Bitcoin has topped $100,000 for the first time after Donald Trump picked a crypto advocate to run the Wall Street regulator.
In the UK, the £15 billion merger of Vodafone and Three is to go ahead on the condition they roll out a massive 5G network investment programme.
Meanwhile, Sports Direct owner Frasers Group has scaled back profit guidance due to tougher trading conditions.
FTSE 100 Live Thursday
- Vodafone-Three merger gets go-ahead
- Frasers warning hits shares
- Bitcoin tops $100k for first time
Market update: Frasers sinks, FTSE 250 pair boost recovery hopes
10:39 , Graeme EvansRelegated FTSE 100 stock Frasers Group today lost 12% of its value after the retailer said weaker consumer confidence had dented its profit outlook.
The Sports Direct business, whose other brands include Jack Wills and Game, reported tougher trading conditions “both ahead of and after the Budget”.
Its profit guidance for the year to the end of April is now between £550 million-£600 million, up from £544.8 million the year before but down from a previous estimte of £575 million-£625 million.
The company’s higher wage bill following the Budget will also add £50 million of incremental costs going into 2026 financial year before any mitigating actions.
Pre-tax profits in today’s half-year results fell 1.5% to £299.2 million, with revenues down 8.3% to £2.5 billion but with the margin up 40 basis points.
The shares fell 91.45p to 649.5p, leaving the retailer back where it was in the weeks after it joined the FTSE 100 index in autumn 2022.
Its run as a blue-chip company will end later this month after FTSE Russell last night confirmed that Frasers, housebuilder Vistry and B&M European Value Retail will be relegated in its quarterly reshuffle.
They will be replaced by newcomer Games Workshop, as well as St James’s Place and the recently-merged investment trust, Alliance Witan.
The FTSE 100 index today rose 7.34 points to 8343.15, with Vodafone up 1% or 0.9p to 70.7p after its Three merger in the UK got the go-ahead from the Competition and Markets Authority.
The clearance is conditional on a legally binding commitment that the companies invest billions to roll out a combined 5G network across the UK.
Other stocks on the risers board included Admiral and Aviva after Deutsche Bank switched both insurers to Buy recommendations.
Aviva rose 4.9p to 485.3p compared with the bank’s new price target of 545p, while Admiral rallied 61p to 2685p on the back of a new estimate of 3020p.
On the fallers board, British Land lost 17.2p to 371p after its shares traded without the right to its latest dividend award.
Prudential and Taylor Wimpey weakened by 2% and Shell reversed 25p to 2505.5p after the oil giant said it planned to combine its UK offshore oil and gas assets with those of Norway’s Equinor.
In the FTSE 250, the shares of Future jumped 15% or 146p to 1126p after the owner of Go.Compare and publisher of Country Life and Marie Claire posted annual results showing a return to growth in the second half of the year.
Chief executive Jon Steinberg added: “We launched our Growth Acceleration Strategy one year ago and have made good strategic progress.”
Watches of Switzerland also boosted confidence by reporting a much stronger performance in its second quarter, sending its shares 54p higher to 553p. The wider FTSE 250 index stood 19.65 points lower at 20,985.50.
American expansion boosts Card Factory shares
09:26 , Graeme EvansA landmark deal in the United States today helped Card Factory shares to jump by 8.4p to 98.7p.
The acquisition of Minnesota-based gifts and celebration essentials business Garven gives Card Factory a physical presence in the US for the first time.
The move worth $25 million will accelerate the Yorkshire-based retailer’s partnerships strategy in one of its international target markets. It already has a wholesale supply agreement covering over 1,100 stores across the US.
Darcy Willson-Rymer said: “Garven represents an exciting opportunity for Card Factory to build scale in the world's biggest celebration occasions market."
On current trading, Card Factory said it has been encouraged by the start of the Christmas season as it reiterated expectations for the financial year.
Go.Compare owner hails results progress, unveils OpenAI deal
09:07 , Graeme EvansMedia business Future is top of the FTSE 250 index after its annual results showed a return to growth in the second half of the year.
The publisher of Country Life and Marie Claire reported “very strong growth” by price comparison business Go.Compare, which lifted annual revenues by 28%.
Group revenues for the year of £788.2 million were 1% higher on an organic basis, reflecting a 5% improvement in the second half. UK revenues rose 6% across the year, offset by 6% decline in the United States.
Adjusted operating profits of £222.2 million were 11% lower on a constant currency basis.
Alongside the results, the Bath-based company announced a strategic partnership that will bring its content to OpenAI’s users.
Future today jumped 12% or 118p to 1098p, extending this year’s rise to 40%.
Chief executive Jon Steinberg said: “We launched our Growth Acceleration Strategy one year ago and have made good strategic progress.
“We have invested in sales and editorial roles, successfully diversified and grown revenue per user, and we have further optimised our portfolio.”
Oil giants unveil North Sea joint venture
08:47 , Graeme EvansShell and Norway’s Equinor are to combine their UK offshore oil and gas assets.
The oil majors said the 50-50 joint venture will help to sustain domestic oil and gas production and security of energy supply in the UK.
They added: “With the once prolific basin now maturing and production naturally declining, the combination of portfolios and expertise will allow continued economic recovery of this vital UK resource.
“The new company will be more agile, focused, cost-competitive, and strategically well positioned to maximise the value of its combined portfolios on the UK Continental Shelf.”
Based in Aberdeen, the new North Sea venture will have the potential to produce over 140,000 barrels of oil equivalent per day.
It will include Equinor’s equity interests in Mariner, Rosebank and Buzzard fields and Shell’s interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion.
Equinor employs about 300 people in oil and gas roles in the UK, while Shell has around 1000.
Frasers down 15% in flat FTSE 100, Future shares jump in FTSE 250
08:17 , Graeme EvansThe shares of Frasers Group are down 15%, off 108.5p to 632.5p, after the Sports Direct owner lowered profit guidance for the year.
Yesterday, FTSE Russell confirmed that Frasers, housebuilder Vistry and B&M European Value Retail will be relegated in this month’s FTSE 100 reshuffle.
They will be replaced by Games Workshop, St James’s Place and investment trust Alliance Witan.
The FTSE 100 today fell 6.80 points to 8329.01, with Vodafone up 0.4p to 70.2p after its Three merger got regulatory approval.
In the FTSE 250 index, publisher Future jumped 104.5p to 1084.5p and Watches of Switzerland by 7% or 37.6p to 523p after they released results.
Bitcoin rally continues on Trump pick for SEC
07:54 , Graeme EvansBitcoin has risen more than 130% this year, with the cryptocurrency now above $100,000 on hopes of a more favourable regulatory environment under a Trump administration.
This was reinforced last night by Trump’s nomination of Paul Atkins to run Wall Street regulator, the Securities and Exchange Commission.
Atkins, who used to be co-chair of the Digital Chambers’ Token Alliance, is considered to be far more crypto-friendly than the outgoing head of the SEC, Gary Gensler.
AJ Bell investment analyst Dan Coatsworth said: “Smashing through the $100,000 level does not represent bitcoin going mainstream. It’s merely a psychological factor and ultimately just a number.
“A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone. It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.”
Frasers Group cuts guidance amid tougher conditions
07:41 , Graeme EvansSports Direct owner Frasers Group today downgraded profits expectations after reporting tougher trading conditions “both ahead of and after the Budget”.
Its guidance for the year to the end of April now stands at between £550 million and £600 million, still higher than the previous year’s £544.8 million but down on the previous estimate of £575 million-£625 million.
Further out, the company expects to incur at least £50 million of incremental costs going into 2026 financial year as a result of the Budget. It said it is working to mitigate these in order to maintain profit growth ambitions.
Profits in today’s half-year results fell 1.5% to £299.2 million, with revenues down 8.3% to £2.5 billion but the retail gross margin up 40 basis points year-on-year.
Chief executive Michael Murray said: “We remain confident in developing and delivering our plans for multi-year, sustainable profitable growth, and still expect another year of adjusted pre-tax profit progress in 2025.
“However, both ahead of and after the recent Budget, consumer confidence has weakened and recent trading conditions have been tougher.”
Vodafone-Three deal cleared after 5G network pledge
07:22 , Graeme EvansVodafone’s UK merger with Three has been given the go-ahead by the Competition and Markets Authority (CMA).
The CMA’s approval following an inquiry lasting 18 months is conditional on a legal binding commitment that the companies invest billions to roll out a combined 5G network across the UK.
They will also have to commit to shorter term customer protections requiring the merged company to cap certain mobile tariffs and offer preset contractual terms to mobile virtual network operators for a period of three years.
The network commitment will be overseen by both Ofcom and the CMA.
Vodafone called the merger a once-in-a-generation opportunity to transform the UK's digital infrastructure after the companies committed to an £11 billion investment programme.
Chief executive Margherita Della Valle said: “Today's approval releases the handbrake on the UK's telecoms industry, and the increased investment will power the UK to the forefront of European telecommunications."
In September, the independent inquiry group leading the in-depth investigation of the merger provisionally found it could lead to higher prices for customers and less advantageous terms for virtual network providers.
Bitcoin reaches $100,000 milestone, FTSE 100 seen lower
07:03 , Graeme EvansBitcoin is above $100,000 after demand for the cryptocurrency was boosted by Donald Trump’s pick for Securities and Exchange Commission chair.
The price has soared more than 40% since the White House election as markets position for a more favourable regulatory environment.
Bitcoin currently trades just below $102,000.
New York stocks enjoyed another strong session yesterday after the Dow Jones Industrial Average rose and the S&P 500 index lifted by 0.6%.
The strong week for the tech-focused Nasdaq Composite continued following a jump of 1.3%.
Having lagged European markets yesterday, the FTSE 100 index is set to follow the 0.3% reverse with a fall of 11 points to 8326.
