London equities moved lower on Tuesday as trading resumed after the U.K.’s bank holiday, with investors reacting to fresh political tensions in the U.S. following President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook.
By 11:30 GMT, the FTSE 100 was down 0.5%, while sterling edged up 0.1% against the dollar, holding above 1.34. Elsewhere in Europe, Germany’s DAX slipped 0.3% and France’s CAC 40 tumbled 1.5%.
Cook pushes back against Trump’s dismissal effort
Trump announced that he was firing Fed Governor Lisa Cook, citing alleged irregularities in mortgage dealings.
Cook responded swiftly, stressing that the president has no authority to dismiss a sitting Fed governor. She vowed she would “continue to carry out my duties to support the U.S. economy.”
Ashtead Technology surges on upbeat earnings
Ashtead Technology Holdings PLC (LSE:AT.) was among the session’s biggest gainers, with shares jumping over 12% after the subsea equipment provider posted a strong first half.
Revenue rose 23.2% year-on-year to £99.1 million, slightly above forecasts of £98.9 million, supported by organic expansion and recent acquisitions including Seatronics and J2 Subsea. Profits also improved despite tariff-related pressures in the U.S. and weaker offshore wind activity.
Bunzl climbs as results hit forecasts, buyback returns
Bunzl PLC (LSE:BNZL) added more than 4% after its first-half figures landed in line with expectations.
Revenue for the six months to June was £5.76 billion, meeting consensus, while organic growth slipped just 0.2% versus the 0.8% decline projected. Adjusted EBITA reached £404.5 million, close to the £405.3 million estimate, with margins at 7.02%. The company confirmed its 2025 outlook and announced the restart of its share buyback.
ITM Power gains on hydrogen venture
ITM Power (LSE:ITM) advanced over 3% after disclosing that its Hydropulse division entered a partnership with ABO Energy.
The collaboration will aim to roll out decentralized hydrogen production sites at or near customer facilities, combining ITM’s electrolyser expertise with ABO Energy’s project development and industry network.
BAT finance chief departs
British American Tobacco PLC (LSE:BATS) said CFO Soraya Benchikh has stepped down immediately after 15 months in the role.
Javed Iqbal, who previously acted as interim finance director between May 2023 and April 2024, will return to the post temporarily while a permanent successor is appointed.
Sidara lowers John Wood Group bid
John Wood Group PLC (LSE:WG.) reported that Dubai-based Sidara has revised its potential takeover offer to £207.55 million ($279.3 million).
Sidara, owned by Dar Al-Handasah Consultants Shair and Partners, is proposing 30 pence per share following due diligence. Wood indicated it would support the updated proposal should it be formally submitted.
Regulator approves LSE’s new private market platform
The Financial Conduct Authority has given the London Stock Exchange the green light to launch the Private Intermittent Securities and Capital Exchange System (PISCES).
The platform is designed to create a regulated venue for trading shares of private companies on an intermittent basis, providing more structure than traditional private transactions.
Revolution Beauty reinstates Allsworth as CEO
Revolution Beauty Group PLC (LSE:REVB) announced that Tom Allsworth will return as chief executive, with interim CEO Colin Henry stepping down.
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