FTSE closes almost exactly flat

The FTSE 100 closed almost exactly where it opened today, up less than four points at 7902.61.

While shares fell in the morning to a low of 7878, they rallied in the afternoon.

The best lifter of the day was Segro after performing well, while miner Antofagasta was the biggest loser.

Chelsea owner files winding-up order against UK arm of SoulCycle

The owner of luxury fitness chain SoulCycle has filed a court order asking for the cycling gym’s London branch to be liquidated.

Cadogan Estates – which owns large swathes of land in Chelsea – filed for liquidation with the High Court under insolvency law, relating to a property on King’s Road which was originally due to open in 2019, but did subject to prolonged delays.

Learn more here

$40 billion removed from Tesla’s market cap

Tesla shares are down more than 7% so far today after disappointing results yesterday.

Tesla shares are down $12 to $168.09 since the market opened. The electric carmaker revealed after markets closed last night that its revenue for the first three months of the year fell short of expectations.

The company’s market capitalization fell by more than $40 billion, meaning CEO Elon Musk lost nearly $5 billion.

US stocks set to fall further after earnings disappointments

Wall Street is set for another tough day after disappointing earnings announcements after markets closed last night.

According to the futures markets, the S&P 500 is expected to fall 0.8% to 4145, while the Dow Jones is expected to fall 0.6% to 33834 and the Nasdaq 0.9% to 13059.

Among the fallers is Tesla, whose shares are expected to fall 6% after missing out on revenue.

US jobless claims slightly ahead of expectations

Unemployment claims in the United States for the past week came to 245,000, up slightly from 240,000 last week.

Analysts had predicted claims would remain flat, meaning the numbers beat expectations.

This may be a sign that the Federal Reserve’s rate hikes are having an impact and that the US economy is cooling, after core inflation proved more tenacious than expected.

EY questioned by watchdog over audit of Made.com collapse

EY is being investigated by the UK accounting watchdog over how it assessed the finances of collapsed furniture retailer Made.com.

The Financial Reporting Council (FRC) said it had launched an investigation into the ‘big four’ accountancy giant – which also has PwC, Deloitte and KPMG in the ranks – in relation to the audit of Made.com’s financial statements in 2021.

Learn more here

WHSmith to open hybrid pharmacies at eight of London’s busiest stations

WHSmith has set its sights on new, larger stores, including pharmacies at eight of London’s busiest stations, as rail and airport stores continue to eclipse the high street as the main part of the retailer activity.

In the six months to February 28, profits doubled to £71m, largely driven by profits from its UK travel stores which rose from £3m to £31m.

CEO Carl Cowling attributed the travel success to expansion into new product lines, particularly in health and beauty.

Learn more here

Justice For Woodford Investors Has Been Delayed For Too Long – Now Deliver It Fast

The cogs of financial recovery turn painfully slow.

While there is huge relief that the Financial Conduct Authority is able to give details of the compensation that will be offered to investors stuck in Neil Woodford’s equity income fund, they are far from seeing it tucked away in their bank accounts — even after more than 1,400 days of waiting.

Learn more here

Live entertainment hits record high as fans rush for tickets

Ticket sales for live shows hit a record high last year at marquee events after two years of lockdown, new figures reveal today.

Fans got more seats than in any other calendar year and 43% more than in 2019, according to figures from O2’s Priority Tickets platform.

Blockbuster demand for shows by Harry Styles (left), Sam Fender, The Weeknd and even veteran rocker Bruce Springsteen has sent music concert sales skyrocketing.

One of the most popular performers was Peter Kay, whose long-awaited return to stand-up comedy has been catching punters.

Virgin Media O2 Director of Partnerships and Sponsorship Gareth Griffiths said: “Last year has truly been the return of live entertainment with millions of tickets sold at thousands of events across the UK. . This year is already shaping up to be even bigger.

Investors in the Woodford fund have offered up to £235m under the FCA’s recourse scheme

Investors in defunct stock picker Neil Woodford’s defaulting Equity Income Fund have been offered compensation of up to £235million almost four years after it collapsed.

The proposed remedy for more than 300,000 investors in the former City star’s LF Woodford Equity Income Fund was revealed late last night by City watchdog the Financial Conduct Authority (FCA). It will be paid for by fund administrator Link Fund Solutions, with support from its Australian parent company Link Group.

Learn more here