Grainger LFL rents grow 4.5% YTD, Serco CEO to retire

London pre-open

The FTSE 100 was being called to open just 7.5 points higher on Monday after closing 1.23% higher in the previous session at 7,351.07.

Stocks to watch

Residential property business Grainger said on Monday that rents had grown 4.5% year-to-date on a like-for-like basis amid "strong" rental market conditions in the second half of the trading year.

Grainger, which highlighted a record occupancy rate of 98.2%, did noted that despite the "buoyant rental market", it was also "very mindful" of financial challenges facing many individuals, leading it to take a "responsible approach" to rental increases.

Government contractor Serco said CEO Rupert Soames would retire in September 2023 and step down both from the board at the end of this December 2022.

Soames will be succeeded by Mark Irwin, currently the CEO of Serco's UK & Europe Division.

Newspaper round-up

Britain's biggest housebuilders privately lobbied for the government to ditch rules requiring electric car chargers to be installed in every new home in England, documents have revealed. The FTSE 100 construction firms Barratt Developments, Berkeley Group and Taylor Wimpey were among the companies who argued against the policy in responses to an official consultation seen by the Guardian. The "blatant lobbying efforts" were criticised by Transport & Environment, a campaign group. – Guardian

Ryanair's investors have been urged to vote down "excessive" bonus payouts and block eight senior bosses from re-election in the run-up to the airline's annual shareholder meeting this week. Calling for a shareholder revolt at Europe's biggest airline, the London-based Pirc advisory group highlighted concerns over the independence of the board and potential undue financial rewards for its top executives. – Guardian

John Lewis's drive to build more than 10,000 homes is facing opposition from locals near a key site earmarked for development, amid fears the department store will build a tower block. Residents in West Ealing, London, said the prospect of John Lewis building a large high-rise on top of a Waitrose store was a "major upset". Justine Sullivan, co-chairman of local campaign group Stop The Towers, said the retailer had refused to rule out building "a ginormous tower block, and that will deeply upset people". – Telegraph

A National Grid scheme to avoid blackouts this winter by paying households to use less electricity at peak times is in danger of failing because the proposed payments are too low, leading energy suppliers have warned. The company responsible for keeping the lights on is trying to urgently establish a scheme whereby millions of consumers with smart meters could be rewarded for avoiding using energy-hungry appliances when electricity supplies are scarce. – The Times

Mike Ashley's Frasers Group has emerged as a potential buyer of Gieves & Hawkes, the 250-year-old Savile Row tailor. Frasers, which owns Sports Direct, House of Fraser and Flannels, and other suitors are expected to place revised bids for the company this week, Sky News reported. – The Times

US close

Wall Street stocks were firmly in the green at the end of trading on Friday as major indices snapped a three-week losing streak.

At the close, the Dow Jones Industrial Average was up 1.19% at 32,151.71, while the S&P 500 was 1.53% firmer at 4,067.36 and the Nasdaq Composite saw out the session 2.11% stronger at 12,112.31.

Reporting by Iain Gilbert at Sharecast.com