LIVE TRADING: Bitcoin Hits $100,000; Vodafone-Tres receives the green light; Frasers takes a budget hit

Frasers has lowered the top end of its annual profit guidance, blaming weaker consumer confidence before and after the autumn budget.

The group said it now forecast adjusted pre-tax profit for its 2024/25 year of £550m to £600m, up from previous guidance of £575m to £625m.

It earned £299.1 million on a like-for-like basis in its first half, down 1.5 per cent on last year.

Boss Michael Murray said:

‘The first half of this year has been another period of progress for the Group, meeting our objectives as the Elevation Strategy continues to take the business to the next level.

‘Sports Direct UK achieved further sales growth and our Property and Financial Services divisions are seeing encouraging progress. We continue to operate with discipline to ensure our business is as resilient as possible: proactively right-sizing recent acquisitions to set them up for long-term profitable growth and driving greater automation benefits to exceed our stock reduction targets for the period.

“We have also made significant progress in international expansion, developing new partnerships in Australia and Africa and unlocking opportunities as we move towards our goal of becoming a leading global sports retailer.”

A gold miner backed by property tycoon Nick Candy has bought a rival in a £90m deal. Metals Exploration has pounced on Condor Gold with an initial offer of £67.5m in cash and shares.

Condor shareholders will also be entitled to £22.6 million in the future if it hits gold production and resource targets.

The tie-up came after the Mail revealed that Metals Exploration – 38 per cent owned by Candy – was prepared to be hostile to its bid.

Pascal St-Jean, CEO of global digital asset investment manager 3iQ:

“Despite Bitcoin reaching $100,000 as a significant psychological threshold, the most important consideration of this event is that although Bitcoin is a bellwether for the broader digital asset class, the most significant takeaway is that this will increase the probability that more traditional financial institutions and investments in the sector. ‘This price appreciation is driven by the perception of a cryptocurrency-friendly incoming administration as a result of Donald Trump’s election victory, as well as an increase in accessibility to cryptocurrencies. digital assets for investors through from the introduction of new trading products and greater regulatory clarity globally.

“Cryptocurrencies are also becoming increasingly accepted by governments around the world, who are now more accepting of the benefits it offers, namely financial inclusion.”

Britain’s competition watchdog has finally approved the £15bn merger between Vodafone UK and Hutchison’s Three UK.

It paves the way for the creation of the largest mobile telephone operator in the country and reduces the number of networks from four to three.

The Competition and Markets Authority had previously said the deal could drive up prices for customers, but later accepted that commitments on network investment and short-term protections for retail and wholesale customers were enough to resolve its concerns. .

The CMA said: “We believe the merger is likely to boost competition in the UK mobile sector and should be allowed to proceed, but only if Vodafone and Three agree to implement the proposed measures.”

Bitcoin has rebounded above a $100,000 milestone as investors increasingly bet that Donald Trump’s White House will cement the cryptocurrency’s place in financial markets.

The total value of the cryptocurrency market has nearly doubled so far this year to a record of just $3.8 trillion, according to data provider CoinGecko. In comparison, Apple alone is worth around $3.7 trillion.