Clarkson lifts annual guidance, Ithaca Energy CEO steps down
London open
The FTSE 100 is expected to open 50 points lower on Friday, having closed up 0.53% on Thursday at 7,723.07.
Stocks to watch
Shipping services provider Clarkson lifted annual guidance on Friday after strong trading during the final quarter of 2023 driven by its broking division. Underlying profit before tax was now expected to be at least £108m for the 12 months to December 31, the company said in a short trading update.
Ithaca Energy chief executive Alan Bruce has stepped down with immediate effect "to pursue new opportunities", the North Sea oil and gas producer said on Friday. Bruce led the company through its IPO and first year as a listed company. The board will progress with a formal search process to appoint a new CEO "as soon as possible". Chief financial officer Iain Lewis will take on Bruce's duties as well as his own, it added.
Newspaper round-up
The number of new cars registered in the UK has jumped by nearly 18% but electric vehicle demand is flatlining, prompting the industry to call for a VAT cut to stimulate sales. Annual figures released by the Society of Motor Manufacturers and Traders (SMMT) on Friday show 1.9m new cars were registered last year, well up on the previous year’s figure of 1.6m and the highest level since the 2.3m registrations of 2019. – Guardian
Labour’s independent energy advisers have warned the party against watering down its £28bn green spending plans in advance of its promise to create a zero carbon electricity system by 2030. Experts at the climate think tank Ember, which provided the independent analysis underpinning Labour’s green targets, said growing international competition for low-carbon investment from the US and EU could leave the UK lagging in the global race for low-carbon energy. – Guardian
The Abu Dhabi-backed fund pursuing a takeover of The Telegraph is pinning its hopes on an “editorial charter” and a trust of media luminaries it says will protect journalism. RedBird IMI, three-quarters funded by the Gulf autocracy, is seeking to persuade an inquiry by the media regulator Ofcom that it does not represent a threat to press freedom. – Telegraph
Endeavour Mining, the FTSE 100 mining group, has fired its chief executive for serious misconduct related to an irregular payment of $6 million and amid allegations over his personal conduct toward colleagues. Sébastien de Montessus, who was also president of the gold miner, left with immediate effect. He had led the company since 2016 and took home nearly £9 million in 2022. – The Times
The Yorkshire city of Sheffield is to get a new competitor rail service to London, promising faster travel times than the existing trains. FirstGroup, the listed passenger transport company, has submitted plans to launch a so-called open access service between Sheffield and London King’s Cross from 2025. – The Times
US close
Wall Street stocks closed mostly lower on Thursday following the release of minutes from last month's FOMC meeting.
At the close, the Dow Jones Industrial Average was up 0.03% at 37,440.34, while the S&P 500 lost 0.34% to 4,688.68 and the Nasdaq Composite saw out the session 0.56% weaker at 14,510.30.
The Dow closed 10.15 points higher on Thursday, doing little to reclaim yesterday's heavy losses that came amid ongoing speculation regarding central bankers' potential moves around monetary policy.
Yesterday's minutes from the latest Federal Open Markets Committee pointed to greater hawkishness than implied by the market reaction to its December meeting, indicating that policymakers had viewed the policy rate as likely to be "at or near its peak" for this tightening cycle.
However, they also noted that the path ahead will depend on "how the economy evolves" and reaffirmed that it "would be appropriate" for policy to remain at "a restrictive stance for some time" until inflation was clearly moving down "sustainably".