UK shares mixed as investors assess corporate news, dealmaking
The blue-chip FTSE 100 (.FTSE), opens new tab added 0.2% while the domestically focussed midcap index (.FTMC), opens new tab fell 0.5% by 0930 GMT.
FTSE's most valuable company AstraZeneca is considering moving its listing to the U.S., the Times reported on Thursday, citing multiple sources.
'The CEO seems frustrated at the lack of financial support to open new laboratories and manufacturing facilities in Europe and might see a full U.S. stock listing as a stepping stone to receiving better treatment Stateside," said Dan Coatsworth, investment analyst at AJ Bell.
The UK stock market has lost out on major initial public offerings in recent months including money transfer firm Wise (WISEa.L), opens new tab and online fast fashion retailer Shein, with Brexit-related challenges pressuring UK market valuations.
Gains on Wednesday were led by industrial metals and mining stocks (.FTNMX301010), opens new tab tracking higher metal prices. Glencore (GLEN.L), opens new tab rose 3.2% and Ferrexpo (FXPO.L), opens new tab and Antofagasta (ANTO.L), opens new tab were both up 2.3%.
Oil and gas companies (.FTNMX601010), opens new tab gained 1.6%, with heavyweights BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab adding 2.2% and 1% each.
Among individual stocks, Spectris (SXS.L), opens new tab gained 4.6% after the firm agreed to a debt-inclusive 4.7 billion pounds ($6.46 billion) offer from KKR (KKR.N), opens new tab over Advent's rival offer.
Bytes Technology (BYIT.L), opens new tab slumped 26% to the bottom of the midcap after warning of lower operating profit for the first half of 2026.
British fast food chain Greggs (GRG.L), opens new tab fell 14.1% on saying its annual operating profit could dip as a heatwave in the UK discouraged customers from eating out.
Restaurant chain operator SSP Group (SSPG.L), opens new tab climbed to the top of the midcap index, rising almost 8% after filing for Indian IPO of airport lounge operator Travel Food Services.
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Times
22 minutes ago
- Times
SNP transition fund spends £43m on just 110 jobs for oil workers
A fund designed to protect North Sea oil and gas workers from the SNP's net zero drive created just 110 new jobs despite spending £43 million, a new report has found. An analysis of the first two years of the Scottish government's Just Transition Fund, which is set to cost taxpayers half a billion pounds over a decade, found that it had 'safeguarded' only another 120 further existing roles. The policy, announced by Nicola Sturgeon in 2021, was intended to ensure that new green jobs are created for workers whose livelihoods depend on fossil fuel industries. A report commissioned by the Scottish government found the scheme, which backed 24 projects such as a 'sustainable' whisky distillery, an eco-tourism firm and new tidal energy research projects, could be 'a successful catalyst for economic and environmental change'. However, critics claimed that it had delivered only a 'paltry return' after the SNP repeatedly vowed that it would ensure that North Sea workers do not end up on the scrapheap as part of its plans to wind down the oil and gas industry and replace it with clean energy industries. The North Sea oil and gas industry is estimated to directly employ around 30,000 people and supports a further 100,000 indirectly. The Scottish government has said it wants to hit net zero by 2045 — five years ahead of the rest of the UK — and is sticking to the target despite repeatedly failing to hit, and then scrapping, interim targets. The analysis, carried out by the research firm Blake Stevenson Ltd, found that 47 jobs had been created through the Social Enterprise Just Transition Fund, which include positions in 'green skills training'. A handful of others were created through a nature restoration project based around the River Findhorn and an 'adventure tourism' firm. However, the report warned that many of the roles were 'temporary, project-based, or contingent on further investment' and 'may not transition into lasting opportunities'. Douglas Lumsden, the Scottish Tory net zero spokesman, said: 'This paltry return will do nothing to allay the fears of tens of thousands of highly skilled workers in Scotland's oil and gas sector. 'They know the SNP and Labour are taking a wrecking ball to their industry and this report confirms they have not got a clue how to properly protect jobs for the future. 'Taxpayers will be rightly thinking their money has typically been squandered by the SNP who must urgently shift from their current reckless approach if we are to achieve an affordable transition.' The fund was created as a counter to claims that the SNP's net zero policies, which were enthusiastically championed under Sturgeon, would cost thousands of jobs and cause devastation to the north east economy. The SNP has repeatedly claimed that it will ensure the push to net zero does not mean that communities suffer in the same way as others did under deindustrialisation under Margaret Thatcher in the 1980s. When the just transition fund was announced, ministers said they would target investment to help create 'good, green jobs' to replace those that would be lost in the North East and Moray. According to the report, the fund has also helped to leverage £30 million in private sector investment and £4.7 million from the public sector or charities. It claimed that initiatives funded by the scheme were also responsible for the training of 750 people. The report said that while the fund 'has been a successful catalyst for economic and environmental change' in the area, 'several administrative and logistical challenges have emerged'. These include uncertainty over long-term funding, confusion over the application process and a lack of clarity over funding criteria. The report said: 'Many projects remain in early stages, making it difficult to fully assess employment outcomes, carbon savings, and long-term economic benefits.' Gillian Martin, the climate action secretary, said: 'This independent report demonstrates our Just Transition Fund is a catalyst for economic growth. With £75 million allocated to the fund since 2022, the expert report makes clear it has supported job creation and re-skilling, empowered communities, catalysed private investment and initiated innovation in green technologies. 'Thanks to the Just Transition Fund, more than 230 jobs have been created and safeguarded, 750 training places opened up and over £34 million in additional investment secured in its first two years. These are the initial impacts of the fund and we are confident that job numbers, investment leveraged and other key outputs will increase as projects continue. 'This is just one example of how this government is supporting Scotland's valued and highly skilled oil and gas workers, who are at the very heart of the just transition to net zero — despite the fact that decisions on offshore oil and gas licensing, consenting and the associated fiscal regime, are all matters that are currently reserved to the UK government.'
Telegraph
30 minutes ago
- Telegraph
There's opportunity where markets aren't interested – but you'll have to be brave
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest. Those investors who run strict environmental, social and governance (ESG) screens can look away now, but oil and gas major Shell continues to do a job for portfolio builders and income seekers. The company's move to quash rumours of a bid for BP is helpful and the apparent disinterest of markets could yet prove to be an opportunity for patient contrarians. Oil prices gained a little when tensions between Israel and Iran flared in late June before quickly shedding those gains upon the announcement of the ceasefire. In this respect, investors were right in their view that a wider conflict would not develop and that crude prices would not spike as a result. As a result, oil companies' shares remain in the doldrums and near-term sentiment toward oil and gas prices remains broadly negative for three reasons. First, the International Energy Agency (IEA) continues to assert that demand growth remains anaemic. It argues demand will increase by barely 720,000 barrels per day this year, a marked slowdown from the two-million-plus pace seen post-pandemic in 2022 and 2023. The IEA's latest forecast also assumes demand growth of just 740,000 barrels a day in 2026, thanks to a weak economic growth outlook (where tariffs and trade remain sources of uncertainty) and the increased adoption of renewable energy technologies. Second, the IEA also argues that supply is plentiful, even with tensions in the Middle East. Global inventories are building at a rate of one million barrels a day, to stand at 7.7 billion barrels at the last count. OPEC+ continues to restrain capacity, too, so there is scope for increased supply here, especially in Saudi Arabia and the UAE. Meanwhile, American output continues to surge and stands near record highs of 13.4 million barrels a day, according to the US Energy Information Administration. This is largely thanks to shale, and it means that OPEC+ is not the only game in town. Finally, Israel and the US left Iran's oil facilities untouched. If Iran were to suffer the loss of its production and refining capabilities, then it would have less to lose by trying to close the Strait of Hormuz, a shipping lane that carries up to a fifth of global oil shipments. If Iran has the capacity to still export two million barrels a day of crude, then cutting off its prime shipping lane would be an act of economic self-harm, and one that seems unlikely when the theocratic regime already has more than enough problems to deal with. Investors are clearly taking all of this on board, resulting in oil and gas stocks continuing to drift sideways at best. They are little or no higher now than they were in 2022, even if headline equity indices continue to progress beyond past peaks. This torpid performance means that oil and gas stocks continue to lose importance within the broader headline indices. Oil and gas producers represent just 8.8pc of the total stock market value of the FTSE All-Share index here in the UK, compared to a post-1995 average of 12.4pc and 2009's peak of 22.3pc. The low was 6.1pc in autumn 2020, after oil's Covid-inspired collapse. Investors therefore seem more concerned that oil and gas fields will become stranded assets than they do about the risk of a conflict restricting or cutting off supply. Yet the lowly valuations attributed to oil and gas producers may catch the attention of brave, patient contrarians. Demand continues to grow and the globe continues to rely heavily on hydrocarbons, whether we like it or not. In addition, the best cure for low prices is usually low prices, because they fuel demand and discourage supply. Drilling remains subdued worldwide, according to the Baker Hughes rig count. Meanwhile, America's Strategic Petroleum Reserve (SPR) still stands way below its 714-million-barrel capacity, and total inventory State-side is at its lowest level since late 1986, according to the US Energy Information Administration. It might therefore be incredibly unlikely for oil and gas prices to surprise us with a spike, if even a quickfire war in the Middle East fails to move them. After all, the combined stock market valuation of Aramco, BP, Chevron, ConocoPhillips, ENI, ExxonMobil, Shell and TotalEnergies is $2.9 trillion, a fraction less than Apple's $3 trillion price tag – even though the forecast aggregate after-tax profit for these producers this year is expected at around $197bn, almost double that of the Californian technology company.
The Herald Scotland
35 minutes ago
- The Herald Scotland
2 BCP businesses named among the UK's best places to work
Great Place to Work has revealed its 2025 list of the UK's Best Workplaces for Wellbeing. The list champions 350 companies that are "leading the way in creating positive, supportive work environments for their employees". It is broken down into four categories based on the company's size: small, medium, large, and super large. Explaining the methodology, Great Place to Work says: "To determine our UK's Best Workplaces for Wellbeing list, our culture experts analysed thousands of employee surveys. "They assessed their holistic experiences of wellbeing at work through fundamental facets of employee wellbeing, including work-life balance, sense of fulfilment, job satisfaction, and financial security. "Evaluations also included an assessment of how well the organisation was able to deliver consistency of their employee experience across all departments and seniority levels." In the small category, Bournemouth's Just Shutters and Poole's Vizst Technology were recognised. Two BCP businesses named among UK's best places to work Just Shutters was founded in Bournemouth by Chris Rocker back in 2006, and is a leading provider of plantation shutters. Discussing the business on its website, Rocker says: "We live and work in Bournemouth and luckily we are only about half a mile from the sea. I spent most of my school years here but moved away to join the Royal Air Force." He continued: "In 2006 after having fallen in love with Plantation Shutters, a dream of starting a specialist company to meet the growing demand in the field was realised, Just Shutters was born. "We have grown steadily and strongly over the past decade and now there is a Just Shutters franchisee covering over 150 towns and cities in the UK." According to Great Place to Work, there are 14 employees at the Bournemouth site, and 100% say it is a great place to work. This is in comparison to 54% of employees who would agree with that sentiment at a typical UK-based company. Alongside that, Vizst Technology had 98% of its 46 employees say it was a great place to work. Recommended reading: Based in Poole, it is a privately owned, UK-based technology partner which works with a number of enterprises and public sector organisations. They offer services such as networking and cybersecurity that encompass innovative IT strategies. Overall, in the small businesses category, Just Shutters ranked in 6th place out of 100, and Vizst Technology was in 34th place.
