Daily Business Live
Credit Suisse shake-up; SpaceandPeople contract
REFRESH PAGE FOR UPDATES
4.30pm: FTSE 100 closes higher
The FTSE 100 closed up 86 points, 1.3%, at 6,824, while the FTSE 250 added 262 points, 1.2%, to finish at 21,994.
“With Boris Johnson confident that the reopening process can go ahead as planned, we are seeing domestically-focused names at the forefront of the gainers,” IG’s Joshua Mahony said.
Transport group Stagecoach (+5.7%), cinema operator Cineworld (+5.7%), shopping centre owner Hammerson (5.1%), and Card Factory (+2.9%) all enjoyed a solid bounce from the UK reopening plans.
9am: FTSE plays catch up
The FTSE 100 was playing catch up after the Easter break, enjoying strong gains after global stocks rallied hard on Monday, supported by strong US and Chinese economic data, says AJ Bell financial analyst Danni Hewson.
“The S&P 500 in the US reached another record level overnight (see below) – an occurrence so regular it no longer feels like such a milestone but a catalyst for improved sentiment nonetheless.
“Also helping the index was news from index heavyweight BP that it expects to hit its net debt target ahead of schedule – raising the prospect of more generous returns to shareholders.
“Travel stocks moved higher despite tourism chiefs voicing some disappointment with the plans announced for international travel from the UK yesterday.”
The FTSE 100 was up 65.35 points (0.97%) at 6,802.65.
8.30am: Exterity acquired
VITEC, a worldwide IP video streaming solutions company, has acquired Dalgety Bay-based Exterity the provider of integrated IPTV, digital signage and user engagement technologies.
7am: Credit Suisse counts cost of Archegos
Credit Suisse said senior managers would be replaced, its 2020 dividend and executive compensation cut as it deals with the estimated 4.4 billion Swiss franc fallout from the Archegos Capital Management crisis.
The company was also involved in financing the crisis-hit Greensill Capital, the company behind Sanjeev Gupta’s steel empire.
Chief Risk Officer Lara Warner and investment banking head Brian Chin will both leave the bank in April, Switzerland’s second largest lender said.
The bank said it now expects to post a pre-tax loss of roughly 900 million francs, as its strong performance in the quarter was wiped out by the affair.
7am: SpaceandPeople deal
SpaceandPeople, which sells displays in shopping centres, has extended its deal with Land Securities Properties until 2026.
The agreement covers Landsec’s portfolio of 35 shopping centres, retail parks and leisure destinations.
Glasgow-based SpaceandPeople will continue to be the exclusive provider of the services for most of the centres.
Nancy Cullen, CEO of SpaceandPeople said: “This will enable us to continue to develop and deliver innovative and engaging activity into some of the country’s most iconic and attractive retail destinations.”
6.30am: Wind farm ships deal
VARD, one of the world’s major designers and shipbuilders of specialized vessels, has secured contracts for the design and construction of three Service Operation Vessels (SOVs) for North Star Renewables in Scotland.
The hybrid trio will operate on the Dogger Bank Wind Farm in the North Sea.
The Dow Jones Industrial Average rose 373.98 points, or 1.13%, the S&P 500 gained 58.04 points, or 1.44%, and the Nasdaq Composite added 225.49 points, or 1.67%.
Investors cheered strong jobs data and looked for a report on the services sector with signals that 2021 could see the best annual economic growth in nearly four decades.
Friday’s employment report showed the economy added 916,000 jobs last month.