United Homes Group stock plunges after Nikki Haley, directors resign
Investing.com -- The FTSE 100 was largely flat on Tuesday, with the pound holding steady, as broader European indices also remained in positive territory.
The blue-chip index FTSE 100 closed 0.01% higher and the British GBP/USD was also flat against the dollar at 1.3513.
DAX index in Germany gained 0.4%, the CAC 40 in France rose 0.5%.
Kingfisher raises profit outlook as UK demand boosts earnings
Kingfisher PLC (LON:KGF) raised its full-year profit guidance after reporting a 10.2% increase in first-half earnings, driven by strong demand in the UK market.
The home improvement retailer, which owns B&Q and Screwfix in the UK along with Castorama and Brico Depot in France and other markets, now expects adjusted pretax profit at the "upper end" of its £480 million to £540 million range, compared with £528 million in 2024/25.
Shares in the company surged more than 19%.
Smiths Group results beat guidance with higher margin
In separate corporate news, Smiths Group PLC (LON:SMIN) reported improved annual results, with headline operating earnings climbing to £580 million for the year ended July 31, up from £526 million in the previous year.
The company’s operating margin reached 17.4%, compared with 16.8% last year, placing it at the top end of its guidance range. Group revenue increased to £3.34 billion from £3.13 billion, representing an 8.9% organic rise.
Other news:
- Meanwhile, British businesses have reported declining momentum and confidence ahead of potential tax increases in finance minister Rachel Reeves’ November budget, according to a recent survey that also indicated a continued drop in hiring. S&P Global’s preliminary UK Composite Purchasing Managers’ Index, which covers both services and manufacturing sectors, slowed to 51.0 in September from 53.5 in August, just above the 50.0 threshold that separates growth from contraction.
- In monetary policy developments, Bank of England Chief Economist Huw Pill, speaking at an event in Switzerland, stated that the central bank may need to maintain its restrictive policy stance as inflation has proven more persistent than anticipated. Pill noted that domestic inflation is falling at a slow pace, and underlying inflation has not yet returned to target levels.
- Organisation for Economic Cooperation and Development forecasts the UK will be the second-fastest growing economy in the G-7 this year, behind only the US. The OECD upgraded its growth forecast for the UK by 0.1 percentage points to 1.4% for 2025, though it expects the growth rate to slow to 1% next year.