The shares of JD Sports Fashion today skidded after the retailer said trading conditions toughened in October.
In contrast, the value of FTSE 100-listed safety technology firm Halma soared on record results.
Traders are also watching the price of Bitcoin after the cryptocurrency topped $97,000.
FTSE 100 Live Thursday
- JD Sports hit by tough October
- Royal Mail cuts half-year loss
- Borrowing above forecast in October
Market report: JD Sports Fashion slides to year-low, Jet2 and Halma surge
10:36 , Graeme EvansJD Sports Fashion today slumped 13% in the FTSE 100 index after mild weather and promotional activity dented City hopes of a £1 billion annual profit.
The group enjoyed a strong August and September but tougher conditions in the UK and US in October left quarterly sales down 0.3% on a same-store basis.
The shares slid 14.4p to a new low for the year of 98.6p as the group said annual profits will be towards the lower end of its guidance range between £955 million and £1.03 billion.
Chief executive Régis Schultz also highlighted suppressed demand in the US ahead of the election as a potential factor in October’s downturn.
He added: “We have performed well in the key trading events this year and we are well positioned for the upcoming peak season.”
In contrast, the shares of safety technology conglomerate Halma surged 9% or 235p to 2737p after record half-year results included revenues above £1 billion for the first time.
Adjusted earnings also broke the £200 million landmark, while the interim dividend lifted 7% to 9p a share as the company backed further progress in the remainder of the year.
The FTSE 100 index stood 7.11 lower at 8077.96, with global stock market sentiment calm after last night’s release of closely-watched results by AI chipmaker Nvidia.
The world’s most valuable company delivered more forecast-beating figures but its shares fell in extended hours due to revenues guidance for the current quarter.
In a busy session for mid-cap updates, North Sea-focused Ithaca Energy surged 9.2p to 109p after announcing a special dividend of $200 million alongside third quarter results.
The move follows Ithaca’s combination with Eni UK and the recent completion of a $2.25 billion refinancing. It also reiterated production guidance for the year.
The FTSE 250 index fell 65.73 points to 20,179.03, with outsourcing firm Mitie among the fallers despite posting 14% growth in half-year revenues and profits. The shares fell 3p to 108p but are still up 10% year-to-date.
Jet2, which is AIM’s most valuable company with a market capitalisation of £3 billion, rose 5% or 77p to 1495p after revealing that a strong summer had left it ahead of the City’s full-year forecasts.
The package holidays and flights firm delivered another record performance for passenger numbers, revenues and profitability in the six months to 30 September. Pre-tax profits lifted 16% to £772.4 million.
Chief executive Steve Heapy said: “Even in difficult economic times, the annual overseas holiday remains a highly valued and eagerly anticipated experience, often taking precedence over other discretionary spend.”
Bitcoin above $97,000, up 160% In a year
09:37 , Graeme EvansThe Bitcoin price surge shows no signs of slowing, with the cryptocurrency today within sight of the six figure milestone at more than $97,000.
Hopes of a more crypto-friendly federal stance following Donald Trump’s election have added to the sentiment that's already driving risk assets higher.
The cryptocurrency is up 44% in the past month and 160% in a year.
Hargreaves Lansdown analyst Matt Britzman said: “The Bitcoin and crypto debate will wage on, but as the market grows and regulation looks like a realistic near-term outcome, it's becoming harder for investors to look the other way.”
Halma tops FTSE 100 after record half-year results
08:57 , Graeme EvansHalma, the conglomerate of safety technology firms, has reported record half-year results after revenues topped £1 billion for the first time.
Adjusted earnings also broke the £200 million landmark after lifting 17% to £222.5million. The interim dividend is up 7% to 9p a share.
Chief executive Marc Ronchetti said the results extended Halma’s track record of strong and compounding revenue and profit growth.
He added: “We are well positioned to make further progress in the remainder of the year and in the longer term.”
The FTSE 100-listed shares jumped 10% or 246p to 2748p, extending gains for this year to more than 20%.
FTSE 100 higher but JD Sports Fashion down 12%, Halma and Jet2 up 9%
08:31 , Graeme EvansJD Sports Fashion shares have fallen 12% or 14p to 98.9p after the retailer updated its profits guidance in light of a tough October.
Other fallers included Vodafone and National Grid, down by about 2% as their shares began trading without the right to their latest dividend awards.
The FTSE 100 index is 22.68 points higher at 8107.75, led by safety technology conglomerate Halma after half-year results lifted shares 9% or 221p to 2723p,
Low-cost airline easyjet improved 8.2p to 524.6p, boosted by the read-across from today’s upgraded guidance in half-year results by Jet2.
The holidays firm, which is AIM’s largest stock, rose 9% or 124p to 1542p after reporting a 20% rise in pre-tax profits to £791.4 million.
Wall Street poised for low key reaction to Nvidia results
08:17 , Graeme EvansFutures trading suggests that closely-watched Nvidia results have passed without dealing a blow to the AI-fuelled momentum of US markets.
The world’s most valuable company reported another profit beat for the quarter, although sales guidance for the current period was only slightly above forecasts.
Nvidia’s shares fell 2.5% in post-market dealings, representing a robust performance in light of its 195% surge so far this year.
Dealings suggest the S&P 500 index is poised to open about 0.3% lower later today.
Royal Mail cuts half-year loss, warns over cost backdrop
07:51 , Graeme EvansRoyal Mail today recorded a significantly reduced loss of £67 million for the six months to the end of September.
Revenues rose 10.7% to £3.9 billion as stamp price rises and General Election mailings helped to offset a 5% decline in addressed letter volumes.
The performance, which included parcel revenues growth of 8.9%, keeps the business on track to report an adjusted operating profit before voluntary redundancy costs for 2024/25.
Its owner added in today’s results that the fiscal and regulatory backdrop is adding cost and inflexibility to the business, making reform of the universal service obligation “even more urgent”.
International Distribution Services, which is the subject of a £3.6 billion takeover led by Czech billionaire and major shareholder Daniel Kretinsky, reported an operating profit of £61 million for the half year.
The European logistics division GLS recorded a smaller surplus of £128 million due to margin pressure caused by the economic and regulatory backdrop.
Public sector borrowing rises to £17.4bn in October
07:32 , Graeme EvansPublic sector borrowing today rose to its second highest October figure since monthly records began in 1993.
The figure of £17.4 billion was £1.6 billion more than in October 2023 and also higher than City forecasts.
Borrowing in the financial year to October was £96.6 billion, £1.1 billion more than at the same point in the last financial year.
Central government debt interest payable was £9.1 billion, an increase of £500 million and the highest October figure since records began in 1997.
Public sector net debt excluding public sector banks was estimated at 97.5% of GDP, up 1.6 percentage points on 2023 and at levels last seen in the early 1960s.
JD Sports updates profits guidance after tough October
07:16 , Graeme EvansJD Sports Fashion today warned that annual profits will be towards the lower end of its guidance range between £955 million and £1.03 billion.
The retailer said the revision followed increased trading volatility in October, particularly in North America and the UK, due to elevated promotional activity and mild weather.
In the 13 weeks to 2 November, like-for-like sales fell 0.3% as the softer October performance offset a good August and September.
Chief executive Régis Schultz said: “We have performed well in the key trading events this year and we are well positioned for the upcoming peak season.”
Nvidia shares lower despite results beat, Bitcoin above $97,000
07:03 , Graeme EvansNvidia shares traded lower in extended dealings last night, despite the AI chipmaker reporting quarterly net income more than double last year’s level.
Alongside the latest forecast beating results, the world’s most valuable company hailed “incredible” demand for its next generation Blackwell chips.
The shares have risen 50% in the past six months but fell 2.5% in after-hours trading last night. The results were released after US markets closed, with leading benchmarks ending the session near to their opening marks.
The FTSE 100 index closed 0.2% lower yesterday but is forecast to rise 28 points to 8113 in today’s opening dealings.
Bitcoin, meanwhile, continues to benefit from hopes of supportive conditions under a Trump administration by rising above $97,000 this morning.
