Weekly review
By Josh White
Date: Friday 01 May 2026
(Sharecast News) - The FTSE 100 ended the week down 14.6 points, or 0.14%, closing at 10,363.93 on Friday.
Equity view
Education and assessment firm Pearson said on Friday that it had made a solid start to 2026, with underlying group sales up 4% in the first quarter and all divisions trading in line with expectations, keeping it on track to meet full‑year guidance. Pearson said its virtual learning unit was the standout performer, with sales up 21% on strong enrollment momentum and favourable funding phasing, while its enterprise learning and skills division rose 8%, supported by revenue from strategic partnerships, including Salesforce. Higher education delivered 2% growth, helped by continued resilience in US courseware and further gains in inclusive access, while English language learning increased 2% and assessment and qualifications dipped 1%, with phasing effects set to reverse in the second quarter.
Rotork backed its full-year guidance on Friday as the industrial valve manufacturer hailed a "resilient" first quarter. In an update for the 1 January to the end of March, the company said it performed in line with management expectations. Order intake fell year-on-year by a low single-digit percentage on an organic constant currency basis, with good momentum in Chemical, Process and Industrial (CPI) and Water & Power orders offset by an expected drop in Oil & Gas, particularly in EMEA.
NewRiver REIT said on Friday that full-year underlying funds from operations and EPRA net tangible assets per share were expected to be in line with analyst consensus, after a year in which it completed the integration of Capital & Regional and strengthened its balance sheet. The London-listed retail-focused property investor said the Capital & Regional assets had been fully integrated onto its platform during the first full year of ownership, with £6.2m of annual net cost synergies unlocked.
MJ Gleeson said on Friday that trading in its housebuilding business had remained resilient, but warned it would book restructuring costs and legacy site provisions as it continued to reshape the group. The London-listed low-cost housebuilder and land promoter said Gleeson Homes achieved net reservation rates of 0.88 per site per week in the 11 weeks to 24 April, compared with 0.86 in the same period last year.
DCC said on Thursday that it had rejected a 5,800p per share cash takeover proposal from US investment firms Energy Capital Partners and KKR. "The board of DCC has carefully reviewed the proposal with its advisers and unanimously concluded that it fundamentally undervalues the company and its future prospects," said the sales, marketing and support services group. As a result, the proposal was unanimously and unequivocally rejected on Wednesday.
Consumer goods giant Unilever reconfirmed its outlook on Thursday, despite heightened macroeconomic activity, following a robust start to the year. First-quarter turnover fell 3.3% to €12.6bn. However, underlying sales growth - which strips out the impact of currency fluctuations - was 3.8%. Volumes rose 2.9% and prices by 0.9%. The owner of Dove, Lynx, Domestos and Hellmann's, among many others, said its leading power brands had driven growth across business groups.
Mining giant Glencore said its marketing division should deliver earnings at the top end of guidance and expected higher commodity prices to more than offset the impact of the Iran war. Chief executive Gary Nagle said recent and emerging impacts from the war were now manifesting, "primarily as an increase in input costs, most notably diesel and acid consumption, and the generally weaker USD".
Energy firm Drax said on Thursday that recent trading had remained in line with expectations, with a "good operational performance" across the group and full‑year 2026 adjusted underlying earnings still seen in line with consensus estimates of £643m to £682m. Drax said its flexible, dispatchable generation and renewable assets continued to support UK energy security amid heightened geopolitical uncertainty, producing on average more than 5% of the UK's electricity and around 10% of its renewable power. It also highlighted the resilience of its biomass supply chain, sourced largely from North America.
Panadol-owner Haleon reiterated full-year guidance on Wednesday, despite a poor cold and flu season weighing on first quarter sales. The consumer healthcare giant - which also owns Sensodyne, Centrum and Voltaren, among others - saw revenues edge up 0.1% in the three months to 31 March, or by 2.2% on an organic basis, to £2.86bn. That was slightly below forecasts for organic growth of 2.3%. Prices rose 2.4% during the quarter, but volumes eased 0.2%, with the impact of the weaker-than-usual cold and flu season estimated at around 130 basis points.
Refractory specialist RHI Magnesita on Wednesday held annual guidance despite slightly weaker demand for its products in the global steel market. The company said adjusted core earnings in the three months to March 31 increased 15% year-on-year, supported by "continued execution of management-led self-help initiatives across pricing, cost discipline, network optimisation and enhanced supply chain agility".
Elementis backed its full-year expectations on Wednesday and reported a rise in first-quarter profit and revenue as its 'Elevate Elementis' strategy delivers ahead of plan. In an update for the three months to the end of March, the specialty chemicals company hailed a "strong" performance, with group revenue up 2% on an organic basis. Adjusted operating profit and margins grew "strongly" year-on-year, it said, supported by the continued progress on its self-help initiatives and positive pricing actions.
GSK posted above-forecast first-quarter profits on Wednesday, boosted by robust demand for its specialist HIV and oncology drugs. The blue chip pharma saw sales rise 2%, or by 5% on a constant currency basis, to £7.6bn, while core earnings per share came in at 46.5p per share, up 9% and ahead of consensus for 43.3p. Speciality medicines, GSK's largest division, reported a 14% hike in sales to £3.2m. GSK said it had seen continued growth across disease areas during the period, including HIV, respiratory, immunology and inflammation, and oncology.
Housebuilder Taylor Wimpey warned over rising costs on Tuesday as it reported a fall in completions and steady sales. In an update ahead of its annual general meeting, the company said that as at 26 April, the total order book value was £2.2bn, down from £2.3bn a year earlier and representing 7,689 homes, down from 8,153. The net private sales rate was 0.74 per outlet per week, versus 0.77 a year earlier, with a cancellation rate of 14%, down from 16%.
British banking giant Barclays posted a solid first‑quarter performance on Monday, delivering double‑digit returns across all divisions, announcing a fresh share buyback and reiterating its medium‑term targets as it continued to push ahead with its strategic plan. Barclays reported a Q1 return on tangible equity of 13.5%, while earnings per share came in at 14.1p for the three months ended 31 March.
Mining giant Anglo American reported a mixed first quarter production performance on Tuesday, with gains in several key commodities offset by weather‑related disruption and operational challenges elsewhere. Anglo American said copper output edged 1% higher to 170,400 tonnes, supported by increased production at Los Bronces and Collahuasi on the back of higher throughput, partly offset by expected lower grades at Quellaveco. Premium iron ore production slipped 2% to 15.2m tonnes following slightly lower volumes from Kumba and Minas‑Rio.
Drugmaker AstraZeneca said on Tuesday that its asthma maintenance treatment Breztri Aerosphere had received approval from the US Food and Drug Administration for adults and adolescents aged 12 and over. AstraZeneca said the latest approval from the FDA was supported by data from its recent Phase III KALOS and LOGOS trials, which assessed Breztri in a broad asthma population, including patients with and without recent exacerbations.
Intertek slumped on Monday after it rejected a revised takeover proposal from Swedish private equity firm EQT at 5,400p per share. Intertek announced last Tuesday that EQT had sweetened its takeover proposal from 5,150p a share. However, after the close of markets on Friday, the inspection, product testing and certification group said it had rejected the increased proposal.
Property developer Harworth Group said on Monday that the Leeds local planning committee had passed a resolution to approve Microsoft's planning application at Skelton Grange in West Yorkshire. Harworth said the application seeks full consent for a data‑centre campus with associated infrastructure, alongside outline permission for a warehouse building, with the proposals covering around 500,000 square feet across three data‑centre halls and auxiliary buildings on Plots 1 and 2, as well as roughly 160,000 square feet of industrial and logistics space and EV charging on Harworth's adjoining 16‑acre plot.
Christie Group posted a jump in full-year profit and revenue on Monday and hiked its dividend as it performed ahead of its own expectations. In the year to 31 December 2025, pre-tax profit rose to £6m from £2.6m the year before, with revenue up 19.2% to £70.6m. Christie said growth was ahead of board expectations thanks to encouraging underlying momentum across the business and unexpectedly strong deal flow in the final weeks of the year.
Premier Inn owner Whitbread is reportedly planning to sell a swathe of hotels to unlock £1.5bn for shareholders. According to The Times, the company is expected to announce plans later this week for the sale and leaseback of one in five of the freehold hotel properties it currently owns outright, following a strategic review of its business model.
Economic news
UK manufacturing growth hit a near four-year high in April, while input price inflation was also at a near four-year high as supply chain pressures build, according to a survey released on Friday. The S&P Global manufacturing purchasing managers' index rose to 53.7, its best level since May 2022, from 51.0 in March. It was also a touch higher than the flash estimate of 53.6. The index was above the 50.0 mark that separates contraction from expansion for the sixth month in a row.
Mortgage approvals unexpectedly rose in March, according to data released on Friday by the Bank of England. The latest Money and Credit report showed that mortgage approvals rose to 63,500 from 62,700 in February, beating expectations for a decline to 60,000. It was also above the six-month average of 63,200. Net borrowing of mortgage debt increased to £6.2bn in March from £5.2bn the month before, while the effective interest rate - the actual interest paid - on newly-drawn mortgages dipped to 4.03% from 4.10%.
House prices unexpectedly rose in April despite consumer confidence taking a hit from the Iran war, according to figures released by Nationwide on Friday. House prices ticked up 0.4% on the month following a 0.9% jump in March, beating expectations for a 0.3% fall. On the year, prices were 3% higher in April following a 2.2% gain the month before. The average price of a home stood at £278,880, up from £277,186.
The Bank of England left interest rates on hold on Thursday, as widely expected, despite rising inflation expectations. The Monetary Policy Committee voted by a majority of eight-to-one to maintain the cost of borrowing at 3.75%. Huw Pill, the central bank's chief economist, voted for a rise, to 4%. It is the second time the MPC has kept Bank Rate on hold since the outbreak of war in the Middle East, which has sent global energy prices soaring and reignited inflation fears.
Business conditions across the UK private sector are set to worsen in the coming months, according to the latest Growth Indicator survey from the Confederation of British Industry (CBI). The Growth Indicator, a long-running qualitative business measure of activity tracking output, sales and business volumes, showed that firms widely expect activity to fall over the next three months, with a net -25% predicting falls.
Grocery inflation fell to a year-low in April, industry data showed on Tuesday, despite the spike in global energy prices following the outbreak of war in the Middle East. According to Worldpanel by Numerator, like-for-like grocery inflation in the four weeks to 19 April fell to 3.8%, from 4.3% a month previously, as retailers cut prices and focused on promotions. It was the lowest rate since April 2025. Prices rose fastest in medicines and treatments, and in fresh unprocessed meat and fish, and fell the fastest in chilled butters and spreads and sugar confectionery.
Shop price inflation slowed in April, industry data showed on Tuesday, as retailers cut prices amid fragile consumer confidence. According to the latest BRC-NIQ shop price monitor, inflation was 1% in April, down from March's 1.2% rate and below the three-month average of 1.1%. Within that, food prices rose 3.1% - compared to the 3.4% uplift seen a month earlier - but non-food inflation fell 0.1%, reversing March's 0.1% print.
The British high street struggled in April, a long-running survey showed on Monday, rocked by deteriorating consumer confidence. According to the latest CBI distributive trades survey, the sharp decline in sales and volumes seen in March - the worst since the start of the pandemic - continued into April. Retail sales for the time of year were judged to be poor, with the balance falling to -32 from -23 in March. Sales volumes were also sharply lower with a balance of -68, a 16-point decline on March.
International events
The European Central Bank left interest rates unchanged on Thursday, as widely expected. The deposit rate was held at 2%, while the rates on the main refinancing operations and the marginal lending facility were also unchanged, at 2.15% and 2.40% respectively. The Bank said that while incoming information has been broadly consistent with its previous assessment of the inflation outlook, upside risks to inflation and downside risks to growth have intensified.
Oil prices whipsawed on Thursday, at one point hitting the highest level since the war began, as market volatility spiked. Benchmark Brent crude rocketed to more than $126 a barrel in early trading, the highest price since 2022, when Russia invaded Ukraine. However, by 1430 BST it had fallen back, with Brent down nearly 4% at $113.89 and West Texas Intermediate off 2% at $104.43. Prices had initially soared on fears war in the Middle East was set to escalate, despite the fragile ceasefire between the US and Iran.
US economic growth accelerated in the first quarter, with preliminary figures showing GDP rising 2% as higher government spending and stronger domestic investment helped offset a slowdown in consumer demand. The Bureau of Economic Analysis' Q1 reading follows a 0.5% rise in the final quarter of 2025, when activity was held back by a sharp contraction in federal spending after large‑scale government layoffs.
Americans lined up for unemployment benefits at a decelerated pace in the week ended 25 April, according to the Labor Department, dropping to the lowest reading since 1969. Initial jobless claims fell by 26,000 to 189,000, defying expectations for a print of 215,000. Continuing claims fell by 23,000 to 1.78m, their lowest reading in twelve months, while the four-week moving average, which aims to strip out week-to-week volatility, decreased by 3,500 to 211,000.
US consumers saw price pressures pick up in March as the conflict in Iran pushed oil sharply higher, adding to the Federal Reserve's interest rate policy woes. According to the Bureau of Economic Analysis, the core personal consumption expenditures price index, which strips out volatile fuel and grocery costs, rose 0.3% month-on-month, taking the annual rate to 3.2%.
BNP Paribas's share price fell sharply on Thursday in Paris despite the French banking group beating estimates with its first-quarter profits, as results showed over €0.9bn in provisions to cover credit losses. The firm set aside €922m in the first quarter to cover the cost of risk, which it said was in line with its full-year guidance, but higher than the €901m expected by analysts. That's up from the €766m set aside the year before. Nevertheless, net income rose 9% to a record €3.22bn in the first quarter, beating consensus estimates, helped by a bigger-than-expected 8.5% rise in revenues to €14.06bn.
Activity in China's manufacturing sector grew more than expected in April, according to two surveys released on Thursday. The official purchasing managers' index dipped to 50.3 from 50.4 in March, but was ahead of market expectations for a reading of 50.1. The non-manufacturing PMI fell to 49.4 in April from 50.1 in March. A reading above 50.0 indicates expansion, while a reading below signals contraction.
A trio of leading economic indicators in Germany pointed to an economic slowdown over recent months, with GDP growth easing, retail sales falling sharply and unemployment rising to a 15-year high. The German economy grew by 0.3% over the first three months of 2026, marking a slight acceleration from the 0.2% growth registered in the fourth quarter, according to the Federal Statistical Office known as Destatis.
German inflation rose to its highest level in 27 months in April as energy prices jumped on the back of supply disruptions linked to the conflict in the Middle East, though core inflation dropped to its lowest in nearly five years. The annual rate of consumer price inflation picked up to 2.9% this month, from 2.7% in March, according to the Federal Statistical Office. While that was under the 3.0% expected by economists, it was still the highest rate of price growth since January 2024.
Oil prices hit a one-month high on Wednesday following a report that US president Donald Trump has instructed aides to prepare for an extended naval blockade of Iran. According to the Wall Street Journal, citing US officials, Trump is targeting the regime's coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused. It was understood that in recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports.
The Bank of Canada left interest rates on hold on Wednesday at 2.25%, as widely expected. "We are closely monitoring the impact of the conflict in the Middle East and how the economy is responding to US tariffs and trade policy uncertainty," the Bank said in a statement. "The Governing Council is looking through the war's immediate impact on inflation but will not let higher energy prices become persistent inflation. As the outlook evolves, we stand ready to respond as needed."
US mortgage applications fell 1.6% week-on-week in the seven days ended 24 April, according to the Mortgage Bankers Association, trimming the 7.9% jump from the earlier period. Applications to refinance a mortgage, which are more sensitive to week-to-week changes in interest rates, fell by 4.4%, while applications to purchase a new home ticked up by 1.1%.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN