Currys shares today jumped by a fifth after the electricals retailer boosted confidence with another robust trading update.
The performance contrasted with the caution of Jet2 after the airline and holidays operator lowered City earnings expectations.
In other developments, Lloyd’s of London reported “solid” results amid the impact of California wildfires in the first half of the year.
FTSE 100 Live Thursday
- Currys hails strong trading
- Jet2 scales back guidance
- Lloyd's reports solid half year
Market update: Currys boosts FTSE 100 retailers, airlines weaken
09:41 , Graeme EvansA confidence-boosting update by Currys today sparked interest in Kingfisher, Marks & Spencer and other retailers during a robust FTSE 100 session.
The electricals chain impressed investors by reporting 3% like-for-like sales growth in the UK and Ireland, alongside more signs of recovery in its Nordics division.
Currys underscored its optimism with a £50 million buyback of shares, a move that triggered a 18% jump in its rapidly-improving FTSE 250 valuation.
The shares added another 20p to trade at a four-year high of 129p, having already rallied 37% this year and by 117% over the past two years.
The evidence of spending resilience among UK consumers benefited FTSE 100 retailers as JD Sports Fashion lifted 2% or 2.3p to 96.7p, B&Q owner Kingfisher put on 4.8p at 253.1p and Marks & Spencer improved 6.9p to 342.6p.
Retail bellwether Next added 2% or 225p to 12,055p and Primark owner Associated British Foods gained 40p to 2245p.
They were joined on the risers board by marketing and advertising group WPP, which improved by 10.1p to 403.3p in a boost for chief executive Cindy Rose after she started her new role on Monday.
The FTSE 100 index stood 3.30 points higher at 9181.29, having rallied 0.7% during yesterday’s calmer session for global bond markets.
The fallers board was led by low-cost carrier easyJet, which reversed 4% or 17.9p to 468.9p in response to a cautious trading update by rival Jet2.
The airline and package holidays operator said later booking trends have become more pronounced, adding that it has chosen to exercise capacity discipline this winter in a “less certain consumer environment”.
Jet2, which is AIM’s biggest with a market valuation of £3.3 billion prior to today, fell 13% or 207p to 1406p after scaling back the City’s earnings expectations.
The update impacted sentiment across the sector as FTSE 250-listed Wizz Air fell 16p to 1324p and British Airways owner IAG eased 6.8p to 384.2p in the FTSE 100.
Other top flight fallers included Ladbrokes owner Entain, which dropped 17.4p to 835p after HSBC cut its recommendation to Hold.
Rolls-Royce also dipped 11.5p to 1070.5p as UBS trimmed its price target to 1310p but said it continued to have “high conviction” in the Buy case.
Jet2 down 18% after earnings downgrade, Currys jumps 20%
08:16 , Graeme EvansThe shares of travel-focused companies are under pressure after Jet2 lowered its earnings guidance in the face of “difficult” market conditions.
The AIM-listed company slid 18% or 283.4p to 1329.6p after its cautious AGM trading update said late booking trends have become more pronounced.
Low-cost airline easyJet fell 4% or 19p to 467.8p and British Airways owner IAG eased 5.3p to 385.7p in the FTSE 100 index.
The FTSE 100 index was broadly unchanged at 9177.36, while the FTSE 250 index rose 61.16 points to 21,374.23.
Currys shares jumped 20% or 22.1p to a four-year high of 131.2p after a robust trading update included a £50 million shares buyback.
Richard Hunter, head of markets at Interactive Investor, said the buyback programme was further evidence of management confidence in prospects.
He added: “The group’s improving fortunes have been well recognised by investors.
“Even before the loud round of applause in opening trade today following the buyback announcement, the share price had risen by 37% over the last year, as compared to a gain of 2.4% for the wider FTSE 250, and by an impressive 117% over the last two years.”
Lloyd's of London reports “solid” half-year results
08:07 , Graeme EvansLloyd’s of London today said gross written premiums increased by 6.2% to £32.5 billion in the first six months of the year, driven by volume growth of 11.9%.
The market’s underwriting result of £1.5 billion fell from £3.1 billion the year before, reflecting the impact of California wildfires in the first quarter of 2025.
The combined ratio rose to 92.5% from 83.7%, although excluding major claims the ratio stood at 82.1%. A figure below 100% represents profitability.
The Lloyd’s market generated an investment return of £3.2 billion or 3.1%, up from £2.1 billion or 2.1% after benefiting from higher reinvestment yields and a favourable rate environment.
Chief executive Patrick Tiernan said: “Lloyd’s syndicates delivered a solid half year performance, demonstrating strength and resilience.
“While major claims returned to expected levels - driven by the devastating California wildfires - disciplined underwriting ensured the underlying result had the capacity to absorb such volatility.
“Investment performance was strong, and the market’s capital position and solvency ratios provide a very good foundation for future growth.”
Burberry seals FTSE 100 return, Taylor Wimpey relegated
07:52 , Graeme EvansBurberry has secured promotion back to the FTSE 100 index, ending a year long absence from London’s top flight benchmark.
The shares have doubled in the past year and by 30% since the start of 2025 as a turnaround led by chief executive Joshua Schulman gathers momentum.
The £4.6 billion-valued luxury goods group and Metlen Energy and Metals, which last month switched its primary listing from Athens to London, will join the FTSE 100 on 22 September.
Taylor Wimpey and student accommodation provider Unite are the stocks to make way. Index provider FTSE Russell confirmed the quarterly reshuffle changes last night, with its calculations based on Tuesday’s closing prices.
ASOS, Bloomsbury Publishing and Auction Technology Group are among the stocks relegated from the FTSE 250 index.
Jet2 trims guidance amid later booking trend
07:33 , Graeme EvansPackage holidays operator Jet2 today cooled City earnings expectations after it said that the closer-to-departure booking trend has become more pronounced.
It reported 2% growth in the number of flown package holiday customers for the summer period, with flight-only passengers up by 17%. This follows an 8% increase in summer capacity to 18.5 million seats.
For the winter season, the company said it has chosen to exercise capacity discipline in a “less certain consumer environment”. It has reduced seats on sale from 5.8 million to 5.6 million, still an increase of 9% on winter 2024/25.
With limited visibility given the later booking profile and the remainder of summer and much of winter seat capacity still to sell, the company expects underlying earnings to be towards the lower end of the City’s consensus range.
Forecasts for the year to 31 March are currently between £449 million and £496 million. Jet2 is AIM’s largest stock with a market valuation of £3.3 billion.
Chief executive Steve Heapy said: “Although we are currently operating in a difficult market, we have a proven business model, a loyal customer base, a flexible approach to capacity management and of course our multi award-winning customer service.
“We believe that these factors provide the foundation for a solid financial result this year and for further profitable growth in the years to come.”
Currys hails strong trading, launches £50 million buyback
07:12 , Graeme EvansRetailer Currys today reported a “strong start” to its financial year after UK & Ireland like-for-like sales rose 3% in the 17 weeks to 30 August.
Strong sales in gaming, AI computing, large appliances, coffee machines and cooling products were offset by declines in TVs, tablets and air fryers.
FTSE 250-listed Currys added that the recovery of its Nordics business continued to pick up pace after underlying sales rose 2% in the period.
Chief executive Alex Baldock said: "It's been a good start to the year, with encouraging performance across the group.”
The company said it was “planning confidently” for the year ahead, with trading across the first four months of the financial year in line with expectations.
A new £50 million share buyback programme will start immediately, which together with a previously announced dividend means returns to shareholders will total £75 million this year.
FTSE 100 set for robust start, Asia markets mixed
07:02 , Graeme EvansThe FTSE 100 index is seen consolidating Wednesday’s gains after confidence benefited from a resilient session on Wall Street.
The S&P 500 index closed 0.5% higher and the Nasdaq Composite rallied 1%, while the Dow Jones Industrial Average drifted 0.1%.
A calmer day on bond markets yesterday helped the FTSE 100 index to close 61.30 points or 0.7% at 9177.99.
IG Index futures trading points to a 0.1% improvement at today’s opening bell.
The yield on UK 30-year government bonds fell to 5.59% on Wednesday from 5.71% at the time of the London equities close on Tuesday,
Asia markets have experienced mixed fortunes, with the Nikkei 225 up 1.5% on the back of Wall Street’s tech bounce but the Hang Seng index 0.9% lower.
