Weir to buy SentianAI, PZ Cussons trading as expected

London open

The FTSE 100 is expected to open 20 points higher on Thursday, having closed down 0.17% on Wednesday at 7,469.51.

Stocks to watch

Mining technology group Weir has announced it is buying SentianAI, a Sweden-based developer of AI tech that optimises minerals processing performance. The deal, made for an undisclosed amount, is hoped to accelerate Weir's digital capabilities to provide "enhanced productivity and sustainability offerings to customers". Based in Malmö, SentianAI's AI algorithms learn and adapt to the dynamic processes within a mine, providing continuous improvement and optimisation over time.

PZ Cussons said in an update on Thursday that its performance was consistent with the 2024 outlook, with low-single-digit like-for-like revenue growth expected for the first half. While Nigeria and the ANZ regions saw strong growth, Indonesia had seen a decline. Additionally, PZ Cussons said it was addressing the challenges in Nigeria around a lack of dollars and the recent naira devaluation, taking measures to meet currency needs, reduce group debt, and progress with plans to de-list and buy out minority shareholdings in PZ Cussons Nigeria.

Newspaper round-up

Households will begin the new year with a 5% increase in energy bills after the regulator raised the price cap to an average of £1,928 a year for the typical gas and electricity bill. Ofgem raised the maximum price that energy suppliers can charge their customers from £1,834 a year for the typical household between October to December, after a rise in global gas market prices after the start of the Israel-Hamas war last month. – Guardian

Britain has downgraded its forecasts for the takeup of electric cars over the next seven years as higher financing costs and rising energy prices threaten to cut the incentive for drivers to replace combustion engines. The latest forecast from the Office for Budget Responsibility (OBR), released alongside the chancellor’s autumn statement, said that just 38% of new vehicles sold in the UK in 2027 would be electric, down from the 67% it predicted in March. – Guardian

Bank losses across the Eurozone are beginning to mount as high interest rates hammer households and businesses, the European Central Bank has warned. ECB vice-president Luis de Guindos said lenders were beginning to see “early signs of strain” across balance sheets, fuelled by an increase in loan defaults and late repayments. – Telegraph

Oil prices slumped by as much as 5 per cent yesterday after the Opec+ alliance of big producer nations postponed a planned meeting amid an apparent disagreement over the extent of continued output curbs. Brent crude dipped as low as $78.41 at one stage before recovering some of its losses to trade down 1 per cent at about $81.58 a barrel last night. – The Times

Scottish ministers have been accused of ignoring the plight of hundreds of workers whose jobs have been threatened by the closure of the country’s only oil refinery. The energy giant Petroineos announced on Wednesday that its oil refinery in Grangemouth will close in spring 2025 because it could no longer compete with overseas rivals. – The Times

US close

Wall Street finished with gains on Wednesday, driven by the release of the Federal Reserve’s latest policy meeting minutes overnight, which indicated a cautious approach to interest rate cuts.

Investors also considered fresh economic data, including jobless claims and consumer sentiment figures, in anticipation of the Thanksgiving holiday.

The Dow Jones Industrial Average closed with a 0.53% increase, reaching 35,273.03 points.

Similarly, the S&P 500 saw a 0.41% rise, closing at 4,556.62 points, while the Nasdaq Composite gained 0.46%, finishing the day at 14,265.86 points.

In the currency market, the dollar was last up 0.01% on both sterling and the euro, trading at 80.05p and 91.85 euro cents, respectively.