Investing.com -- British stocks rose Wednesday while the pound dropped below $1.35 after recently surpassing that level, with Kingfisher and Pets at Home among U.K. companies reporting today.
As of 0710 GMT, the blue-chip index FTSE 100 gained 0.2% and the British pound fell 0.08% against the dollar to 1.34.
Meanwhile, DAX index in Germany rose 0.1%, the CAC 40 in France gained 0.2%.
Kingfisher Q1 sales climb 2.2%
Kingfisher PLC (LON: KGF ) posted a 2.2% increase in first-quarter group sales at constant currency, reaching £3.3 billion, supported by solid demand in the U.K. and Ireland.
Comparable sales rose 1.8%, while sales adjusted for calendar variations grew by 2.7%.
The company attributed the gains to strong seasonal product sales and continued growth in its online and trade businesses.
Pets at Home FY25 profit hits £133 mln
Pets at Home Group PLC (LON: PETSP ) reported a pre-tax profit of £133 million for fiscal 2025, slightly above the £132 million posted last year and consistent with expectations.
Solid growth in its veterinary services helped counterbalance challenges in the retail segment.
Total revenue for the year remained steady at £1.48 billion, unchanged from fiscal 2024.
Rio Tinto (NYSE: RIO ) CEO Stausholm resigned over board rift - report
Rio Tinto PLC’s (LON: RIO ) board and CEO Jakob Stausholm mutually decided to part ways last week amid internal disagreements over cost management and strategic direction, according to a Reuters report on Wednesday that cited several informed sources.
The sudden leadership change, announced without a detailed rationale, caught investors off guard, especially since Stausholm had made recent public appearances with no apparent indications of trouble, the report added.
Thames Water fined by Ofwat
Britain’s water regulator Ofwat has fined Thames Water close to £123 million ($165.8 million) following probes into its handling of wastewater and shareholder payments.
The penalty follows investigations into the company’s treatment standards and its dividend practices.
CEO appointments at Stellantis (LON: 0QXR ), Remy Cointreau
In European company news, two major CEO appointments were announced on Wednesday — at Stellantis and Remy Cointreau .
Stellantis NV (BIT: STLAM ) has named Antonio Filosa as its next CEO, with the appointment taking effect on June 23, after receiving full approval from the company’s Board of Directors.
Filosa will take over from Carlos Tavares, who stepped down in December amid declining profits and sales—particularly in the U.S.—which had sparked criticism of his leadership.
Separately, Remy Cointreau (EPA: RCOP ) announced that Franck Marilly will step in as the company’s new CEO starting June 25, taking over from Éric Vallat, who will support the handover process.
Marilly brings more than 30 years of expertise in the luxury and beauty sectors, having held prominent roles at companies such as Chanel, Unilever (LON: ULVR ), and Shiseido.
(This story will be updated)