Market Report

The FTSE 100 eased back on Friday afternoon as investors reacted to the Labour Party’s landslide U.K. election victory.

The U.S. economy added 206,000 jobs in June, slightly more than the 200,000 Dow Jones forecast. The nonfarm payrolls report for May was also downwardly revised to a gain of 218,000, a sharp cut from the initial estimate of 272,000. The unemployment rate unexpectedly rose in June, however, reaching 4.1%. That’s the highest level since since October 2021 and slightly more than the 4% that had been expected. It’s a conflicting sign for Federal Reserve officials as they weigh their next move.

Gold prices extended gains to their highest level in a month following key U.S. jobs data that showed labour market was softening, lifting expectations around a Federal Reserve interest rate cut in September.

Crest Nicholson said on Friday that it had received "unsolicited, preliminary, indicative proposals" from Avant Homes about a potential all-share combination but that it was "not currently minded" to engage in discussions with the rival housebuilder. 

Responding to earlier press speculation, Crest Nicholson said it did not want to enter talks "while in an offer period in relation to a possible all-share offer from Bellway".

Crest announced last month that it had rejected a £650m takeover proposal from Bellway. Under takeover rules, the latter has until 1700 BST on 11 July to either announce a firm intention to make an offer or walk away.