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Britain's main stock index remained relatively steady on Thursday as investors weighed various corporate earnings, a U.S.-Ukraine minerals agreement, and the potential for a trade deal with China. On Wednesday, Ukraine and the United States finalised an agreement granting the U.S. preferential access to new mineral deals in Ukraine and providing funding for investment in the country's reconstruction. Separately, a social media account linked to Chinese state media reported on Tuesday that the U.S. has reached out to China to discuss President Trump's 145% tariffs. Meanwhile, British factory exports have experienced their steepest decline in nearly five years, with cost pressures rising in April. This decline is attributed to the effects of Trump's trade war and a recent tax increase for British employers, according to a survey.

Single Stock Stories & Broker Updates:

• Lloyds Banking Group shares dropped 2.5% to 71.38p following a reported 7% decline in Q1 profits due to increased costs and charges. The bank recorded a £309 million impairment charge, including £35 million for economic outlook changes. Non-UK tariffs were higher than anticipated, prompting a £100 million provision for tariff impacts. Despite this, Lloyds maintains its financial forecast. Shares have risen approximately 33.8% year-to-date.
• Informa rises 5.85% to 773 pence; Q1 underlying revenue grows 7.6% y/y. Co reaffirms FY25 outlook of 5% Group revenue growth and double-digit earnings growth. INF is down 8.84% YTD.
• Whitbread rises 7.98% to 2,800p, top gainer on FTSE 100, marking the highest one-day gain since October 2024. The hotel operator initiates a £250 mln share buyback. It reports FY25 revenue of £2.92 bln, in line with expectations, and is optimistic about generating at least £300 mln incremental adjusted PBT by FY30. Jefferies anticipates a positive share price reaction. Year-to-date, WTB is down 10%.
• Rolls-Royce up 2.3% to 771.6p; maintains 2025 operating profit outlook of £2.7-2.9 bln. Expects to mitigate U.S. tariff impact. Strong start to the year with all divisions performing well. Jefferies notes potential for guidance upgrade if macro conditions remain stable. RR's stock rises ~33% YTD.
• Shares of National Grid fell 1.2% to 1,070 pence as Zoë Yujnovich is named the new CEO, succeeding John Pettigrew, who retires after nearly 10 years. Yujnovich previously served at Shell. Stock rose 19% during Pettigrew's time but is down 12.8% overall including session losses.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 8600

• Primary support 7500
• Below 7800 opens 7648
• Primary objective 8300
• Daily VWAP Bullish
• Weekly VWAP Bullish

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