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Shares in London fell on Thursday as rising bond yields weighed on equities, while uncertainty over U.S. tariffs clouded the global market outlook. The FTSE 100 index dropped 1.1%, with banking stocks leading the decline, tumbling 2.8% after a 1.8% gain the previous day. UK gilt yields continued to rise amid a global bond selloff, driven by Germany's plans to relax fiscal spending rules. Both 10-year and two-year yields reached their highest levels since January, adding pressure on rate-sensitive stocks. Trade tensions remained a key concern, as the U.S. President Donald Trump announced a one-month tariff exemption for the auto sector involving Canada and Mexico on Wednesday. Meanwhile, the UK construction sector experienced a sharp downturn last month. The preliminary S&P Global/CIPS UK Construction Purchasing Managers' Index fell to 44.6 in February from 48.1 in January, marking its lowest point since May 2020 and falling short of economists' expectations in a Reuters poll. Despite this contraction, the construction and materials sector ended the day flat.

Single Stock Stories & Broker Updates:

• Shares of Admiral Group, a UK insurer, rose 9.4%, making it a top gainer on the FTSE 100 index, which is down 0.38%. The company posted a pre-tax profit of £839.2 million for the year ending December 2024, up from £442.8 million in 2023, with the UK Motor business as a key driver. Admiral is in talks to sell its U.S. unit and will pay a special dividend of 29.6 pence alongside its regular dividend. ADML stock fell ~0.23% in 2024.

• Entain shares rise 3.6%, becoming a top FTSE 100 gainer. The British bookmaker reports a 12% increase in annual adjusted core profit and is confident about 2025 market expectations. Jefferies sees no major strategic changes with Chair Stella David as interim CEO, though the stock is down ~7.8% over the past year.

• Spire Healthcare Group drops ~25%, lowest since March 2021. Expects 2025 adjusted EBITDA of 270-285 mln pounds, below analysts' forecast of 297.8 mln pounds. Posts 2024 core profit of 260 mln pounds vs 267.6 mln pounds forecast. Anticipates 30 mln pound EBITDA impact in FY25 from factors like national insurance and minimum wage. SPI down less than 1% YTD.

• PageGroup shares drop ~3.96%, among FTSE Midcap's top losers. Jefferies notes lack of early year volume improvement may lower consensus. PageGroup cites high macro-economic and geopolitical uncertainty in UK, France, and Germany. Robert Walters shares also fall ~3.24% to 238 pence, with uncertainty in hiring markets. PAGE down ~30.85%, RWA down ~41.16% over 12 months.

• Reckitt trades up 3.5% as fixed costs drop 90bps to 20.9% of net revenue in 2024. Barclays analysts note quicker cost savings. The company aims for a 300 bps decline in fixed costs by 2027, with expected full-year LFL net sales growth of 2-4% and a 3% increase in operating profit. Early trade saw a 3.5% drop in stock, with Q4 LFL net sales at 4.6% versus a 5.3% growth estimate. Year to date, RKT is up ~7.3%.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 8950

• Primary support 8700
• Below 8700 opens 8600
• Primary objective 9050
• Daily VWAP Bearish
• Weekly VWAP Bullish

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