All

Close Brothers stock soars past target price while HSBC, Barclays and Standard Chartered tumble

Shares in FTSE 250 lender Close Brothers experienced a surge on Thursday morning, contrasting with the downward trend of banking rivals HSBC, Barclays and Standard Chartered. The lender saw gains peak at ten per cent during early trading before settling around five percent, as it began to recover from recent losses, as reported by City AM. In contrast, Standard Chartered led the FTSE 100's losses, dropping nearly 10 per cent, while Barclays and HSBC fell by close to seven per cent and over six per cent respectively. Close Brothers' stock has been under pressure over the past six months due to its involvement in the car mis-selling scandal. This week, the saga moved to the Supreme Court, where Close Brothers is attempting to overturn an October ruling by the Court of Appeal. The ruling deemed it unlawful for banks to pay commission to a car dealer without the customer's informed consent. Following the verdict, Close Brothers' shares plunged almost 25 per cent and have remained unstable since. The Supreme Court's judgement could take several months, but the Financial Conduct Authority has stated it will confirm an industry-wide redress scheme within six weeks if the banks receive an unfavourable verdict. As the Supreme Court hearing commenced on Tuesday, the stock experienced fluctuations throughout the day. Peel Hunt rated the stock a 'hold' in a note issued on April 1, setting a target price of 277.20p. However, following Thursday's gains, Close Brothers surpassed the analyst's target, reaching highs of 310p. Analysts have revised their forecast for Close Brothers' full-year earnings per share, reducing it by 15% to 50.6p. Their guidance on the lender's full-year net interest margin – a key banking indicator of the difference between the rates at which a bank borrows and lends – has also been cut to 7%, with an anticipation that it will drop further to 6.7% in the second half. RBC Capital Markets adjusted their target price for Close Brothers down to 340p from 360p according to a note issued last week, yet they maintained an 'Outperform' rating. This suggests that they anticipate the company's shares to "materially outperform sector average over 12 months."

Learn More
Close Brothers stock soars past target price while HSBC, Barclays and Standard Chartered tumble

UK's major banks face downturn as FTSE 100 slips amid new US tariffs

The FTSE 100's major banks were once again in the red on Friday, amidst heightened concerns over tariffs. Shares in Natwest and Barclays plummeted by over 6% in early trading, making them the top losers on the index. HSBC and Lloyds followed closely, with losses exceeding 5%, while Standard Chartered suffered a 4% decline, as reported by City AM. The FTSE 350 bank index took a significant hit, tumbling nearly 6% and accumulating a 10% loss over the past five days. The FTSE 100 as a whole saw a decline of up to 1.7% on Friday morning. In a statement, Barclays analysts noted: "These new tariffs will dampen the global economic outlook, both globally and in Europe, which bodes poorly for earnings." "Our economists believe that recession risks have risen, with policy support from governments and central banks crucial to gauge the extent of downside risks." According to Vivek Raja, an equity analyst at Shore Capital: "The shock and awe of Trump's capricious foreign policy strategy has created acute anxiety, which is typically not conducive to the health of financial markets." "We expect more turbulence and emotional share price responses over the coming days. The impact of tariff wars on the fundamentals of our UK financials stock coverage will be indirect." Raja added that changes in economic growth, wealth formation, inflation, interest rates, financial markets, and regional differences would negatively impact business models. Raja suggested that lenders with an Asian focus, such as HSBC and Standard Chartered, would likely face the most significant impacts compared to their more UK-domestic counterparts. Trump imposed a 10 per cent tariff on UK imports to the US, which he stated was the baseline for all countries. In his 'Liberation Day' speech, Asian economies were subjected to some of the highest levies.

Learn More
UK's major banks face downturn as FTSE 100 slips amid new US tariffs

Closure prompts interior design team to launch new firm

A new interior design firm has been launched by staff from a previous company which closed down last year. Chapter 9 Design in Redditch has been born out of Claude Hooper which ceased trading following the retirement of its eponymous founder. It has set up shop on the Moons Moat industrial estate after agreeing a six-year lease on a 1,756 sq ft office in Croft House. Senior interior designer Sarah Clements said: "After the retirement of Claude Hooper, we decided that we wanted to use our experienced team and bring fresh ideas and creativity to our clients. "Our stylish and attractive designs can play a big role in highlighting the strengths of a new home. "We took our proposal to a leading local businessman, Stephen Lomas, and he agreed to back us and come on board as the managing director. "With his support and our experience, we are now securing work all over the country so being based in Redditch at the heart of the UK motorway system is hugely useful and gives us national reach." James Haynes, apprentice surveyor at Redditch property agency John Truslove, worked with the firm on sourcing a new office. He said: "It is great to see such a talented and committed team of people creating their own new business and we are delighted to have been able to help them find the right premises.

Learn More
Closure prompts interior design team to launch new firm

FTSE 100 crumbles again as Trump's 'Liberation Day' tariff assault continues

The FTSE 100 had a gloomy start on Friday, still feeling the effects of Trump's 'Liberation Day' comments as it opened in negative territory. In early trading, the United Kingdom’s leading index was down by approximately 1.2%, with its mid-cap counterpart, the FTSE 250, also seeing a decline of nearly 1%, as reported by City AM. Banks were among those feeling the brunt during market opening, extending a downside pattern from Thursday's session. Natwest shares dropped over five per cent, while Barclays took a hit exceeding four per cent. Following its position as Thursday's biggest loser on the FTSE, Standard Chartered’s shares continued to wane, experiencing another fall of over four per cent. Conversely, British American Tobacco and SSE emerged as top performers in early dealings, each securing gains in the region of two per cent. Likewise, the retail giant behind Primark, Associated British Foods, saw its shares ascend over two per cent. AJ Bell’s investment director Russ Mould commented: "With markets having suffered their worst week in five years, investors were hiding under their duvet on Friday hoping the pain would go away." He went on: "Unfortunately, the relentless selling continued, with markets falling across Asia and Europe and futures prices suggesting the US will follow suit upon commencement of trade later today." Mould further remarked that "countless sectors" are poised for impact from tariffs, yet the plethora of "moving parts" presents a challenge to "know where to begin to comprehend the situation." "Investors looking to buy on the dip were spoiled for choice given the sharp declines seen on the market this week. It's now a question of when investors feel brave enough to go shopping. Today's extended sell-off implies investors are still too nervous to take the plunge," he added. On Thursday, the FTSE 100 experienced a sizeable drop, shedding 133 points and closing at 8,474.74 – a 1.6% decrease from the previous day's total. In a bold move, Trump imposed a baseline 10% import levy on all countries trading with the US during his Wednesday address, with increased rates for those classified as "worst offenders." A 10% import tariff was levied on the UK while the European Union suffered a steeper 20% hike. Commentators have noted with surprise that 'Markets appear to have been unprepared' for such trade measures. Stocks across Europe also faced a downtrend, with Germany's DAX falling 0.8%, France's CAC 40 dipping by 0.9%, and Amsterdam’s AEX index experiencing a 0.5% decline. The announcement of tariffs contributed to Wall Street recording some of its most substantial losses since 2020. On the Nasdaq Exchange, big tech firms including Apple and Nvidia saw sharp drops, declining nine and eight percent respectively. The S&P 500 was not immune to the downturn, with a near five percent fall, while the Dow Jones Industrial Average saw a four percent dive. Hargreaves Lansdown's head of equity research Derren Nathan commented: "Despite months of sabre-rattling by Donald Trump, markets appear to have been unprepared for the depth and breadth of tariffs announced by the White House." As a result of the tumult across the pond in the US and the White House's significant measure, "The FTSE 100 is set to open down a touch further, after US stocks suffered their worst day in five years."

Learn More
FTSE 100 crumbles again as Trump's 'Liberation Day' tariff assault continues

Co-op profit rockets ahead of supermarket 'trolley wars' as it reveals membership surge

The Co-op has announced a significant surge in profit for 2024, just as the grocery sector braces for potential 'trolley wars.' The Manchester headquartered group's revenue remained largely steady year on year, with a slight increase of 0.2 per cent to £11.3bn, while its underlying profit saw a substantial rise of 35 per cent to £131m, as reported by City AM. Operating profit more than doubled from £66m to £151m, and profit before tax experienced an almost six-fold increase from £28m to £161m. The Co-op attributed this profit boost to increased operating profits and improved returns on Funeralcare plan investments. The Co-op operates across various sectors including food retail through convenience stores, wholesale via Nisa, funeral care, legal services, and insurance. The number of active Co-op members, who collectively own the business, grew by 22 per cent to 6.2m, up from 5.1m in 2023, and is "on track" to reach 8m by 2030. Co-op chair Debbie White said: "These results show that our strategy on delivering for our member owners whilst also delivering long term financial and operational progress is working." She added: "I'm particularly delighted we have increased our active membership by 22 per cent. "We continue to focus on long term profitable growth, creating more value for all our member owners and the communities they live in," White further stated. Last month, the Co-op invested over £70m to match Aldi's prices on 100 everyday essentials for its members. Co-op, the UK's seventh-largest supermarket as per Kantar data, has not seen an increase in market share in recent years. It took 5.3 percent of the market in the 12 weeks to March 24, 2025, down 0.1 per cent year on year, according to Kantar. But it has been growing in the convenience space - its share of the quick-food market has grown 0.6 per cent year on year, according to Circana. The retailer's strategy to slash prices is aimed at drawing cost-conscious customers amid a challenging economic climate where brand loyalty is low. Yet, with major supermarkets, including a rejuvenated Asda management, prepped to cut prices, industry analysts are cautioning that intense competition, or 'trolley wars,' may soon intensify within the grocery market. Co-op CEO Shirine Khoury-Haq expressed optimism despite the tough times: "While broader economic challenges remain, our businesses are delivering strongly against the market and I'm proud that we continue to provide support to our colleagues, members, and their communities through the continued cost of living challenges they face."

Learn More
Co-op profit rockets ahead of supermarket 'trolley wars' as it reveals membership surge

Plans for more than 1,000 new homes in major mixed-use scheme for Porthcawl

New plans to transform the seaside town of Porthcawl with1 ,100 new homes as well as shops, cafes, restaurants, and leisure attractions, can be revealed. The developments are part of a new masterplan released by the local council ahead of planned public consultations. The consultation, set for next month,, will also come alongside a special exhibition event for the long-running plans which include a range of leisure and infrastructure developments for the area alongside the creation of up to 1,100 new homes. Most notably the proposals will include new "stepped" coastal defences at Sandy Bay, as well as the creation of a pump track, skate park, and mini-golf course along with new shops, cafés, and restaurants. It also includes the construction of 1,100 new houses across three areas of the town with up to 450 at Sandy Bay, 200 at Coney Beach, and up to 450 at Salt Lake with plans also intended for the popular Griffin Park to triple in size. Additionally plans could see space set aside for the town to host seasonal events such as fairs as well as overnight parking for motorhomes at Sandy Lane with room for Newton Primary school to expand. There could also be a number of car parking developments with a potential multi-storey car park featured at Salt Lake along with the "redevelopment" of the existing open air car park at Hillsboro. With part of the land set aside for the development the town will also see the closure of its iconic Coney Beach Amusement Park in the coming years after more than 100 years of business in the area. Speaking ahead of the consultations Councillor Neelo Farr of Porthcawl said the final proposals had included as many ideas and facilities suggested by local residents as possible. She said: "Public consultation has proven to be a cornerstone of our efforts to regenerate Porthcawl and you only have to look at the illustrative masterplan to see how we have included as many of the ideas and facilities suggested by local residents as possible into our final stage proposals. "Whether it is a pump track and skate park, a multi-use games area, room for new shops, cafes, restaurants and kiosks, pocket parks, interactive fountains and water features, new play areas for children of all ages, extensive green landscaping, potential mini-golf and overnight parking for motorhomes, or just plenty of flexible open space which can be used to host seasonal events ranging from fairs and fairground rides to ice rinks and speciality markets the waterfront regeneration masterplan really demonstrates the scope of Bridgend County Borough Council and Welsh Government's joint ambitious vision for the area. "With a substantial green corridor winding through the regeneration zone before reconnecting with the waterfront Griffin Park could more than triple in size and benefit from a wide range of new facilities, such as a climbing wall and a fully equipped fitness trail, while Sandy Bay will be transformed with new coastal defences in the form of impressive stepped revetments leading down onto the beach and all-new retail opportunities facing out onto the promenade. "The plans include just over a thousand new community-focused homes suitable for families, people who live alone, couples just starting out, older people, and more. In response to concerns that younger residents of Porthcawl feel unable to afford local properties we are also ensuring that half of this new housing will be made up of affordable modern homes." She added: "To make sure that the housing element is fully rounded we have also included a huge variety of opportunities for new leisure infrastructure as well as shops, cafes, and restaurants, space to allow potential expansion and growth at Newton Primary, and evenly-distributed parking facilities. "Visitor parking is also accounted for with new parking at Coney Beach, a redevelopment of the existing open air car park at Hillsboro, and options for providing additional 'edge of town' overflow facilities along with suitable links. "We have also proposed introducing landscaped natural play areas including adventure, woodland and tree-top play facilities, studio space suitable for creative industries, cycle hubs, a duneside park featuring enhanced habitats, raised boardwalks, activity and viewing platforms, event space, and much more." The full proposals will now be revealed at an event held in the Hi Tide Inn in Porthcawl between 9am and 7.30pm on Monday, February 3, where people will be able to see the new plans and engage with regeneration officers from both the council and Welsh Government.

Learn More
Plans for more than 1,000 new homes in major mixed-use scheme for Porthcawl
...

Newsletter

Get life tips delivered directly to your inbox!

Sign Up!