FTSE 100 Live Thursday
- Unilever backs 2025 targets
- ASOS loss narrows
- Revolut profits surge
Market update: FTSE 100 rally ends, ASOS higher on results progress
10:17 , Graeme EvansRobust sales figures by Knorr and Hellmann’s firm Unilever today offered some cheer in a session when the rebound by the FTSE 100 index ran out of steam.
The consumer goods giant posted underlying sales growth of 3% in the first quarter, slightly better than the 2.8% expected after both volume and price progress.
Shares added 21p to 4837p as the company reiterated a target for 3-5% growth in 2025, alongside modest progress in its operating margin from 2024’s 18.4%.
It added: “The direct impact of tariffs on our profitability is expected to be limited and manageable.”
The City’s reaction to the update contrasted with the one given yesterday to Reckitt Benckiser, which fell 6% after its update.
The Strepsils and Dettol owner put back 53p to 4721p in today’s session as the FTSE 100 index made its first fall in a fortnight by declining 28.12 points to 8375.06.
The end of the rally came as traders looked for evidence to back up this week’s hopes of a de-escalation of the US-China tariffs standoff.
Stocks down by more than 1.5% included HSBC, Rolls-Royce and Lloyds Banking Group, while Legal & General slid 6% or 14.4p to 236.7p after its shares were marked ex-dividend.
Marks & Spencer fell 6p to 393.9p after the retailer said last night it is not processing contactless payments as part of its response to a cyber incident.
LexisNexis business RELX, St James’s Place and Weir traded slightly higher after posting trading updates.
The FTSE 250 index fell 0.6% or 108.68 points to 19,374.37, with Burberry and the shopping centre business Hammerson among those down by 3%.
Fast fashion chain ASOS rose 7.5p to 317.5p after its half-year results pointed to progress in its two-year old turnaround programme.
Revenues declined 13% to £1.29 billion but a focus on profitable full-price sales meant underlying earnings rose 58.8% to £42.5 million in the 26 weeks to 2 March.
ASOS boss José Antonio Ramos Calamonte said the figures were the “strongest sign yet” that the retailer’s new commercial model is working.
His strategy has ended “excessive promotion and performance marketing” in favour of creating lasting relationships with core customers.
Peel Hunt kept its 375p price target and Add recommendation following the results.
Among others reporting today, Domino’s Pizza UK shares fell 7p to 270.4p after it posted total orders and like-for-like sales growth of 0.5% in the first quarter.
Senior rose 1.8p to 122.6p after the maker of components and systems for commercial and defence aerospace customers described the direct impact of announced tariffs as limited and manageable.
It also reported sales growth of 3% for the first quarter and said it expected good growth in its aerospace division in 2025. The FTSE 250 stock is down 25% this year amid the global economic uncertainty.
Nestle hikes prices for coffee and chocolate
09:37 , Graeme EvansKitKat and Nespresso firm Nestle has reported double-digit price hikes for coffee and chocolate across some markets as it deals with soaring commodity costs.
The Swiss firm revealed it raised prices by 2.1% overall in the first quarter to counter surging coffee bean and cocoa costs.
In some markets, price increases were in the double-digits, which impacted its underlying sales growth by volume, according to the firm.
The group reported better-than-expected sales growth of 2.8% for the first three months of 2025, although the higher prices accounted for much of the rise, with sales by volume edging 0.7% higher.
Revolut profits surge in “landmark” year
09:10 , Graeme EvansLondon’s biggest fintech company Revolut has more than doubled its profits to a record $1.4 billion (£1.1 billion).
The card payments, savings and crypto trading business, which has more than 10 million UK customers, said it had achieved a fourth consecutive year of net profitability.
Group revenues rose 72% to $4 billion (£3.1bn) after the global customer base grew by 38% to 52.5 million and total balances surged 66% to $38 billion (£30 billion).
Chief executive Nikolay Storonsky, who owns about a quarter of the $45 billion business, said 2024 had been “a landmark year for Revolut.”
BP leads steady FTSE 100 session, Unilever shares firm
08:35 , Graeme EvansThe FTSE 100 index has consolidated the gains of recent sessions, with 2% advances for BP and SSE helping to underpin a steady performance at 8398.43.
Tesco also lifted 4.4p to 362.1p and Severn Trent rose 29p to 2711p, while Reckitt Benckiser put back 51p to 4719p after yesterday’s heavy fall.
Unilever shares were 20p higher at 4836p after its first quarter update, which showed underlying sales growth for the first quarter slightly ahead of hopes at 3%.
LexisNexis business RELX, St. James’s Place and Weir traded close to their opening marks after posting trading updates.
Legal & General fell 5% or 13p to 238.1p at the top of the fallers board after the shares were marked ex-dividend.
Aircraft build rates bolster Senior outlook
08:23 , Graeme EvansSenior, the maker of components and systems for commercial and defence aerospace customers, today described the direct impact of announced tariffs as “limited and manageable”.
It added: “We remain mindful of the potential broader macroeconomic impact on the market sectors in which we operate and will continue to monitor the situation and respond appropriately.”
The FTSE 250-listed business reported revenues growth of 3% for the first quarter of its financial year, with its Aerospace division up 4% and the company’s Flexonics arm in line with last year.
It added: “Good growth is anticipated in Aerospace in 2025, driven by increasing aircraft build rates, operational efficiency benefits and improved contract pricing, with second half performance expected to be higher than the first half.”
Shares rose 3% or 3.9p but are still 23% lower for the year at 124.7p.
ASOS hails turnaround progress, narrows loss
07:43 , Graeme EvansASOS boss José Antonio Ramos Calamonte today said half-year results offered the “strongest sign yet” that the retailer’s new commercial model is working.
Revenues declined 13% to £1.29 billion but a focus on profitable full-price sales helped lift underlying earnings by 58.8% to £42.5 million in the 26 weeks to 2 March.
The improvement, which also included a narrower adjusted bottom-line loss of £69.5 million, follows a restructuring programme over the last two years.
The chief executive added: “We will grow our business in a sustainable, profitable way - not by re-engaging with excessive promotion and performance marketing, but through an innovative product and experience-led strategy that generates lasting relationships with our core customers, in our core markets.”
Shares fell 7.5p to 302.5p following the update.
Unilever backs 2025 targets, tariffs impact “manageable”
07:14 , Graeme EvansUnilever today said it had started the year with underlying sales growth of 3%, reflecting both volume and price momentum in the first quarter.
The consumer goods giant continues to expect 3-5% sales growth across 2025, accompanied by a modest improvement in its operating margin from 2024’s 18.4%.
The Knorr, Hellmann’s and Dove brand owner added: “The direct impact of tariffs on our profitability is expected to be limited and manageable.”
Given uncertainty over the macroeconomic environment, currency stability and consumer sentiment it said it will be “agile in adjusting our plans as necessary”.
FTSE 100 set to consolidate gains, Asia markets mixed
07:04 , Graeme EvansThe FTSE 100 index is set to open broadly unchanged, having last night extended its run of positive performances with a rise of 0.9% to 8403.18.
Trading was boosted on Wednesday by hopes of a de-escalation of the US-China trade war, leading to gains of 1.1% for the Dow Jones Industrial Average and 1.7% for the S&P 500 index.
Apple and Alphabet shares improved by 2.5% and Nvidia by 4%, while the Nasdaq Composite finished 2.5% higher.
Leading Asia markets have posted contrasting performances, with the Nikkei 225 up by 0.5% and Hong Kong’s Hang Seng index down 1.1%.
Gold is trading near $3323 an ounce, having set a record of $3500 earlier this week.
