FTSE 100 Live: Declining Unemployment in UK, Report by Vodafone, Land Securities and Imperial Brands

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The UK unemployment rate stood at 4.3% in September, down from 4.5% a month earlier and below expectations of 4.4%. The figures suggest that the end of the leave scheme this month did not derail the UK employment recovery.

British Chancellor Rishi Sunak said: “Today’s figures testify to the extraordinary success of the leave program and are proof that our Jobs Plan has worked.

“Our Jobs Plan is at the heart of our vision of a stronger economy for the British people, with programs like Kickstart and Sector Based Work Academies continuing to create opportunities for people from top to bottom of the country. “

Also today, Vodafone and the tobacco company Imperial Brands have half year results and Land Securities has full year figures.

Live updates

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PROFITS plunged into CMC Markets, the majority-circulation betting house owned by Lord Cruddas, the former Conservative Party co-treasurer.

CMC experienced a boom during the foreclosure as new investors tried their luck with stocks. This wave seems to have crashed.

During the six-month period, revenue almost halved to £ 128million. Profit fell from £ 141million last time to £ 36million. This forced CMC to cut the dividend from 9.2 pence to just 3.5 pence, a blow to the founder and CEO who owns more than 60% of the shares.

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Inflation hits its highest level in a decade

INFLATION has skyrocketed over the past month, straining family finances even more and making a pre-Christmas interest rate hike look like a race certainty.

The city has feared for months that the Bank of England is too lax on inflation. Threadneedle Street rate fixers insist inflation will stop early next year.

Today’s figures show that inflation has fallen from 3.1% to 4.2%, which worries politicians and some economists.

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Blue Prism flies away after a counter-offer

Shares of automation software company Blue Prism surged after the company said it received a surprise offer that violated its agreed takeover offer.

Blue Prism said it received an offer of 1200p shares from SS&C Technologies Holdings last week. The offer trumps an already accepted offer from private equity firm Vista at 1125p.

Blue Prism has withdrawn a shareholder vote on the deal while it assesses the SS&C offer.

“Although the directors of Blue Prism continue to believe that the Vista offer is in the best interests of the shareholders of Blue Prism and do not withdraw their recommendation at this time, in light of the SS&C proposal, the board of directors considers it to be blue Prism shareholders’ interest in adjourning the tribunal meeting and general meeting to further explore SS&C’s approach, ”the company said.

Shareholders were due to vote on Friday.

Blue Prism’s stock climbed 101p, or 9%, to 1225p.

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LV = the takeover line is getting worse

Royal London CEO Barry O’Dwyer broke coverage this morning to publicly urge LV to return to the negotiating table. He told BBC Radio 4’s Today program that there was a “significant risk” that the £ 530million buyout of LV by Bain Capital could collapse amid what he described as “almost universal dismay” at the deal.

“My message to LV is to speak up,” O’Dwyer said. “There must be a better way. “

The intervention came shortly before LV released a statement defending Bain’s offer and rebuffing Royal London’s claim that its offer offered a better deal to members. LV said this was “grossly misleading”.

CEO Mark Hartigan accused O’Dwyer of trying to torpedo the deal with Bain. He told Standard: “We are waiting a year, we are in the middle of a very important vote, at the last minute they throw a grenade.”

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ARM deal faces security screening

Dorries said, “ARM has a unique place in the global technology supply chain and we need to ensure that the implications of this transaction are fully considered. The AMC will now report to me for competition and national security reasons and advise me on next steps. “

ARM, headquartered in Cambridge, designs microchips, which it then licenses to manufacturers. Its chip designs are used in everything from smartphones to refrigerators. It claims to be used in 200 billion devices.

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FTSE has changed little in the midday trade

The FTSE 100 is up 10 points this noon at 7362.

Diageo is right behind with a gain of 1.9% after raising its profit forecast and setting a new target of capturing 6% of the total value of the global alcohol market.

Darktrace continued to decline, down 2.3%.

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Imperial Brands sparkles

Investors are still waiting for Imperial brands to catch fire, and there is a feeling that patience is running out.

The tobacco giant behind Rizla, Winston, Drum and other brands is moving towards “next generation” smoking vapes. Too slow, some say.

Profit for the year rose 15% to £ 3.15 billion, but that seems largely due to the sale of the cigar division. The divi is up 1% slightly to 139p, but the market hasn’t been too impressed.

Dan Lane of Freetrade said: “Get ready to learn all about Imperial’s ‘build up’ and ‘ramp up’ phases over the next few years. Behind the buzzwords it means cost reduction followed by a place finally given to heated tobacco products. But, despite all the enthusiastic attitudes toward the future this morning, Imperial continues to pump money into the tracks of the past. ”

Stocks fell 25p to 1573p.

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Revolution Bars targets “favorable” rents for new bars

Young drinkers resuming their party habits since ‘Freedom Day’ have helped Revolution Bars sales reach pre-Covid levels – and the chain now plans to capitalize on cheap rents up for grabs on the streets major United Kingdom.

Revolution, which operates 67 bars across the country and employs 3,000 people, has experienced a difficult pandemic. Revenue rose from £ 110million to just over £ 39million in the year through July 3.

But the listed channel said the weekends had been “busier than ever” since then, pushing sales 14% above 2020 levels.

Boss Rob Pitcher said the chain now plans to use some of the recently raised £ 34million in equity to open eight new locations and renovate more than half of its estate over the next two years.

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Land Securities returns to profit

A “recovery” in the central London office market has helped Land Securities return to profit, with the real estate giant encouraging demand for business space even as many people are working from home.

Mark Allan, managing director of the company, which has invested in central London offices and mixed-use sites in cities, said: “The economic recovery from the pandemic has generally been at the stronger end and the most sustained of our expectations. ”

He said “decision makers” are now ready to engage in leasing. Allan added that businesses are drawn to sustainable, high-quality spaces, although he pointed out that some companies still don’t know how many employees will be in the office at the same time.

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FTSE stagnates despite strong earnings

The FTSE 100 is stable at the start of trade despite strong earnings and upgrades boosting stocks.

The FTSE is down 2 points to 7350 after almost an hour of trading.

Vodafone leads the index, up 5%, after good half-yearly figures. Diageo is right behind with a gain of 2.7% after raising its profit forecast and setting a new target of capturing 6% of the total value of the global alcohol market. Land Securities is up 2% after rebounding to a profit of £ 275million in the half-year, from a loss of £ 835million last year.


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