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Burberry ended the week down more than 5 per cent as it prepares to leave the FTSE 100.
The luxury fashion company has been hit by customers cutting back on spending on its famous trench coats and by an industry-wide sales slowdown driven by weaker demand in China.
The shares, which fell 1.2 percent, or 8 pence, to 677.8 pence, have lost more than half their value this year.
Shares hit a 14-year low last month after the group issued a profit warning and scrapped its dividend.
Burberry, valued at £2.5bn, is expected to be downgraded to the FTSE 250 when changes indicative of the latest reorganisation are announced next week.
Struggle: Burberry shares have lost more than half their value this year
It is likely to be replaced by Lloyd’s of London insurer Hiscox, which is valued at almost £4 billion. Its shares fell 0.3 percent, or 3p, to 1,177p. London’s main markets ended the month higher, although the FTSE 100 was down 0.04 percent, or 3.01 points, at 8,376.63. The FTSE 250 was up 0.3 percent, or 55.46 points, at 21,086.54.
But the blue-chip index remains below its record close of 8,445.80 in mid-May.
UK house prices fell for the first time since April, according to Nationwide.
The latest data shows that average prices fell by 0.2 percent this month.
But they rose 2.4 per cent in the year to August, down from 2.1 per cent in July. Housebuilders rose: Persimmon added 0.5 per cent, or 8p, to 1,644p, Taylor Wimpey rose 0.8 per cent, or 1.3p, to 161.05p and Bellway gained 0.1 per cent, or 2p, to 3,034p.
Investors will also be hoping to gain further clarity on the state of the industry with updates next week from Barratt Developments (up 1 per cent, or 5p, to 507.2p), Vistry (up 1 per cent, or 14p, to 1,359p) and Berkeley (up 0.5 per cent, or 24p, to 4,894p).
Property stocks also rose: Hammerson, owner of the Bullring shopping centre in Birmingham, rose 1.2 per cent, or 0.34 pence, to 28.38 pence, British Land added 2.8 per cent, or 11 pence, to 411.2 pence and Land Securities gained 2 per cent, or 12.5 pence, to 629.5 pence.
Filtronic has landed another order from Elon Musk’s Space X just months after the pair announced a strategic partnership.
Following a £7.1m deal in July, the AIM-listed firm has secured a new £6.4m contract to continue helping the aerospace firm’s Starlink business provide high-speed internet to users around the world. The order is expected to be completed next year, with Filtronic trading above market forecasts for the year to the end of May 2025. Shares rose 4.6 per cent, or 3.5p, to 79.5p.
Longboat Energy is changing its name to Seascape Energy Asia to focus on its gas extraction operations off the coast of Sarawak, Malaysia. The shares fell 0.3 percent, or 0.05 pence, to 17.75 pence.
Media group STV Group has hired the executive behind the launch of ITV’s streaming service.
Rufus Radcliffe, who created ITV X in 2022, will become chief executive at the beginning of November. He will replace Simon Pitts, who will step down at the end of October to run the media giant Global. Shares gained 3.5 per cent, or 9p, to 267p.
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