CSL shares plunge to 7-year low on delay in US vaccine business spinoff
Investing.com -- British stocks edged lower on Thursday, fueled by investor optimism after a federal court blocked U.S. President Donald Trump’s proposed tariffs targeting key U.S. trade partners.
The blue-chip index FTSE 100 fell 0.1% and the British pound gained 0.2% against the dollar to above 1.3490.
Meanwhile, other European indices fell, with Germany’s DAX index down 0.6% and France’s CAC 40 falling about 0.1%.
U.S. court blocks Trump’s ‘liberation day’ tariffs
On Wednesday, the Court of International Trade determined that only Congress has the constitutional authority to manage trade with foreign nations, and that former President Trump’s use of emergency powers could not override this legislative control.
In a post on his social media platform, Truth Social, Trump said he was “on a mission from God” and that “nothing can stop what is coming.”
It is unclear if he was referring to the court ruling
IAG shares gain after British Airways CEO sells stock
International Consolidated Airlines Group S.A. (LON:ICAG) shares rose slightly after a regulatory filing revealed that British Airways CEO Sean Doyle offloaded more than £2 million in company stock.
The filing, published by the London Stock Exchange (LON:LSEG), showed that Doyle sold 650,000 shares at a price of £3.296378 per share on May 22.
The company noted that the sale was tied to a long-term incentive plan from 2022, which was largely issued in shares.
BofA downgrades Phoenix
BofA lowered its rating on Phoenix Group Holdings PLC (LON:PHNX) from “buy” to “neutral” in a research note published Thursday, pointing to limited room for further gains after a substantial rise in the stock so far this year.
The firm also revised its price target to 668 pence, slightly above Phoenix’s current trading level of 642.5 pence.
Shell (LON:SHEL) to acquire TotalEnergies’ stake in Nigerian oil field
Shell PLC (AS:SHEL) said it will buy TotalEnergies SE’s (EPA:TTEF) 12.5% interest in a Nigerian offshore oil project for $510 million, raising its overall share in the Bonga field to 67.5%.
The deal relates to TotalEnergies’ holding in the production-sharing agreement tied to the Bonga asset.
Auto Trader FY profit and EPS climb
Auto Trader Group Plc (LON:AUTOA) reported a 12% increase in basic earnings per share to 31.66 pence for the fiscal year ending March 31, alongside an 8% rise in operating profit to £376.8 million.
Total revenue climbed 5% to £601.1 million, driven by a 7% gain in the main Auto Trader business, which brought in £564.8 million.
Auto Trader shares fell over 11% in the session.
Cohort reports in-line FY25 results
Cohort (LON:CHRT) posted its fiscal 2025 results, aligning with market forecasts, as growth in revenue and profits was underpinned by solid performance in its Communications and Intelligence division and a partial-year boost from its new acquisition, EM Solutions.
The defense technology firm reported revenue of £245 million, in line with analyst projections, while adjusted operating profit stood at £27.6 million.
Adjusted earnings per share were 46.1 pence, also meeting expectations.
Hiscox names Peter Clarke as incoming Chair
Hiscox Ltd (LON:HSX) announced Thursday that Peter Clarke has been named Chair designate, pending regulatory approval.
He is set to join the Board on June 1 and will assume the Chair role on July 1, succeeding Interim Chair Colin Keogh, who will step down from the Board.