Daily Stock Market Report (Thur 10 April 2025) - 90 Day Pause, RNK, BBSN, JD., TET, TTG, TSCO, THS, MRK, NXR, SPEC

10th Apr by Graham Neary

83 comments 6401 reads

Good morning! These markets are extraordinary - the S&P rose 9.5% yesterday and the FTSE is this morning scheduled to open up by 5% after Trump announced a 90-day pause on his "reciprocal" tariffs - with the exception of China.

Comment from Mark:

Good morning! Mark here. It’s going to be a good day! The FTSE futures are up over 5% as Trump tweeted last night that tariffs on everywhere but China would be “paused” for 90 days at 10%. Unfortunately, the UK was already at 10%. However, oil rose around 10%, Gold was up 4% and the NASDAQ almost 10%, so these factors have dragged the FTSE higher.

I can’t help feeling that this isn’t all over, though. Even 10% tariffs embed inflation into the US economy, perhaps meaning rates stay higher for longer. Plus, who would make a major investment decision when policies are changing so rapidly? So we may see a US recession anyway. 90 days is long enough for a brief respite and then markets to start to worry about the upcoming “cliff edge”.

However, today isn’t a day for such a curmudgeonly reality. Enjoy the rise for as long as it lasts!

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Tesco (LON:TSCO) (£22.4bn)	Preliminary Results	FY25 guidance: adj. operating profit £2.7 - 3.0bn (FY25: £3.1bn). Increase in competitive intensity.	AMBER (Megan) Despite the slightly tempered outlook, I’d argue that some trends are still on Tesco’s side (lower propensity of Brits to spend out, economic turbulence favouring defensives). It’s a tempting option in markets like these, but neither exciting, nor cheap enough for me at these levels.
Anglo American (LON:AAL) (£21.4bn)	Update on Sale of Coal Business	Working towards satisfying customary conditions.
JD Sports Fashion (LON:JD.) (£3.6bn)	Share Buyback	Initial £100m buyback starting today.	AMBER (Mark - I hold) [No section below] Technically, this news was announced as part of the midday trading update yesterday but RNS'ed this morning. Seems mistimed to start a buyback on a day the shares are up 11%, but this is just the tariff news, which is positive for JD. This is a great business on a modest rating, so buying back shares makes sense. With guidance of being net cash after the buyback by the end of the year, this doesn’t place them…

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rmillaree

10th Apr

I wont agree that that country is perfect far from it - i dont disagree with someone having moral objections to that country. But the reality of the world we live in as that every country does it their way.

In our country we treat some radical muslims as terrorists and chuck them in jail for their beliefs where should we draw the line in that regard to firmly held beliefs of minorities.

Heck if you overstep the thought police in this country they will loikley turn up at your door and possibly arrest you on the merest hint of an accusation.

its not great that China expects the Uighur muslims to kowtow to something against their beliefs thats a fact. Heck in this country females are forced to compete against biological males at pool and we have chucked biological male rapists in womens prisons - the world can be crazy at times. Heck we force people in this country to live next door to soemone who may kill ina heartbeat them as they cant be deported as that would be against their rights

way

Not the time and place for politics so won't say anymore. But....... wow.

Aislabie

With many thousands of customers at AJ Bell it is always possible that some are having a problem. So I think it is only fair that I step forward to say that I have had no substantive problem over the last 12 years, and any issue has been dealt with courteously and quickly. Just a toe on the other side of the balance.

NewInvestor1972

Nat Rothschild just bought another £250k’s worth of Volex (LON:VLX) - bodes well, he’s up to 25% of the company now

Northender

I completely agree re AJ Bell and have had a much worse experience with ii. As you say, with thousands of clients, there are always going to be a few cases where things go wrong.

Jeremy Rea

As ‘way’ says below, this is not the time or place for politics. I would suggest you research quite what is happening to the Uighur population, and then decide for yourself if it is comparable to a British jail.

I wish you all the best with your investing, genuinely, and won’t be commenting any more.

David Marsh

I was a VectorVest subscriber before they closed the UK part. Real time was requested and was always said to be far too costly. As other have said Stockopedia (which is great) is an analysis platform not a trading platform. Horses for courses !

jonestheinvestor

11th Apr

Of course, that's only fair. I would have said the same if you'd asked me 3 years ago. Only minor issues which were resolved quickly, I may have been unlucky. I don't mind if things go wrong, it's the blatantly false information I was given multiple times that made me leave.

Hey i didnt start it - it was others saying perhaps we shouldnt do buisnes with china

Hey i didnt start the conversation - i wa repleying to someone who said we should probably not be dealing with China - i am more than happy that mods remove the thread if its ot - if someone is gonna leave one side of an argumnet in place though an dothers cant respond then thats "not verty free speech" is it. Just toodle on bye if you dont like it. - note the original poster asked if we should be dealing with china ! - they asked the question and i just oferred my opinion.

You are missing my point here obviously - i am not backing anything China does - or comparing one situation directly to another. Simply pointing out that many countries do stuff that is abhorent -to others us included at times. Its easy to try and paint us us the good people and others as nasty pieces of work - in the real world its not all black and white.

Norcros (LON:NXR)

Graham

When I look at measures that include the debt, and adjust for the ongoing pension contributions, this isn’t as cheap as it first appears.

Whilst that is fair comment Norcros has had a decent history of being able to reduce debt quite quickly generally speaking.

Thanks to the most excellent people at Equity Developmnets we have a new note update that confirms they expect net debt to drop down to under £13 mill by 31/03/2027 - thats less than 2 years away. So i understand to a degre that the debt is real - but simply the normal course of their business will chop that down very quickly based on current projections being met . They have had decent form in the past ref delevering on promises ref debt reduction. so at present i would say that the debt is a somewhat "temporary peak" which is to be expected with the GW chunky Acquisition not so long back.

Ref the pension - there is also good news in that regard too - as per the recent pension update the company expects that from June 2027 the contributions may drop from £3.8 mill pa to £1 mill pa - with those funds going into escrow so some possibility they may be able to claw back something ref that £1 mill pa. No guurantees here plenty that can go wrong with pensions!! - i would expect that they would not be sying this though if they were not decently confir

So 100% correct with regard to these current state of play - but they simply need to keep plodding along for the next 24 months with things being as expected for these 2 issues to subside.

I wont disagree that growth is anaemic at best which is probbaly the main issue looking at thne investment case - at least ED have the eps numbers increasing in 2026 and 2027. with the current low level of contruction/housing/consumer spending on homes levels - keeping ones head above water is not the worst result in the world.

link to ed note on company website - why cant more companies have quality projections like this on their website?

https://www.equitydevelopment....

Update ref pension contributions

The schedule of cash contributions to June 2027 of £3.8m per annum (indexed by CPI) that was agreed in the 2021 valuation, will continue. As a result of the new agreement, once the Scheme is deemed to be in surplus on a technical provision basis, contributions will be directed to an escrow arrangement. Cash contributions post June 2027 are expected to be less than c.£1m per annum and will only be paid to the extent that asset performance or any escrow funds do not cover ongoing scheme administration fees. The escrow arrangement minimises the risk that the Scheme becomes overfunded with a trapped surplus.

Compounder

Used to have Sharelockholmes until the guy retired and stopped the service. The fee was £60 per year

If a stock moves 20% in the morning, all of the research figures are WRONG.

I have lots of options for live pricing. The point is if a stock has a large move in the morning. Then i look at that stock on here and all of the figures are wrong. Even the most basic things like Market cap and Enterprise value. This is 2025 not 1985.

I don't disagree all countries have had their moments of shame. I do feel your response on China was far far to generous, but I respect your right to have an opinion that differs from mine. In investing I look for differing opinions to try and test the strength of my investment/understanding of the company in question.

When it comes to politics I know people on here, understandably, would prefer it discussed elsewhere. That is why I said I wouldn't discuss it any more.

We are both free to our opinions, and I respect yours, even if I disagree strongly with it.

Tommy H

Great to see you back Michael, miss your postings!

Idle Investor, that was the book I was thinking about just now, thank you Andrew

judywil

12th Apr

It's not just the live pricing - all the data is wrong in Stockopedia which makes a mockery of the whole system. They can't even add up the data in your portfolio correctly (which is basically just a fancy Excel spreadsheet) - the figures in mine have been wrong for a long time. I have to keep telling stockopedia and then the errors miraculously "disappear." This means I am MANUALLY correcting them. I think someone in this thread said "nothing like this existed in years gone by." That's very true - it's a long time since I had to do any manual checking on figures because someone couldn't write software that simply added up a column!

Rusty2

Even that is incorrect, the closing prices are not available until 17.10, if you look at your folios before then, there can be some large price moves until 17.10

The annoying thing, for me, is the price is based on the last trade. Numerous times the big risers and fallers, in my folio have not moved, it is just because of the spread. This last trade price is nonesense

Around 8.20-8.30am you don't know if is based on today's or yesterday's price. Why not zero out yesterday's price movements at 8am?

Big movers often are delayed until 8.30am.

Lincs

Not to mention Stockopedia's gross errors on their 'Analyst Forecasts' section. As an example take a company called 80M, Stocko shows (and has done for an age) the target price to be 8,983.33% higher than the prevailing price. Clearly wrong. I have raised this point with the team on several occasions over several months and nothing has been done. They simply continue to blame their data provider. If it's that inaccurate get rid of it - it's misleading.

Daily Stock Market Report (Thur 10 April 2025) - 90 day pause, RNK, BBSN, JD., TET, TTG, TSCO, THS, MRK, NXR, SPEC

Companies Reporting

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Graham Neary

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