London stocks pushed higher on Wednesday afternoon, with the FTSE 100 advancing and the pound recovering above $1.34, after briefly slipping below that level a day earlier. The move came as Chancellor Rachel Reeves set out the date for the government’s upcoming Budget.
By 1157 GMT, the FTSE 100 was up 0.6%, while sterling strengthened 0.2% against the dollar to trade above 1.34. European equities also gained ground, with Germany’s DAX up 0.7% and France’s CAC 40 rising 0.9%.
Reeves schedules November Budget
Chancellor Rachel Reeves announced that the Budget will be delivered on November 26, adding that the government’s focus will be on fixing an economy she says “isn’t working well enough for working people.”
In her remarks, Reeves acknowledged the pressures households face from the cost-of-living crisis, while stressing that fiscal discipline will remain a priority.
CMA examines Primary Health’s Assura deal
The Competition and Markets Authority (CMA) has opened a Phase 1 investigation into Primary Health Properties’ (LSE:PHP) proposed £1.8 billion acquisition of Assura PLC (LSE:AGR). Regulators will examine whether the merger could reduce competition in UK markets. The initial review will run from September 4 to October 29.
Bakkavor raises profit guidance after strong first half
Bakkavor Group PLC (LSE:BAKK) posted solid first-half 2025 results, with revenue from continuing operations in the UK and US inching up 0.9% to £1.08 billion, and like-for-like sales improving 1.2%.
Adjusted operating profit rose nearly 10% to £61.5 million, lifting margins by 50 basis points to 5.7%. Return on invested capital climbed to 11.2%, prompting management to raise its full-year profit outlook.
Ashtead lifted by cash flow upgrade
Shares in Ashtead Group PLC (LSE:AHT) gained after the equipment rental company posted first-quarter results in line with forecasts and upgraded its free cash flow expectations, citing favorable US tax adjustments.
Quarterly revenue increased 2% year-on-year to $2.8 billion, with rental income up 2.4%. Growth came from the US, where the General Tool unit rose 1% and Specialty jumped 5%, though the UK arm slipped 2%.
M&G under pressure after earnings miss
M&G Plc (LSE:MNG) saw its shares fall more than 2% after first-half adjusted operating profit came in at £378 million, about 5% below consensus estimates of £398.4 million. Still, assets under management and capital levels surpassed forecasts.
Hilton Food plunges on weaker profit
Stock in Hilton Food Group Plc (LSE:HFG) tumbled over 15% to 694 pence, after the company reported a drop in first-half profit despite stronger revenues.
For the 26 weeks ending June 29, pretax profit came in at £24.3 million ($32.5 million), down from £25.5 million the year before. Adjusted pretax profit was steady at £33.6 million.
Cairn Homes raises outlook despite softer earnings
Irish homebuilder Cairn Homes (LSE:CRN) lifted its full-year 2025 guidance, even as first-half profit declined, supported by demand from first-time buyers. The company’s order book grew to €1.54 billion.
Cairn now expects annual revenue of around €945 million and operating profit of €160–165 million, compared with prior guidance of more than 10% revenue growth and roughly €160 million in operating profit.
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