S&P 500 pulls back from record high as chip-led slump in tech weighs
Investing.com -- British stocks inched higher on Tuesday, staying above the 9,000 mark, while the pound also gained, with the main headline in the U.K. being the government’s approval of the Sizewell C nuclear plant.
The blue-chip index FTSE 100 rose 0.1% and the British pound climbed around 0.2% against the dollar to 1.3452.
DAX index in Germany fell 1.1%, the CAC 40 in France dropped 0.7%.
U.K. borrowing surges past forecast
Britain’s government borrowing came in higher than forecast in June, driven by elevated inflation that pushed up debt servicing costs, official figures showed on Tuesday.
The Office for National Statistics (ONS) reported that public sector net borrowing stood at £20.7 billion ($27.88 billion) last month.
UK govt approves £38 billion Sizewell C nuclear plant
The U.K. government gave approval for the construction of the Sizewell C nuclear plant in Suffolk, a £38 billion ($51 billion) project that ranks among the country’s largest infrastructure developments in decades.
The British government will maintain a 44.9% stake in the project, making it the largest shareholder. Canada’s La Caisse pension fund will hold a 20% stake, while Centrica (OTC:CPYYY) PLC (LON:CNA) will control 15% and Amber Infrastructure will own 7.6%.
Shares of Centrica rose closed over 4% higher following the news.
The project has secured financial backing from both U.K. and international investors, with La Caisse representing a significant foreign investment in British energy infrastructure.
Compass Group shares rise on raised guidance
Shares of Compass Group (LON:CPG) climbed more than 5% after the British food services provider raised its full-year earnings forecast and announced a €1.5 billion acquisition to strengthen its European presence.
The company reported third-quarter organic revenue growth of 8.6% for the period ended June 2025, surpassing analyst expectations of 7.7%. This represented an acceleration from the 7.7% growth achieved in the second quarter.
Alongside its quarterly results, Compass revealed plans to acquire Vermaat Group for €1.5 billion, a strategic move aimed at expanding its operations across continental Europe.
Kier Group shares fall as CEO Davies announces departure
Kier Group (LON:KIE) shares fell by almost 5% after the company announced that Chief Executive Andrew Davies will step down at the end of October.
The leadership change was revealed alongside a trading update in which the construction and infrastructure services company reported strong full-year performance, with both revenue and profit expected to be in line with board expectations.
Davies will be succeeded by Stuart Togwell, who currently serves as the Group Managing Director of Construction at Kier.
Sanofi (NASDAQ:SNY) to acquire Vicebio for up to $1.6 bln
French pharmaceutical company Sanofi (EPA:SASY) has agreed to purchase U.K.-based vaccine developer Vicebio in a deal worth up to $1.6 billion.
The acquisition structure includes an upfront payment of $1.15 billion, with potential additional payments of up to $450 million that are contingent on meeting specific development and regulatory milestone achievements.
Greencore shares jump on strong Q3 revenue growth
Shares of Greencore Group (LON:GNC) PLC ADR (OTC:GNCGY) rose over 12% after the food-to-go manufacturer reported robust third-quarter performance with revenue growth accelerating to 9.9%, up from 6.6% in the first half of the year.
The company attributed the improved performance to new business wins and favorable summer weather conditions. The revenue growth included a 3.1% contribution from inflation recovery.
Greencore’s underlying volume growth reached 1.9% even when excluding the positive impact of new contract wins. This growth rate outperformed the wider grocery market, which expanded at just 0.7% during the same period.
Mitie Group reports revenue growth in Q1 FY26
Mitie Group PLC (LON:MTO) reported a 10.1% year-on-year increase in revenue for the first quarter of fiscal 2026, reaching £1.28 billion, supported by 8% organic growth.
The company attributed the strong performance to new contract wins, project delivery, and pricing adjustments.
Facilities Management revenue grew by 7.3%, while the higher-margin Facilities Transformation division saw a 12.8% increase, both compared against strong results from the previous year.
The company stated it remains on track with its cost initiatives designed to offset unrecovered National Insurance cost pressures.
Admiral shares drop as FCA flags claims issues
Shares of Admiral Group Plc (LON:ADML) declined after the U.K.’s Financial Conduct Authority (FCA) said the motor insurance sector still needs to improve its claims handling practices.
The regulator’s review concluded that higher premiums are largely due to rising external costs, not increased profit margins for insurers.
Argentex (LON:AGFX) interim CEO steps down
Argentex Group PLC said that Interim Chief Executive Officer Tim Rudman stepped down and left the board on Monday.
The foreign exchange services firm also confirmed that its board has decided to appoint administrators for the Company and some of its other group subsidiaries.
ME Group shares rise on record first-half profit growth
ME Group International PLC (LON:MEGPM) shares climbed almost 1% after the instant-service equipment company reported record first-half profitability for the six months ended April 30, 2025.
The company’s profit before tax increased 13.3% to £34.0 million compared to the same period last year. Revenue grew 2.3% to £153.8 million, or 4.7% on a constant currency basis.
EBITDA rose 3.9% to £53.2 million, with EBITDA margin improving by 0.5 percentage points to 34.6%.