Tritax Big Box accelerates development programme, EasyJet Q1 losses halve

London pre-open

The FTSE 100 was being called to 101.8 points lower ahead of the bell on Thursday after seeing out the previous session 1.33% higher at 7,469.78.

Stocks to watch

Real estate investment trust Tritax Big Box said on Thursday that it had successfully accelerated its development programme as part of an effort to capture strong occupier demand.

Tritax Big Box stated strong occupier demand and historically low levels of available space had combined to create "rental tension" across the UK. In order to capitalise on this, Tritax sped up its development programme, with 3.0-4.0m square foot of development starts expected over the next 12 months.

Low-cost airline EasyJet halved first-quarter losses as Covid-19 travel restrictions were eased and reported a step-up in bookings after the UK government lifted pre-departure testing requirements.

The FTSE 250-listed company reported a headline pre-tax loss for the quarter ended 31 December of £213.0m on Thursday, much improved when compared to the £423.0m loss recorded a year ago.

Newspaper round-up

The lowest number of cars rolled out of British factories last year since 1956, as the industry warned that rising energy costs and further shortages of computer chips will plague its recovery. Car production slumped across the UK and the world in 2020 as the coronavirus pandemic swept across the globe, but many in the industry had expected a rapid improvement. Instead, the disruption triggered a global shortage of semiconductor chips, leading to an even worse 2021. - Guardian

Private rents in Britain are rising at their fastest rate on record, piling more pressure on households feeling the strain of the cost of living crisis. The average advertised rent outside London is 9.9% higher than a year ago as tenants making plans for a post-pandemic life jostle for properties, according to the website Rightmove. Meanwhile, London rents have hit a new record and are higher now than before the start of the pandemic after a bounceback in demand fuelled by the gradual return to the workplace and more overseas students looking for a place to live. - Guardian

Tesla has announced a record annual profit following a surge in demand for electric cars that has made its chief executive Elon Musk the world's richest man. Full-year profits were over seven times higher at $5.5bn and sales soared 71% to $54.0bn, both shattering Tesla's previous records and making 2021 a "breakthrough year". - Telegraph

A private equity-style fee structure that has paid out an unprecedented £60.0m to two stockpickers at Jupiter Fund Management is to be reviewed by the investment trust footing the bill. Chrysalis Investments revealed yesterday that it was paying Jupiter performance and management fees of more than £117.0m after the value of its portfolio of largely unlisted investments soared. - The Times

The distressed healthcare technology company founded by Lord Drayson, the former science and business minister, has secured an emergency financing of up to £11.4m in its attempt to find a rescue buyer and stave off collapse. Sensyne Health's financing involves loan notes and warrants, described by one source as "very expensive", without which the company warned it potentially faces administration. - The Times

US close

Wall Street stocks had given up their gains by the end of trading on Wednesday, as investors digested a Fed that was "of a mind" to raise interest rates as soon as March.

At the close, the Dow Jones Industrial Average was down 0.38% at 34,168.09 and the S&P 500 lost 0.15% to 4,349.93, while the Nasdaq Composite clung to gains of just 0.03% to settle at 13,542.12.