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The FTSE 100 is projected to open 24 points higher on Monday, following a slight decline of 0.04% on Friday, ending the session at 8,376.63.
Stocks to Watch
Australian real estate advertising firm REA Group has confirmed ongoing speculation about a potential cash and share proposal for UK property platform Rightmove. Majority-owned by Rupert Murdoch’s News Corp, REA Group noted in a statement that it identifies “clear similarities” between the two entities. However, no discussions or formal approaches have yet occurred regarding any potential offer.
IT services provider Kainos (LSE:KNOS) has indicated that its full-year revenues will fall short of market predictions due to a challenging trading environment in the services sector. Clients have been delaying decisions on projects, impacting revenue expectations. Despite this, adjusted pre-tax profit is anticipated to align with consensus forecasts. The revenue consensus is set at £415.5 million, with adjusted pre-tax profit estimates at £79.1 million. For the fiscal year 2024, reported revenue stands at £382.4 million.
Big Yellow Group (LSE:BYG) has secured planning approvals for a total of 307,000 square feet across two London locations. At Kensington Olympia, approval was granted for a 176,000-square-foot development next to a major events venue, with the new facility slated to open in 2027. Additionally, a 131,000-square-foot replacement store at Staples Corner has been approved, with completion expected in 2026, leading to the closure of the current leasehold site.
Newspaper Round-Up
Campaigners are advocating for ride-hailing services like Uber to disclose data on drivers' workloads to address exploitation issues and reduce carbon emissions. Analysis by Worker Info Exchange suggests that drivers may have lost over £1.2 billion last year due to the current compensation structure. – Guardian
The North Sea oil and gas industry has warned against tightening the windfall tax on profits in the upcoming autumn budget. Offshore Energies UK (OEUK) has presented data showing that stricter tax measures could lead to a loss of £12 billion in tax receipts and threaten 35,000 jobs. – Guardian
The Government is reviewing the practice of dynamic pricing by ticketing platforms, following criticism of Ticketmaster's pricing for Oasis reunion shows. The Culture Secretary stated that the review aims to address concerns about high ticket prices driven by demand. – Telegraph
Abercrombie & Kent is contemplating a potential stock market flotation after a surge in luxury travel demand post-pandemic. The company’s parent, Abercrombie & Kent Travel Group, is in discussions with bankers about a possible listing within the next 18 to 24 months, evaluating options between New York, London, or other European markets. – The Times
Businesses may face substantial fines if they fail to comply with new employee protection regulations introduced by Labour. Ministers are considering a warning system to allow companies to rectify issues before penalties are imposed. – The Times
US Close
Wall Street experienced gains on Friday as investors reacted to a significant inflation reading. The Dow Jones Industrial Average increased by 0.55%, closing at 41,563.08. The S&P 500 advanced by 1.01% to 5,648.40, and the Nasdaq Composite rose by 1.13% to 17,713.62.
Friday’s focus was on the personal consumption expenditures (PCE) price index for July. The index, a key inflation measure for the Federal Reserve, rose by 0.2% month-on-month and 2.5% year-on-year, matching consensus expectations. Core PCE, excluding food and energy, also increased by 0.2% for the month and 2.6% year-on-year, slightly below the anticipated 2.7%.
