Daily Stock Market Report (Wed 23 April 2025) - AGFX, PAY, BOWL, SRB, SUP, BAB, ABDP, SYS1, CRDA, TSLA

Good morning! The FTSE is set to open up by another gt;1% this morning, over 8400, as the recovery continues.
The Agenda is complete.

Companies Reporting
Name (Mkt Cap)RNSSummaryOur view (Author)Reckitt Benckiser (LON:RKT) (£33.7bn)Q1 Results“We maintain our outlook for full year 2025 whilst recognising the more challenging macro outlook.”Fresnillo (LON:FRES) (£7.7bn)Q1 production reportStarted 2025 in line. Full year guidance unchanged. Q1 silver production -8.4% vs Q1 2024.Babcock International (LON:BAB) (£3.8bn)Trading UpdateFY March 2025 “strong”, rev £4.83bn (organically +11%), adj. operating profit £363m (+17%). Contracted backlog of £10.1bn at 31 Mar 25, versus £9.5bn at HY25.AMBER/GREEN (Roland) [no section below]Today’s update confirms FY25 results should be largely as expected, with a modest improvement in margins. The FY26 outlook seems positive, with £1.8bn of recent contract wins highlighted.However, with valuations and backlogs up across the defence sector, I think a more interesting issue is whether companies will decide to invest material amounts in creating permanent new capacity. That’s a story for the coming year, perhaps. Right now, I’ve upgraded our view on Babcock by one notch to reflect its positive performance and High Flyer...