30th April 2021
Weekly Round Up
The UK FTSE 100 changed little over the course of the week, hovering around the 7000 level. This was despite strong results from both Unilever, Lloyds and BP through the course of the week, suggesting the bar has been set quite high on earnings expectations with good news already priced in.
There were strong results this week from the major US tech stocks, with Apple, Facebook, and Amazon among some of the biggest names posting very positive results driving US market increases. The S&P 500 and Dow Jones both hit more all-time highs with the NASDAQ finishing up on the week.
Sadly, there has been little relief from India's second Covid-19 surge. Cases reached 18 million on Wednesday as the country struggles to keep up with demand for oxygen. The country recorded the largest ever number of Covid deaths in one day on Wednesday, with vaccinations remaining the only real global exit strategy from the pandemic.
London's push to attract high-growth technology stocks to IPO (Initial Public Offering) in the city proved successful this week as Darktrace rose 40% on its debut in the market. The cyber-security firm has restored investor confidence in London's ability to attract tech firms listing in the city, as the recent Deliveroo IPO was one of the worst in the city's history.
Aveva's CEO, Craig Hayman, has stepped down from his role and is to be replaced by Peter Herwick, a top executive at their majority shareholder, Schneider Electric. The shock move follows Hyman's short three-year tenure in his role as CEO and will likely give rise to criticism as to why there wasn't a wider search for an original replacement. The departure offset the trading update released by the business, causing shares to drop 6%.