FTSE 100 Live Tuesday
- Persimmon 2025 trading lift
- Boohoo rebrands as Debenhams
- Nationwide plans £50 thank you
Market update: Builders rally in robust FTSE 100 session, Rotork up 6%
10:19 , Graeme EvansA calmer session for global markets following Monday’s US-led slump today gave housebuilding stocks the chance to thrive on the back of Persimmon results.
Boosted by an improved order book, Persimmon said it is targeting 11,000-11,500 completions in 2025 compared with the 10,664 reported for last year.
Today’s annual results showed underlying pre-tax profits in line with City expectations at £395.1 million, an increase of 10% on a year earlier.
Chief executive Dean Finch said: “The underlying market fundamentals remain strong and we are encouraged by the further improvement in our sales rates in the early weeks of this year.”
Shares rose 37.5p to 1208p, while rivals benefited from the upbeat comments as Barratt Redrow lifted 14.8p to 441.6p and Taylor Wimpey cheered 2.8p to 115.3p.
The FTSE 100 index steadied after the previous session’s 0.9% reverse, aided by the prospect that US stocks are likely to open higher later today.
Recession fears meant the Dow Jones Industrial Average yesterday lost 2.1% and the S&P 500 index fell 2.7%, with Apple and Nvidia down 5% and Tesla 15% lower.
The FTSE 100 index stood 9.74 points lower at 8590.48, a performance that lagged behind the improved trading of benchmarks in Paris and Frankfurt.
Rolls-Royce recouped 11.2p to 744p, having traded above 800p at the end of last week, while Melrose Industries put back 9p to 499p.
Among the other risers, urban warehousing business Segro surged 11.4p to 704p after UBS upgraded to a Buy recommendation with price target of 875p.
On the fallers board, British Airways owner IAG lost 15.4p to 295.1p after Heathrow reported a 4.5% drop in travel to EU destinations in February.
Low-cost carrier easyJet fell 6.7p to 487.3p and hotels group InterContinental weakened 274p to 8826p.
The FTSE 250 index rose 94.26 points to 19,969.44. Flow control business Rotork added 6% or 19.2p to 331.8p after announcing a £50 million shares buyback and forecasting a year of progress in 2025.
Among other companies reporting results, infrastructure services group Kier fell 12p to 128p and Domino’s Pizza declined 8.8p to 284.2p.
Domino's plans further expansion as profits rise
09:28 , Graeme EvansDomino’s Pizza plans to open more than 50 stores this year, having reported an 8.4% rise in underlying profits to £107.3 million in annual results posted today.
The FTSE 250-listed company said system sales continued to rise in the first 10 weeks of the new financial year, up 2.4% based on total orders 0.7% higher.
Chief executive Andrew Rennie said “trading momentum accelerated as the year progressed”, adding that 2025 has started positively in an uncertain market.
The chain, which holds the master franchise to own, operate and franchise Domino's stores in the UK and Ireland, ended 2024 with 1372 outlets.
It opened 54 stores last year and plans to expand with over another 50 in 2025.
Shares fell 8p to 285p, reversing gains seen earlier in the session.
Nationwide plans £50 “thank you” payment
08:51 , Graeme EvansNationwide is set to make a £50 payment to about 12 million members.
Britain’s biggest building society said April’s planned distribution, which it calls the "The Big Nationwide Thank You" will cost £600 million.
The “one off discretionary payment” will be reflected in Nationwide’s accounts for the year ending 31 March.
Persimmon shares lead steady FTSE 100, Kier down 8%
08:37Housebuilding stocks top the FTSE 100 index, led by Persimmon’s rise of 4% or 48p to 1218.5p after annual results showed a strong start to 2025.
Barratt Redrow lifted 15.4p to 442.5p and Taylor Wimpey cheered 3.3p to 115.8p.
The FTSE 100 steadied at 8594.40, a fall of just 5.82 points amid expectations that US markets will have a calmer session after Monday’s heavy selling.
British Airways owner IAG is top of the fallers board, down 4% or 11.6p to 298.9p, while easyJet reversed 11p to 483p.
In the FTSE 250, the shares of infrastructure services firm Kier are down 8% or 12.4p to 127.6p following the release of its half-year results.
Boohoo Group adopts Debenhams name, youth brands struggle
07:56 , Graeme EvansThe Debenhams name is back on the stock market after Boohoo Group today announced a rebranding using the identity of the business it bought out of administration in 2021.
Debenhams dates back to 1778 when William Clark opened the UK's first department store.
Boohoo Group, whose other brands are Karen Millen, boohoo, MAN and PLT, has relaunched Debenhams as an online department store.
The group said Debenhams is now “fast-growing and highly profitable” after generating net sales of £205 million with a 12% underlying margin.
The name change to Debenhams Group takes place with immediate effect.
Alongside the move, the group said trading for its youth brands continues to be tough as it right-sizes stock levels.
Despite a strong Debenhams performance, revenues for the year to February are set to be down 16% to £1.2 billion. Underlying earnings are around £40 million.
Chief executive Dan Finley said: "The successful turnaround of Debenhams is our blueprint for the wider turnaround of the group.
“The turnaround of our youth brands is underway and will take time. I have inherited significant challenges. I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model
"We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.”
Shares fell 2% to 26.75p, fall of 20% over the past year.
Persimmon lifted by order book progress
07:18 , Graeme EvansPersimmon today said underlying market fundamentals remain strong after its annual results showed an improved order book at the start of 2025.
The housebuilder’s net private sales rate per outlet per week improved to 0.67 in the first nine weeks of this year, up 14% on a year earlier.
Combined with a 3% increase in the private average selling price to £288,542, the current private forward order book of £1.15 billion is 27% higher year on year.
Persimmon said: “Given this progress in our forward order book and an anticipated increase in the delivery of affordable homes, we are targeting 11,000-11,500 completions in 2025.”
The figure for 2024 came in at 10,664, an increase of 7% on the year before as underlying pre-tax profits rose 10% to £395.1 million.
Chief executive Dean Finch said: “The underlying market fundamentals remain strong and we are encouraged by the further improvement in our sales rates in the early weeks of this year.
“The Government’s welcome planning reforms and pro-housebuilding agenda demands more of the high-quality, affordable homes which are Persimmon’s core strength, providing a positive tailwind.
“With our strong platform in place, we are targeting further growth this year and are confident the business will grow margins, returns and shareholder value over the medium term.”
Index seen higher, Tesla shares slide in US reverse
07:04 , Graeme EvansLondon’s FTSE 100 index is set for a steadier session after falling 0.9% during Monday’s US-led stock market sell-off.
Recession fears meant the Dow Jones Industrial Average lost 2.1% and the S&P 500 index fell by 2.7%. Apple and Nvidia dropped 5%, while Tesla shed 15% of its value.
The Nasdaq Composite, which had been trading above 20,000 in mid-December, reversed 4% to close at 17,468.
Futures trading points to a calmer session, with the FTSE 100 index seen about 20 points higher. The top flight dropped 0.9% on Monday to close at 8,600.22, with Rolls-Royce among the big fallers after a drop of 9%.
