outperform' - price target 3,450 pence
- Exane BNP reinitiates Halma with 'neutral' - price target 3,950 pence
- Exane BNP reinitiates Spirax with 'neutral' - price target 7,250 pence
- Exane BNP reinitiates Smiths Group with 'outperform' - price target 3,000 pence
- JPMorgan cuts Burberry to 'underweight' (neutral) - price target 950 (850) pence
- JPMorgan raises Vodafone price target to 71 (62) pence - 'underweight'
- Citigroup cuts Auto Trader price target to 880 (924) pence - 'buy'
- Deutsche Bank Research raises British American Tobacco price target to 4,900 (4,400) pence - 'buy'
- Citigroup raises British American Tobacco price target to 4,850 (4,450) pence - 'buy'
- Bernstein raises easyJet to 'outperform' (market-perform) - price target 560 (520) pence
- Goldman Sachs cuts Centrica price target to 198 (200) pence - 'buy'
- Berenberg cuts Entain price target to 1,200 (1,400) pence - 'buy'
- Deutsche Bank Research raises Coca-Cola Europacific Partners price target to 8,340 (8,120) pence - 'buy'
- Deutsche Bank Research cuts Coca-Cola HBC price target to 4,470 (4,485) pence - 'buy'
- Deutsche Bank Research raises Compass Group price target to 3,000 (2,900) pence - 'buy'
- Deutsche Bank Research cuts Diageo price target to 1,790 (1,840) pence - 'hold'
-
FTSE 250
- Exane BNP reinitiates Rotork with 'neutral' - price target 370 pence
- Exane BNP reinitiates Vesuvius with 'neutral' - price target 385 pence
- JPMorgan cuts Ninety One price target to 222 (226) pence - 'neutral'
- JPMorgan raises Johnson Matthey to 'overweight' - price target 2,250 (1,860) pence
- Goldman Sachs cuts Ocado price target to 230 (350) pence - 'neutral'
- Barclays cuts Unite Group price target to 615 (725) pence - 'overweight'
- Deutsche Bank raises Watches of Switzerland price target to 550 (450) pence - 'buy'
- UBS cuts Domino's Pizza Group to 'neutral' (buy) - price target 190 (270) pence
-
SMALL CAP
- Citigroup cuts Flutter Entertainment price target to 24,400 (25,400) pence - 'buy'
- Berenberg cuts Flutter Entertainment price target to 18,100 (24,200) pence - 'buy'
- Berenberg cuts Evoke to 'hold' (buy) - price target 33 (95) pence
- Goldman Sachs raises boohoo price target to 17 (16) pence - 'sell'
- Barclays cuts boohoo price target to 11 (13) pence - 'underweight'
- Berenberg raises Zegona Communications price target to 1,600 (1,350) pence - 'buy'
- Berenberg cuts GlobalData price target to 170 (260) pence - 'buy'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 buoyed by broker upgrades; pound falls
- London Stock Market:
- FTSE 100 opened higher by 0.2% at 9,709.62, aided by broker upgrades for easyJet and Weir Group.
- FTSE 250 slightly down by 3.49 points at 22,087.98.
- AIM All-Share up 0.2% at 750.76.
- Cboe UK indices showed modest gains: Cboe UK 100 (+0.2%), Cboe UK 250 (+0.1%), Cboe Small Companies (+0.3%).
- European Markets:
- CAC 40 in Paris flat, DAX 40 in Frankfurt down 0.2%.
- UK Budget Impact:
- Investors analyzing consequences of Wednesday's UK budget.
- German Economic Data:
- Retail sales declined by 0.3% monthly in October, missing consensus of 0.2% growth.
- Unemployment rate dipped to 6.1% in November from 6.2% in October.
- Import prices rose 0.2% monthly in October; export prices also up 0.2% monthly.
- Currency Movements:
- Sterling down to USD1.3202, Euro lower at USD1.1571, Dollar higher against Yen at JPY156.36.
- Asian Markets:
- Nikkei 225 (+0.2%), Shanghai Composite (+0.4%), Hang Seng (-0.3%), S&P/ASX 200 marginally down.
- US Markets:
- Closed for Thanksgiving on Thursday, open for half-day on Friday.
- 10-year US Treasury yield unchanged at 4.01%, 30-year yield slightly narrowed to 4.65%.
- Corporate Highlights:
- easyJet: Up 1.9% after Bernstein upgrade to 'outperform' with price target of 560p.
- Weir Group: Up 1.5% after Exane BNP reinitiated with 'outperform' rating and 3,450p target.
- Kingfisher: Up 0.7% as it launched GBP50 million buyback tranche.
- Whitbread: Down 5.6% after Bernstein downgrade to 'underperform' with 2,500p target.
- Burberry: Down 2.5% after JPMorgan cut to 'underweight' but raised target to 950p.
- Mitchells & Butlers: Up 9.9% on strong sales performance and profit growth.
- boohoo Group: Up 48% on turnaround progress and management incentive scheme.
- essensys: Up 0.6% on non-binding offer proposal from founder Mark Furness.
- Commodities:
- Gold up to USD4,166.50/ounce, Brent oil down to USD63.00/barrel.
- Upcoming Economic Data:
- Canadian GDP and German CPI figures expected later on Friday.
LONDON MARKET EARLY CALL: FTSE 100 to edge higher; pound falls
- London Stocks: Set to open higher on Friday, with FTSE 100 futures up 0.2% at 9,710.53, as investors assess the UK budget and US markets reopen for a half day.
- Currency Movements: Sterling dipped to USD1.3219, euro weakened to USD1.1581, and the dollar strengthened to JPY156.41 against the yen.
- UK Employment Rights: Ministers abandoned day-one unfair dismissal protection, delaying it to six months of service, a U-turn from Labour’s manifesto.
- UK Vehicle Production: October saw a 31% year-on-year decline to 62,116 units, with car output down 24% and commercial vehicles down 75%.
- US Migration Policy: President Trump announced a suspension of migration from "third world countries" and threatened to reverse Biden-era admissions.
- US Markets: Closed for Thanksgiving on Thursday, open for a half day on Friday; 10-year Treasury yield unchanged at 4.01%.
- Asian Markets: Nikkei 225 (+0.2%), Shanghai Composite (+0.3%), Hang Seng (-0.3%), S&P/ASX 200 marginally down.
- Commodities: Gold rose to USD4,188.40/ounce, Brent oil dipped to USD63.11/barrel.
- Corporate Calendar: Foresight Environmental Infrastructure to release half-year results.
- Economic Calendar: Canada GDP, France and Germany CPI figures expected.
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