The FTSE Finish Line: April 30 - 2025
Patrick Munnelly, Partner: Market Strategy, Tickmill Group
British shares rose initially on Wednesday but lost ground by the close as investors evaluated a mix of corporate earnings. The main indexes are poised to end a turbulent month, nearly recovering from declines triggered by disruptive U.S. trade policies. While the FTSE 100 has recouped much of its losses from the severe tariffs introduced earlier this month, it is still expected to record a monthly decline. Recently, markets have shown some stability due to optimistic sentiments about U.S. trade agreements, particularly with China, although details remain limited. U.S. Commerce Secretary Howard Lutnick mentioned a preliminary agreement with a foreign entity. Britain's house prices declined by 0.6% in April, marking their most significant monthly decrease in more than a year and a half, as the discount on property transactions came to an end, according to data from mortgage lender Nationwide.
Single Stock Stories & Broker Updates:
Shares of Smith+Nephew rise 6.6% to 1,061.5p, becoming the top FTSE 100 gainer with its best one-day pct gain in over 2 months. The company maintains its FY25 outlook despite a $15 to $20 million net impact from tariffs. Revenue is $1.41 bln, up 3.1% Y/Y, impacted by weak demand in China. Jefferies notes that recent China setbacks appear temporary as SN benefits from a portfolio shift. Stock is up 6.6% YTD.
Genus shares rise 30% to 2,055p after U.S. FDA approves PRP gene edit for pork production. Analysts call it a key step towards commercialisation. Year-to-date, the stock is up 25%.
GSK shares rose 2.8% to 1472p, making it a top FTSE 100 gainer. The company reported Q1 sales of £7.52 billion, exceeding estimates of £7.42 billion. Core profit was 44.9p per share, above the forecast of 40.9p. GSK reaffirmed its 2025 outlook and stated it is "well positioned" to handle potential sector-specific tariffs, with identified options to mitigate risks in its supply chain and productivity. The stock is up 8.8% YTD.
Shares of Haleon fell 2.43% to 368.2p; Q1 revenue at 2.85 billion pounds, down 2.3% year-on-year. The company reaffirms FY 2025 guidance amid a challenging macroeconomic environment. Barclays notes higher uncertainty and volatility in US retailer order patterns. YTD HLN remains flat.
Shares of Videndum, a hardware and software solutions provider, rose 21.35% to 83p, marking its biggest intraday gain since February 25. The company expects adjusted operating profit margins to improve to low single digits in H2 2025 due to restructuring. Videndum plans to raise prices to offset costs from tariffs, potentially gaining an advantage over Chinese competitors. It has raised £8 million ($10.71 million) in a proposed equity raise. Jefferies analysts see significant long-term recovery potential despite uncertainties from U.S. tariffs and a slow start to FY2025. The stock has risen 43.15% this year up to Tuesday's close.
Shares of Barclays rose 4.03% to 310 pence after reporting a 19% increase in pre-tax profit to 2.72 billion pounds for Q1, exceeding analysts' expectations. Total income was 7.71 billion pounds, up 11% year-on-year. The bank raised its 2025 income outlook to over 12.5 billion pounds and plans to return at least 10 billion pounds to shareholders from 2024 to 2026. Fifteen of 18 brokerages rate the stock as "buy" or higher, with a median price target of 350 pence. The stock has gained 15.61% this year.
Shares of Melrose Industries rose 4.16% to 450p. Maintains FY 2025 outlook: revenue of £3.55-3.70 billion ($4.76-$4.96 bln), adj. operating profit at £700 million ($937.86 million). Can mitigate tariff exposure at current levels. Q1 group revenue increased 6% YoY. Confident in delivering profitable growth and higher free cash flow in 2025 and beyond. YTD, MRON down about 21.8%.
Technical & Trade View
FTSE Bias: Bullish Above Bearish below 8600
Primary support 7500
Below 7800 opens 7648
Primary objective 8300
Daily VWAP Bearish
Weekly VWAP Bullish
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!