Market update: FTSE 100 falls as builders struggle, Vodafone and BT higher
10:10 , Graeme EvansHousing market jitters and next week’s deadline for US tariff deals today fuelled a risk averse session for investors in the FTSE 100 index.
London’s top flight fell 0.3% or 30.38 points to 8792.82 while leading benchmarks in Paris and Frankfurt lost 0.6% and 0.9% respectively.
The losses came despite another record S&P 500 index close after robust labour market figures boosted trading before the Independence Day holiday.
However, US futures point to a weaker start on Monday as attention turns to Wednesday’s deadline for President’s Trump’s 90-day pause on higher trade tariffs.
Fallers in the FTSE 100 index included Anglo American, which reversed 24p to 2220p, and Sunbelt plant hire business Ashtead after a drop of 61p to 4738p.
Persimmon fell 16p to 1210.5p and Barratt Redrow declined 4.8p to 429p after small-cap affordable homes builder MJ Gleeson said trading conditions were still challenging.
Gleeson said: “The housing market lacks confidence and remains subdued and the board does not see a short-term catalyst for any substantial improvement.”
Cutting profits guidance for the new financial year to the lower end of market expectations, Gleeson said site openings had been delayed by continued capacity issues in the planning system.
Its shares fell 7% or 26p to 362p, leaving them 27% lower in the year-to-date.
Chief executive Graham Prothero said: “This was a challenging year for Gleeson.
"As well as external factors, it had become clear that our commercial delivery was not where we needed it to be.
“Over the last nine months we have therefore been implementing at pace management changes which will significantly benefit the business through 2026 and beyond.”
On the FTSE 100 risers board, Vodafone shares traded at a fresh high point for the year after a rise of 2.5% or 2p to 81.2p. BT Group also advanced 1.75p to 197.15p amid improving sentiment in the European telecoms sector.
The FTSE 250 index dropped 0.7% or 143.73 points to 21,558.85, with Moonpig the biggest faller after Deutsche Bank removed its Buy stance in the wake of last week’s annual results
The online greetings card business fell 6% or 14p to 228p.
European markets struggle ahead of tariffs deadline
08:53 , Graeme EvansThe FTSE 100 index is down 0.3% while benchmarks in France and Germany have fallen by more than 0.5% as next week’s US tariffs deadline looms into view.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Talks with the European Union are continuing and although a deal is expected, it’s likely to be an eleventh-hour agreement.
“The July 9th deadline won’t mark the end of the tariff story. There are set to be plenty more twists to come, and there is still a lot of expectation baked in that Trump will eventually retreat further from these latest tariffs threats.”
US markets are closed for Independence Day, with futures trading pointing to a weaker start when trading resumes on Monday.
Builders struggle in weaker index, Vodafone up 1%
08:28 , Graeme EvansMining and housebuilding stocks are among those lower during a weak session for London’s FTSE 100 index.
The top flight has fallen 0.3% or 25.89 points to 8797.31, with Glencore down 4.7p to 301.5p and Anglo American 29p cheaper at 2215p.
The housebuilding sector struggled after MJ Gleeson said market conditions remained subdued.
It also flagged continued delays in the planning system, which will mean it operates from fewer sites than anticipated in the financial year to next June.
Barratt Redrow eased 5.5p to 428.3p and Persimmon weakened 15p to 1211.5p. Gleeson shares fell 18.1p to 370p in the FTSE All-Share.
The best performing stock in the FTSE 100 index was Vodafone, which climbed 1% or 0.7p to 80p.
Gleeson cautious amid planning delays
08:09 , Graeme EvansAffordable housebuilder MJ Gleeson today said planning delays mean it will operate from fewer sites than anticipated in the financial year to next June.
Gleeson added: “The housing market lacks confidence and remains subdued and the board does not see a short-term catalyst for any substantial improvement.
“However, as reflected in our robust sales rate, there are customers for well-located homes at the right price.”
The company expects a profit of around £24.5 million in the 2025/26 financial year, which is towards the lower end of City expectations.
Annual results in September are set to show a 2024/25 figure in the range of £21 million to £22.5 million.
Chief executive Graham Prothero said: “This was a challenging year for Gleeson.
"As well as external factors, it had become clear that our commercial delivery was not where we needed it to be.
“Over the last nine months we have therefore been implementing at pace management changes which will significantly benefit the business through 2026 and beyond.”
Shares fell 5% or 20p to 368p.
High streets suffer another disappointing month
07:26 , Graeme EvansThe high street suffered a disappointing June with consumers “incredibly cautious” due to rising job losses and volatile geopolitics, latest figures show.
The latest High Street Sales Tracker from business advisory firm BDO showed sales rose by 0.6% year on year while online sales saw a 4.3% increase as consumers adapted their shopping behaviour to the warm temperatures.
It is the sixth consecutive month that in-store sales growth has been below the rate of inflation, which means that sales volumes are significantly down in the first half of this year.
FTSE 100 set for weaker start, US momentum continues
07:01 , Graeme EvansThe S&P 500 index yesterday closed 0.8% higher at a new record of 6279.35 after US labour market figures came in above expectations.
The non-farm payrolls figure of 147,000 was better than May’s reading of 144,000 and Wall Street forecasts of 110,000.
The Dow Jones Industrial Average ended 0.8% higher and the Nasdaq surged 1%, even though the figures reduced pressure on the Federal Reserve to cut interest rates.
The FTSE 100 index closed 0.5% higher in yesterday's session, while the FTSE 250 index put back the previous day’s losses with a rise of 1.2%.
London’s top flight is seen opening 0.2% lower, in line with mixed trading for leading Asia benchmarks. US markets are closed today for the Independence Day holiday.
