FTSE 100 index closes down 79pts at 7,447
Sterling strengthens after UK GDP beats forecasts
Economists expect Bank of England to raise rates in November
FTSE 100 closed over 79 points down at 7,447 on Wednesday - a fall of 1.05%.
The decline came as sterling gained ground against the Euro and the US dollar, up 0.57% and 0.95% respectively, at the time of writing.
"The FTSE 100 started off on the wrong foot as a pullback in the price of copper put pressure on mining companies, and then the surge in sterling due to the solid growth figures sped up the sell-off," said David Madden, at CMC Markets.
"Ultimately, a respectable growth rate in the UK economy will assist the equity benchmark in the long run, but for now the pound is putting pressure on it."
The growth figures showed the UK economy grew by 0.4% in the third quarter, compared to 0.3% in the second and expectations for an unchanged reading.
The ONS said the growth was led by services, including increases in IT, motor trades and retail.
It heightened expectations that the Bank of England will raise interest rates next week.
The top laggard on Footsie was drugs giant GlaxoSmithKline plc (LON:GSK) after the company said it expects to start incurring costs from preparing for Brexit. Shares dropped 5.52% to 1,429p.
The top riser was Kingfisher plc (LON:KGF), which gained 2.72% to 313.20p.
3.55pm: FTSE 100 losses steepen
The FTSE 100 is now down 66 points to 7,460 on the back of a stronger pound.
Expectations that the Bank of England will raise interest rates next week were lifted after UK GDP data beat forecasts, sending the pound up 0.79% versus the dollar to US$1.3238 and up 0.47% against the euro to €1.1217.
"With the likelihood of a November rate hike from the BoE only increasing following the (slightly) better than forecast third quarter growth reading – leaving sterling in line for another boost – the UK index may struggle to muster the momentum required to climb back, and stay, above 7500 in the coming weeks," said Spreadex's Connor Campbell.
Evening Market Comment: Pound continues to power ahead after hawkish(ish) UK Q3 GDP reading... https://t.co/nf46sIRowp
— Connor Campbell (@ConnorSpreadex) 25 October 2017
Leading the declines on the FTSE 100 was GlaxoSmithKline after the drugmaker said it expects to start incurring costs from preparing for Brexit.
Lloyds Banking Group has reversed early losses to rise slightly after posting a jump in third quarter profit.
British American Tobacco gained as it said it predicts revenue from so-called next generation products, including e-cigarettes, will double to over £1bn next year.
3.30pm: GSK the top FTSE 100 faller as it makes Brexit contingency plans
GlaxoSmithKline is the biggest faller on the FTSE 100 after the drugmaker said it expects to start incurring costs from preparing for Brexit.
Chief executive Emma Walmsley said GSK would start drawing up plans for duplicate medicine testing centres in the EU and preparing for separate drug licensing regimes.
She joined calls by business leaders for a Brexit transition deal of at least two years as soon as possible. Walmsley also asked the government for deal that allows patients to continue to access medicines across borders, a drugs regulatory framework closely aligned to that of the EU and continued access to highly skilled European scientists.
Her remarks came as the company reported a solid third quarter trading update.
3.00pm: US stocks fall as investors sift through earnings
US stocks are in the red in early trading with the S&P 500 down 5 points, the Nasdaq down 10 points and the Dow Jones Industrial Average down 12 points.
Chipotle was one of the biggest fallers on the S&P after posting weaker-than-expected earnings late Tuesday while AMD dropped as it beat forecasts but investors raised concerns about its outlook.
In contrast, Akamai Technologies Inc. gained after the tech services provider reported results that exceeded forecasts on Tuesday.
Traders were also digesting US durable goods data, which showed a bigger-than-estimated rise.
2.20pm: UK economic growth set to slow in Q4, says EY
The UK economy is likely to see lacklustre growth in the fourth quarter and in the early months of 2018, according to Howard Archer, chief economic advisor to the EY ITEM Club.
“The squeeze on consumers will remain appreciable in the near-term and could deepen in Q4 as consumer price inflation is likely to hover at 3% or just above and earnings growth remains slow,” he said.
“Meanwhile, businesses look likely to be cautious over investment as Brexit negotiations between the UK and EU likely remain difficult. Recent decent foreign manufacturing orders fuel hopes that net trade will contribute to growth supported by a still very competitive pound and a healthy global landscape, but the export performance has been patchy. “
Our take on #UK #GDP #growth edging up to 0.4% q/q in Q3 & outlook for #economy & #BOE #interest #rates https://t.co/g3rG0IFsfE via @EYNews
— Howard Archer (@HowardArcherUK) 25 October 2017
EY expects GDP growth of 1.5% in 2017 and 1.4% in 2018.
The ONS said GDP rose at an annual rate of 1.5%, in line with the previous month and analysts' expectations, while the quarterly rate of growth was 0.4%, up from 0.3%. The stronger-than-forecast figures has boosted sterling as it has raised bets the Bank of England will hike interest rates next week.
The pound is now up 1.01% against the dollar at US$1.3266 and up 0.60% versus the euro at €1.1232, sending the FTSE 100 down 30 points to 7,496.
1.50pm: US durable goods orders rise more than expected
New orders for manufacturerd durable goods rose 2.2% to US$238.7bn in September following a 2.0% rise in August, the US Census Bureau said. Economists had been expecting a 1.0% gain.
Orders for transportation equipment led the growth with a 5.2% increase.
Separate US data from the Mortgage Bankers' Association revealed a 4.6% drop in mortage applications for the week to 20 October following a 3.6% rise the previous week.
US stocks are expected to open lower following disappointing earnings from Advanced Micro Devices and Chipotle Mexican Grill.
1.20pm: Parliament could be denied vote on Brexit deal until after UK leaves EU
Brexit minister David Davis said parliament could be denied a vote on the final terms of the UK’s withdrawal deal with European Union until after the country has formally left the bloc in March 2019.
Speaking to a parliamentary committee, he said the UK may have to wait until the "last moment" before it secures a trade deal with the EU.
In response to a question from a lawmaker on whether a last-minute deal means MPs will be unable to vote before the UK leaves the EU, Davis said: “Yes, it could be. It can't come before we have a deal.”
12.20pm: UK borrowers can handle interest rate hike, says Lloyds CEO
Lloyds Banking Group’s chief executive Antonio Horta-Osorio believes UK borrowers can withstand the impact of the first interest rate hike in a decade.
The Bank of England is expected to raise rates from the current record low of 0.25% next Thursday.
Horta-Osorio anticipates that rate increases will be gradual and won’t reach 1% until 2019.He said a hike would not put stress on the economy and would be merely an unwinding of the emergency rate cut from 0.5%, made immediately after the UK voted to leave the EU.
He said real interest rates would remain negative since inflation is at 3%.
"Asset quality remains strong, reflecting our prudent approach to risk, while the UK economy remains resilient,” he said.
His remarks came after the bank reported an increase in third quarter profit but worries over the impact of Brexit uncertainty sent shares lower.
12.00pm: FTSE down in lunchtime trading
The FTSE 100 fell 8 points to 7,518 in lunchtime trading as sterling strengthened after stronger-than-expected UK GDP data raised expectations for an interest rate hike by the Bank of England next week.
UK GDP rose 0.4% in the third quarter, up from 0.3% in the second quarter and ahead of forecasts of 0.3% growth. On an annualised basis, UK GDP growth remained at 1.5% as expected.
The pound rose 0.79% versus the dollar to US$1.3238 and increased 0.73% against the euro to €1.1247.
Company-wise, mining shares are in the red on the back of declines in gold, silver and copper prices. Antofagasta, Fresnillo, Rio Tinto, Anglo American and BHP Billion are among the biggest fallers.
Lloyds Banking Group is also under pressure as it reported third quarter profit growth but highlighted risks, including an uncertain economic outlook, the prospect of rising PPI claims and ongoing legacy issues.
Going the other way, British American Tobacco shares jumped after laying out plans to generate £5bn in revenue and "substantial profit" from so-called "next-generation" products including e-cigarettes by 2022.
11.30am: UK GDP ahead of Bank of England's expectations
The UK GDP figures are ahead of what the Bank of England had expected, said Oanda's Craig Erlam.
"This is a very important point as the central bank had previously claimed that as long as the economy performs in line with expectations, it would likely raise interest rates at an upcoming meeting and today’s GDP data exceeded expectations, leaving the BoE with little reason not to proceed," he said.
"It’s also the final major data release ahead of next week’s meeting leaving little opportunity for data to convince policymakers otherwise."
10.55am: Loans for house purchases fall in September, UK Finance reveals
UK mortgage approvals fell in September, according to industry data from UK Finance, formerly the British Banking Association.
Loans for house purchases totalled 41,584 in September, compared to 41,762 in August and analysts’ expectations of 41,800.
UK Finance Update on Lending for October 2017, released today: https://t.co/kZGkpsHOYR
— UK Finance (@UKFtweets) 25 October 2017
“Mortgage lending fell only slightly in September, but the downturn looks set to gather momentum over the coming months,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.
"New buyer enquiries fell in September at their fastest pace since July 2016, according to RICS. This points to mortgage approvals falling by about 5K from current levels by the end of this year.”
Tombs said the prospect of higher interest rates, as well as continued Brexit uncertainty, has subdued new buyer demand.
10.30am: UK economy 'stuck in second gear'
ETX Capital's Neil Wilson said the UK economy is "stuck in second gear".
"Year-on-year growth stands at 1.5%, which if it continues would be the weakest expansion since the crisis," he said.
"The productivity puzzle remains unsolved - GDP per head lagged the headline number and increased by just 0.3%.
"All in all this looks marginally supportive of a hike by the Bank of England next week, but it is certainly not a significant enough improvement to mean quarter point increase is a nailed-on certainty."
The prospect of an interest rate has given the pound a boost this morning, rising 0.45% versus the dollar to US$1.3193.
10.05am: Rate hike could be on the cards, says Hargreaves
Ben Brettell, senior economist at Hargreaves Lansdown, said the better-than-expected UK GDP gives the Bank of England another reason to raise interest rates next week.
"Today’s numbers seem to have increased the likelihood of an interest rate rise next week, with sterling gaining almost half a cent against the dollar," he said.
"Following recent hawkish comments from the MPC, markets were already regarding a return to 0.5% as a near-certainty."
Brettell added: "Yet if rates do rise as expected, the move will be largely symbolic – though it will be the first rise in over 10 years. A 25 basis point increase merely reverses last year’s cut – which was arguably unnecessary – and returns rates to where they’ve been for the entire post-crisis period. I expect the Bank to proceed with caution from here."
The economist also noted that growth has been "relatively lacklustre" despite today's marginal improvement. Brexit uncertainty has discouraged business investment and caused a spike in inflation that has hit consumer spending.
9.40am: UK economy grows more than expected in Q3
The UK econonomy grew by 0.4% in the third quarter, compared to 0.3% in the second quarter and expectations for an unchanged reading. The annual growth rate was unchanged at 1.5%, as expected.
The ONS said the growth was led by services, including increases in IT, motor trades and retail. "Manufacturing also boosted the economy with an improved performance after a weak second quarter," Darren Morgan, the ONS' head of national accounts said in a statement.
0.4% growth in #GDP in Q3 with growth led by services, particularly IT, motor trades and retail https://t.co/lSCGRfaV1F
— ONS (@ONS) 25 October 2017
The pound gained 0.26% aganist the dollar to US$1.3168 and 0.17% versus the euro to €1.1184. The FTSE dropped 30 points to 7,496.
9.05am: Footsie slips again
The FTSE 100 index made a weak start to trading this morning, easing back despite Wall Street hitting fresh all-time highs again overnight, slipping back ahead of the latest UK growth data.
Around 9.05am, the UK blue chip index was down about 2 points at 7,524, having added just a couple of points yesterday.
On currency markets, sterling was pretty flat against both the dollar and the euro at US$1.3128 and €1.1161 respectively, as traders awaited the second reading for UK third quarter GDP growth, due at 9.30am.
Connor Campbell, financial analyst at Spreadex commented: “ Wednesday’s Q3 growth figures are unlikely to much help the UK economy’s ailing image.
“Analysts are expecting GDP to come in at 0.3% for the quarter, the same as in Q2, while at the annual rate growth could slip to 1.5%.”
Lloyds weak after results
On the corporate front, Lloyds Banking Group PLC (LON:LLOY) saw its shares fall 1.5% to 66.42p as it warned that risks remain with Brexit uncertainty, an increase in payment protection insurance claims and ongoing legacy issues, although its third quarter results improved..
The lender – which recently stopped being part-state-owned – saw a jump in second quarter statutory pre-tax profit to £1.9bn, up 141% on the £811mln reported the same period a year ago, helped by the acquisition of credit card business MBNA and the absence of further provisions for its PPI mis-selling scandal.
Chilean miner Antofagasta PLC (LON:ANTO) was the biggest FTSE 100 faller, down 4% to 989.5p after a 3% increase in quarterly copper production, thanks to a better performance at its Los Pelambres mine, failed to excite.
And leisure giant Whitbread PLC (LON:WTB) sunk again following yesterday’s disappointing first half results, losing 1.6% at 3,693p, as US bank Morgan Stanley downgraded its rating to ‘equal-weight’ from ‘overweight’.
BAT gets e-cigarette boost
But on the upside, British American Tobacco PLC (LON:BATS) was the top blue chip gainer, up 2.4% to 4,8938.5p after it said expects revenues from its "next generation products" (NGP) to double to over £1bn next year, on the day a UK parliamentary committee said it will hold an inquiry to establish the health and economic impact of electronic cigarettes.
Proactive news headlines:
88 Energy Ltd (LON:88E) managing director Dave Wall told investors that the company ‘remains committed and confident’ in the HRZ shale play, as the explorer confirmed the expansion of its Project Icewine acreage.
Victoria Oil & Gas PLC (LON:VOG) has launched an accelerated book-build funding, pitched to raise between US$20mln and US$26mln. A further US$3mln could be raised via an open offer to existing shareholders.
Fox Marble Holdings PLC (LON:FOX), the marble quarrying and finishing business, has completed the first sale of polished marble slabs from its newly operational factory in Lipjan, Kosovo.
Lombard Risk Management PLC (LON:LRM) will need to pull out all the stops in the second half to meet full year expectations, but with a record pipeline of prospective new business, management is confident that it can make up lost ground after a challenging first half.
Power station operate Drax PLC (LONL:DRX) is to take just over a 4% stake in biomass specialist Aggregated Micro Power Holdings PLC (LON:AMPH) following the sale of wood pellet group Billingtons. AMPH is buying Billingtons from Drax for £2mln, of which £400,000 will be in cash and £1.6mln in shares at a price of 98.5p.
ClearStar Inc (LON:CLSU), which provides technology and services to the background check industry, has secured a US$5mln revolving credit facility with tech-focused Silicon Valley Bank. Most of that cash will be used for working capital purposes and to allow the company to capitalise on the opportunities it continues to develop in direct services and medical information services.
Eye-tracking and facial recognition specialist Seeing Machines Limited (LON:SEE) has teamed up with Dubai-based carrier Emirates to try and improve safety in the airline industry. Seeing will use its gaze-tracking technology to analyse how pilots interact and monitor their controls whilst flying in Emirates flight simulators.
The 7.4 megawatt power plant at Hummingbird Resources PLC’s (LON:HUM) Yanfolila gold mine in Mali has now been fully commissioned.
Recruitment has commenced at Berkeley Energia Limited's (LON:BKY) Salamanca project in Spain with priority being given to local residents, the company revealed in a quarterly update.
Bacanora Minerals Ltd (LON:BCN) intends to move as quickly as possible to construction of a lithium mine at Sonora in Mexico following publication of a feasibility study later this year.
Harvest Minerals Limited (LON:HMI) saw its shares jump 13% higher on confirmation that the Edwards Family Holdings Limited stake has, as expected, risen to 29.9% following the group’s recent placing.
Asiamet Resources Ltd. (LON:ARS) has announced the appointment of Ausenco Limited, an international engineering, construction and project management company, as the primary process engineering consultant for the Beruang Kanan Main (BKM) Feasibility Study.
6.45am: Dull start expected
US markets may have hit new highs again yesterday but London was looking unlikely to follow suit on Wednesday.
After rising a couple of points yesterday to 7,527, the FTSE 100 was expected to open at around 7,510, judging by spread betting quotes.
As is becoming the norm in the US, the Dow Jones Average closed at a new high, up 168 points at 23,442 while the S&P 500 index also broke new ground, climbing 4 points to 2,569.
Heading into the last half hour of trading in Japan, the Nikkei 225 index was down 73 at 21,732 while in Hong Kong, the Hang Seng index was 98 points to the good at 28,253.
A busy corporate reporting schedule in London could, of course, have an effect on the Footsie's performance, with index heavyweight GlaxoSmithkline set to release a third quarter update, while fellow Footsie stocks Antofagasta and Lloyds Banking Group also scheduled to report.
In the case of Lloyds, the market will be paying close attention on any further costs relating to PPI claims.
As for Glaxo, the fashion seems to be for giants of the pharmaceuticals to offload their consumer brands, so it will be interesting to see how the drugs giants' brands, which include Sensodyne and Nicorette, have done
Keep an eye out for another healthy performance from the FTSE 100 group’s HIV treatments Tivicay and Triumeq, as well as continued growth from new respiratory products to help offset declines in Advair and Seretide.
Significant announcements expected
Trading updates: Antofagasta (Q3), GlaxoSmithKline PLC (Q3) (LON:GSK), Lombard Risk Management PLC (LON:LRM), Metro Bank PLC (LON:MTRO), Centaur Media PLC (LON:CAU), Cobham PLC (LON:COB), Lloyds Banking Group PLC (LON:LLOY)
Economic data: Second reading UK Q3 GDP; BBA UK mortgage lending data; German IFO business climate survey; US durable goods orders; US new home sales
Around the markets
- Sterling: US$1.3238, up 0.79%
- 10-year gilt: yielding 1.413%
- Gold: US$1,276.12 an ounce, down 0.04%
- Brent crude: US$58.63 a barrel, up 0.51%
Business headlines
The Times
Saudis to build £500 billion city of the future in desert: Saudi Arabia has unveiled plans to build a US$500 billion mega-city that will run on alternative energy and have its own laws.
Börse boss in limbo after court ruling: A German court has blocked a deal to end an insider trading investigation into the boss of the Frankfurt stock exchange.
Bloomberg opens £1 billion European HQ in London: Michael Bloomberg expects his financial information company to hire thousands of workers after opening its new European headquarters in the City of London.
Saudi Aramco float will not be derailed, vows fund chief: The head of Saudi Arabia’s sovereign wealth fund said that the proposed US$2 trillion flotation of Saudi Aramco was on target and that “nothing” could derail the process.
Final chapter for chairman of Saga set for next year: The chairman of Saga is to stand down after 14 years in the role and a full 26 years working at the over-50s specialist, having made a fortune when the company floated in 2014 and when it merged with the AA.
Carpetright upgrades put floor under sales: First-half profits at Carpetright are set to be below last year’s level, frayed by disruption from updating its bed range and volatile markets.
The Independent
Record number of UK firms unhappy with their region’s infrastructure: A record number of firms are unhappy with the state of infrastructure in their region, new research shows.
City firms set Government an end of year deadline over Brexit plans: Square Mile firms will begin activating their Brexit contingency plans unless the Government provides clarity over a transition period by the end of the year, the City of London Corporation has warned in a letter to the chancellor.
FCA urges public to speak out against investment scams: The City regulator is urging the public to report suspected investment scams after finding that more than a fifth of those targeted by fraudsters remain silent.
German regulator warns City firms close to ‘point of no return’: The head of Germany’s financial regulator has warned that City firms are nearing the “point of no return”, as he urged banks wanting to leave London to speed up their applications ahead of a possible “cliff-edge” Brexit.
Apple’s Tim Cook says ‘we’ll see’ whether there’s enough of iPhone X: Apple’s Tim Cook has finally spoken out about rumours of delays on the new iPhone X.
Global smartphone demand at record third-quarter high: Demand for smartphones hit almost 367 million units in the three months to the end of September, marking a record for the third quarter of any year.
Eurozone companies hiring at fastest pace in over a decade: The eurozone maintained its strong momentum at the start of the final quarter of this year, with rising workloads encouraging companies to take on new staff at the sharpest pace in more than a decade.
Tiny firm from Trump cabinet member’s home-town wins massive contract to restore Puerto Rico’s electricity: A US$300 million contract to help fix Puerto Rico’s crippled electricity network has been awarded to a tiny Montana firm located in the home-town of a cabinet member of the Trump administration.
Financial Times
France’s Total interested in Engie’s LNG business
Outlook for platinum production cut by Anglo American
Italy’s Banca Monte dei Paschi di Siena reckons ECB bad loan proposals could put turnaround targets at risk
UniCredit accidentally send results to analysts and investors on Monday evening
European Commission gives up on plans to separate investment banking arms from retail banks
Equifax could be investigated by UK financial watchdog
Rural broadband deal in jeopardy as a result of legal hurdles.
Unilever has at least three bidders on short-list for spreads business auction
The Guardian
Global wine production predicted to slump to 50-year low: On Tuesday the International Organisation of Vine and Wine (OIV) said it expected an 8% decrease in global wine production to 247 million hectolitres for 2017.
2 Sisters sacks worker filmed at scandal-hit chicken plant: A worker filmed changing food safety records at the scandal-hit 2 Sisters chicken plant in West Bromwich has been sacked, in what appears to be the first admission by the company of a regulatory breach.
UK’s £200 billion consumer debt unsustainable, S&P warns: The rapid rise in UK consumer debt to £200 billion from car finance, personal loans and credit cards is unsustainable at current growth rates and should raise “red flags” for the major lenders, ratings agency Standard & Poor’s has warned.
Poundland reaches deal with Toblerone makers over copycat bar: Poundland is being forced to redesign its copycat Toblerone bar, but can sell half a million of the lookalike chocolate this Christmas after reaching a sweet deal with the Swiss original’s owners.
Virgin Money boss criticises US banks’ failure to join gender equality charter: Jayne-Anne Gadhia, the chief executive of Virgin Money, has pointed the finger at Goldman Sachs and JP Morgan for failing to sign up to the government-backed charter to promote gender balance in the City.
Ryanair delays stricter cabin bag policy: Ryanair has delayed its stricter cabin bag policy in the latest turnabout by the beleaguered budget airline.
Twitter plans to make political ads more transparent amid Russia revelations: Twitter has announced the launch of an advertising “transparency centre” with stricter rules for political ads in the wake of revelations that social media sites were used to spread Russian propaganda during the 2016 US Presidential election.
Daily Mail
HMRC left red-faced after pursuit of ex-football club owner collapses: The former co-owner of Charlton Athletic Football Club has fended off a probe by the tax-man, in a major embarrassment for HMRC.
Mining court battle engulfs Tory party Treasurer: Tory Party treasurer Sir Mick Davis blamed fatal protests at one of his company’s mines on ‘neo Marxist anti-capitalist agitators’, according to High Court documents.
Sacked AA boss could be forced to pay back bonus of more than £1 million: The AA is demanding its ousted chairman hand back more than £1.2 million in bonuses due to an alleged altercation that has only now come to light.
Publisher Bloomsbury’s sales rise 15% thanks to Harry Potter’s continued success and digital drama venture: Bloomsbury Publishing posted rising revenues as it continues to benefit from the unrestrainable success of Harry Potter as well as other titles and the launch of new digital resources. The publisher said total revenues rose 15% to £72.1 million in the six months to the end of August, aided by both digital and print.
Halifax and Lloyds have slashed rates on accounts for new savers: Halifax and Lloyds have slashed rates to the bone on their easy-access accounts for new savers.
Daily Express
Older workers face huge 20% cut in Hammond’s latest plot: Chancellor Philip Hammond is considering slashing pension tax relief for older workers to fund a wave of cuts for those in their 20’s and 30’s, according to insiders.
EU bank bombshell: One in four banks has disappeared since financial crisis: The number of banks in Europe has plummeted since 2008, with a quarter of institutions disappearing.
More Bank of England doom-mongering as blog predicts UK cost of living woe: Bank of England experts have warned that a plunging pound could have a much bigger impact on UK inflation than expected.
City AM
Wealth manager St James’s Place sees fund inflows rise 42% to £2.4 billion: Wealth manager St James’s Place (SJP) was feeling flush this morning, as it announced gross inflows of funds under management of £3.59 billion for the third quarter.
How Debenhams’ consumer perception is faring ahead of its full-year results: This week, Debenhams will be announcing its full year results, with forecasts that annual profits could drop by almost 17%.
Transport for London opens up Kingsland Road railway arches in Shoreditch for business: Transport for London (TfL) has announced that it has been granted planning permission to revamp a stretch of seven commercial units in the East London Line railway arches in Shoreditch.
HS2 chief financial officer steps down from rail group after unapproved redundancy payouts: HS2’s chief financial officer is leaving the company after a National Audit Office report raised questions over unapproved redundancy payouts at the rail group.
Shareholders are set to face off with gold miner Stratex: Gold exploration and development firm Stratex has refuted a new business strategy brought forth by a shareholder action group ahead of a general meeting vote.
Shoe Zone’s full-year sales fall: Shoe Zone announced a fall in sales this morning, which it said was due to store closures.