Supermarket Income buys Tesco site, Credit Suisse reveals size of bank run

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The FTSE 100 is expected to open 17 points lower on Monday, having closed up 0.15% on Friday at 7,914.13.

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Supermarket Income REIT said it had bought a Tesco omnichannel supermarket in Worcester for £38.3m. Tesco has been operating at the 6.5 acre site for over 30 years, the company said on Monday. The site is made up of a supermarket, a petrol station and large car park. It is also an online hub for Tesco operating nine home delivery vans and a Click & Collect facility. The store is being acquired from British Steel Pension Fund, with an unexpired lease term of 12 years, with annual upwards only RPI-linked rent reviews (subject to a 4.0% cap and 0.0% floor).

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Credit Suisse says 61bn Swiss francs ($68bn/£55bn) left the bank in the first quarter, shedding light on the scale of the bank run that caused the 167-year-old institution to crumble and forced its state-engineered rescue. “These outflows have moderated but have not yet reversed as of April 24 2023,” Credit Suisse said on Monday. – Guardian

Those people hoping to get on to the UK housing ladder are facing record asking prices, as calm returns to the sector after last autumn’s mini-budget spooked the markets. Rightmove, the property portal, reports that the average asking price of properties popular with first-time buyers – those with one or two bedrooms – has hit a record price of £224,963 in the last month. That is 2% higher than a year ago, even though higher mortgage rates have made homes less affordable. – Guardian

National Grid is quitting its foray into developing carbon capture and storage in the UK, in a blow to the Government's net zero ambitions. The FTSE 100 company is abandoning its plans to develop new pipelines in the Humber region to take carbon dioxide emissions out to the North Sea. Its National Grid Ventures arm is in talks to sell the onshore pipeline project to partners, and has already quit another phase of the project. – Telegraph

About $15 billion has been wiped from the valuation of Revolut by one of its most loyal shareholders on the back of a more cautious assessment of financial technology stocks. The 46 per cent writedown by Schroders implies that Britain’s biggest fintech unicorn is now valued at about $17.7 billion, well down on the $33 billion price tag implied by a capital-raising in July 2021. – The Times

Error messages flashed up as staff at Capita tried to log into their accounts on Friday, March 31. Frustrated workers were advised not to submit password reset requests to swamped technology teams as the outsourcer got to grips with what was going on. In a preliminary statement that morning, dictated over the phone as the media team was also locked out of its email accounts, Capita said it was investigating a “technical issue” with its IT systems. – The Times

US close

Stocks managed to close just above the waterline on Wall Street on Friday, with the Dow Jones Industrial Average up 0.1% at 33,808.96.

The S&P 500 added 0.09% to 4,133.52, and the Nasdaq Composite was ahead 0.11% at 12,072.46.