- FTSE 100 up 43 points at 8,575
- Brent crude tops $63 a barrel
- BP’s rivals ‘running the numbers’: FT
- IAG, Rightmove keep guidance steady
- Chinese exports to the US slump
10.20am: SIG sinks on CEO departure
Shares in SIG PLC (LSE:SHI) dropped 12% after CEO Gavin Slark announced he’s leaving at the end of the year to lead Travis Perkins. Slark, who joined SIG in 2023, will stay on during the handover while the search for his replacement begins.
Peel Hunt called the news disappointing but noted SIG’s strategy and country-based structure should stay on track. The broker still rates SIG a ‘buy’ with a 24p target.
The timing stings, though—SIG shares had surged 25% last week without any clear reason, and Peel Hunt expects a sharp pullback now the surprise departure’s out in the open.
The Footsie is now 43 points up, a gain of 0.5%, at 8,575.09.
