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UK stocks had a discouraging start to the last week of the quarter as they opened lower, shedding 0.93% of their value. Among the notable decliners, Entain, the owner of Ladbrokes, experienced a significant tumble, reaching its lowest level in over two-and-a-half years following a warning about a decline in online gaming sales. Shares of Entain, plummeted by as much as 14%, a level not seen since November 2020. This decline made it the top percentage loser on the FTSE 100 index. Entain's warning projected a drop in online net gaming revenue for the third quarter, expected to be in the "high single-digit percent" range on a pro-forma basis. The company attributed this decline to regulatory challenges and slower-than-expected growth in Australia and Italy. Additionally, Entain foresaw a decrease in group online gaming revenue for the full year, expected to be in the "low single-digit percent" range on a pro-forma basis, although it retained its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) guidance. The news of Entain's revenue warning and restructuring announcement introduced further uncertainty into the market. Analysts at Jefferies suggested that a focus on optimized capital allocation might provide reassurance in light of reduced merger and acquisition activities. Notably, Flutter Entertainment, a peer company in the FTSE 100, also experienced a 4.2% decline, positioning it among the top percentage losers on the index. As of the last close, Entain's shares had declined by 20% year-to-date, underscoring the challenges the company has faced in 2023.

On the positive side of the ledger, CRH sits at the top of the blue chip index today gaining just shy of 5%. CRH has announced its intention to repurchase ordinary shares in a non-discretionary arrangement with Merrill Lynch International and BofA Securities, Inc. (collectively referred to as "Bank of America"). The repurchase program has an aggregate maximum consideration of up to $1 billion and will be executed on the London Stock Exchange and/or in the United States. The buyback program officially commences on September 25, 2023, on the London Stock Exchange. However, in the United States, it will begin no earlier than October 23, 2023, due to regulatory requirements set forth in Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended. The buyback program is scheduled to conclude no later than December 20, 2023. It's important to note that this $1 billion tranche is part of a broader $3 billion program that was initially announced on March 2, 2023. This program indicates the company's intention to repurchase its own shares as a strategic financial move.

FTSE Bias: Bullish Above Bearish below 7550

• Below 7500 opens 7370 
• Primary support is 7370
• Primary objective 7858
• 20 Day VWAP bullish, 5 Day VWAP bearish

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