Greggs PLC — MarketDX

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FTSE 100 hits new intraday high ahead of US rate decision

The FTSE 100 set a new intraday record of 10,951.06 before closing up 0.3% at 10,908.41 on Wednesday, buoyed by strong earnings and rising oil prices. BP and Shell gained 3.4% and 2.8% respectively as Brent crude surged back above 90 dollars a barrel after President Trump vowed retaliation for an Iranian attack on US bases in Jordan. Among blue-chip stocks, Weir Group jumped 8.7% on robust first-half results, Sage Group rose 8.8% after an upbeat trading update, and Reckitt Benckiser added 4.3% as it announced a share buyback and reported second-quarter like-for-like sales growth of 4.7%, beating consensus. Standard Chartered climbed 2.9% after a record first-half performance and a 1 billion dollar buyback, while on the FTSE 250, Greggs soared 18% on half-year profit and sales that exceeded expectations. Attention now turns to the US Federal Reserve’s interest rate decision, with markets pricing a 34% chance of a hike amid limited forward guidance from new Fed chair Kevin Warsh.

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CFOs On the Move: Week ending July 2

Several companies announced chief financial officer changes this week. Papa Johns CFO Ravi Thanawala is leaving to become CFO of American Eagle Outfitters, with Chris Collins stepping in as interim CFO. Comcast's former CFO Michael Angelakis will become CEO as part of a planned split of its media and technology businesses. Greggs CFO Richard Hutton is retiring after 28 years and will be succeeded by Ben Waldron on January 1, 2027. Sierra Space appointed Jeff Schrader as CFO, CPI named interim CFO Terra Grantham to the role permanently, and Deltek appointed Heather Larkin as CFO, succeeding the retiring Mike Krone.

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Greggs CFO Richard Hutton to retire after 28 years, Ben Waldron named successor

Greggs announced that chief financial officer Richard Hutton will retire and step down from the board at the end of 2026 after 28 years with the company. Former Bakkavor executive Ben Waldron will join on October 27 as CFO-designate and take over fully on January 1, 2027. Shares fell roughly 3% to 5% on the news, reflecting investor concerns that Hutton's exit comes as the bakery chain faces slower growth, cost pressures, and a weakened share price. Hutton helped oversee Greggs' transformation from a traditional bakery into a modern food-on-the-go business. Waldron brings over 14 years of experience at Bakkavor, including roles as CFO and CEO of its Asia and U.S. operations, along with 12 years at Ernst & Young.

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Weight loss pill could reshape spending habits of millions, PwC study finds

The approval of the first oral weight loss pill this month is set to accelerate a shift in consumer spending habits across the UK, according to a study by PwC Strategy&. The number of people in the UK using GLP-1 medications could rise from about three million to seven million by 2027, with the oral pill expected to drive broader adoption. The study found that 70% of GLP-1 users are spending less on appetite-led categories such as snacks, confectionery and crisps, while 60% are spending more on fresh food and 40% are spending more on nutrition, fitness and wellness products. More than 80% of those who stopped treatment maintained at least some of their dietary and grocery changes. Supermarkets including Sainsbury's, Marks & Spencer, Waitrose and Greggs have already introduced nutrient-rich meals to cater to users with reduced appetites.

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