Global fund managers raised their equity allocation by the most on record in May, according to Bank of America. In the bank’s monthly poll, of the 170 global managers who responded, with over $460 billion in total assets, a net 50% are overweight stocks against 13% in April. This is the highest reading since the survey started in 2001, and comes as US major indices are nearing all-time highs. Meanwhile, average cash levels are down to 3.9% of assets confirming managers are ‘all in’ on the rally. Earnings enthusiasm After a strong Q1 earnings season, where EPS growth received a…

Food producer and processor Cranswick (CWK) beat expectations with its FY26 earnings and stuck to its FY27 forecasts. The firm is a leading producer of pork and poultry, servicing major UK grocery chains and the foodservice sector. It also has a pet food business, which is growing fast after its creation just four years ago. Tasty results For the year to March 2026, Cranswick posted a 9.5% increase in revenue to £2.98 billion, in line with the consensus. Adjusted operating profit rose 14.5% to £237 million, while pre-tax profit hit £220 million against the £160 million consensus. Organic sales contributed…

Specialist engineering and distribution group Diploma (DPLM) has raised its FY26 revenue and profit growth forecast. The FTSE 100 firm said organic growth was better than expected, while acquisitions over the past year had also boosted performance. A quality growth company For H1 to March 2026, Diploma reported revenue of £851 million, up 17% on the previous year. Adjusted operating profit jumped by a third to £209 million, lifting the operating margin from 21.5% to 24.5%. The firm said underlying revenue growth was 15% during the half, above the five-year average of 10%. Meanwhile, the group has made 15 acquisitions…

Investors will hope Joe Faraday’s appointment as manager of Baillie Gifford European Growth Trust (BGEU) marks a change for the better. Faraday, who took over on 1 April, inherited a fund which had underperformed since October 2024. For H1 to 31 March, BGEU generated an NAV total return of -9.2% and a share price return of -8.8%. That compares with a 4.4% return for the FTSE Europe ex-UK index, despite disruption from the Middle East conflict. During H1, the company bought back just under 29 million shares or 8.8% of the capital for around £30 million. However, the discount barely…

The US results season is almost over, but chip designer Nvidia (NVDA), the biggest stock in the world and the most hotly watched of them all, reports next week. What is says will dicate not just the AI mood, the wider tech sector optimism, but will take the temperature of investors everywhere, with markets running hot of late. In the UK, earnings season is still in full swing with dozens of companies due to report quarterly or annual results. We have highlighted two consumer names, bootmaker Dr Martens (DOCS) and food and clothing retailer Marks & Spencer (MKS). While ‘Docs’…

European builders merchant and DIY retailer Grafton (GFTU) kept its FY26 profit guidance but warned of a weak UK market. The firm operates in Ireland, the UK, Northern Europe and Iberia through Chadwicks, Selco, Leyland, Woodie’s and other brands. UK activity turning negative Ahead of its AGM, the firm reported flat LFL sales for the first four months of 2026. Growth in Ireland, Northern Europe and Iberia was ‘fully offset’ by weaker UK sales. UK LFL revenue was down 5% reflecting a further weakening in construction markets. The Middle East conflict has led to rising cost inflation and weaker consumer…

Luxury timepiece seller Watches of Switzerland (WOSG) clocked up record sales in FY26, beating revenue and earnings forecasts. CEO Brian Duffy said the firm had started FY27 with ‘strong momentum’, helping the shares gain 14% to a new 12-month high of 606p. Record performance For the year to 3 May, the group posted a 13% increase in sales to £1.83 billion, beating the consensus of £1.78 billion. EBIT for the year is expected to be between £152 million and £155 million against a consensus of £148 million. The firm said demand for key luxury brands, particularly products on Registration of…

Shareholders in 3i Group (III) must feel like it’s Groundhog Day after the stock fell over 15% for a second time on results. The shares tumbled a similar amount in November 2025 when the private equity investment trust released its H1 figures. Slowdown at Action For the year to March 2026, the group reported a total return of £5.3 billion or 22% on opening shareholders’ funds. That translated into an NAV per share of £30.30 against £25.42, including a 77p per share benefit from currency gains. Once again, the bulk of the upside came from the financial performance of European…

Investor Toscafund has proposed a 250p per share offer for private hospital and clinic operator Spire Healthcare (SPI). The offer values the firm at £1 billion and represents a 66% premium to last night’s closing price of 150p per share. Unanimous support Toscafund, Spire’s second-largest shareholder, made several earlier proposals to the company during its strategic review according to today’s statement. Its latest proposal includes an option for investors to roll some or all of their holdings into an unlisted equity alternative. Spire’s board says it is still highly confident in the firm’s standalone strategy and the ‘value creation opportunity’.…

Shares in housebuilder Vistry (VTY) fell 12% to a 15-year low after the firm warned H1 profits will be ‘significantly lower’. The company guided FY profit expectations to the middle of the range of estimates, but the damage was done. H1 hit to earnings Ahead of its AGM at midday, the firm said it was updating guidance after the increase in macro-economic uncertainty. It also pointed to ‘a range of potential outcomes’ for the year, suggesting there may be further changes to foreacsts. For the first half of 2026, the firm has accelerated sales of its completed or near-completed homes.…