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Close Brothers (CBG) shares jumped by 17 per cent in early trading after the FTSE 250 specialist bank said its exposure to the FCA’s redress scheme for miss-sold car finance would be “broadly similar” to its existing provision.

The group estimated its cost under the FCA’s £9.1bn scheme, the final details of which were confirmed last week, would be around £320mn as at 31 January 2026. That compares to a provision of £294mn in its latest accounts. It has not made any provision adjustments yet.

Close Brothers was the subject of a short-seller attack from Viceroy Research last month. Viceroy argued it had “systematically misrepresented” the amount it would have to pay under the FCA’s scheme.

Gamma Communications’ (GAMA) shares rose 13 per cent after the telecoms software company said it was in talks with “a number of interested counterparties” regarding a possible takeover.

Gamma said talks were at an early stage, with no certainty that an offer will be made, following a Bloomberg report revealing the discussions. Shares in the business remain 31 per cent lower over the last year and down 9 per cent year to date. Concern has centred on slowing growth in its core UK division, which will also be hit by the loss of legacy contracts when the UK’s public switched telephone network is turned off in 2027.

Analysts also worry that price wars among broadband providers are squeezing the margin it makes from the software services it sells to small and medium-sized enterprises. Yet the company reported double-digit rises in revenue and adjusted cash profits in its full-year results last month, helped by strong growth from recent acquisitions in Germany.

Glass Lewis is urging BP (BP.) shareholders to vote against the re-election of chair Albert Manifold at the upcoming annual general meeting, in protest against the board’s decision to exclude a climate-related resolution from this year’s vote.

According to a note seen by Reuters, the proxy adviser argued that blocking the resolution “raises questions about transparency, shareholder communication, and responsiveness”, adding that they viewed the move as an attempt to sideline investors on a critical strategic issue.

The excluded proposal, submitted by activist group Follow This, asked BP to detail its plan for protecting shareholder value if oil and gas demand declines in the long term. BP argued the resolution was excluded because it “did not conform to legal requirements” after taking legal advice.

LGIM, one of BP’s largest institutional investors, has already joined the protest. The asset manager announced its intention to vote against Manifold, who has been in the post since October, for the same reasons. The AGM will take place on 23 April.

Shell’s (SHEL) first-quarter trading update was coloured by events in the Middle East. The group guided for a 5 per cent midpoint reduction in integrated gas volumes to 880-900 thousand barrels of oil equivalent per day (kboe/d) as Qatari output waned in line with the deteriorating security situation.

Upstream (liquids) production saw a similar decline, with output expected between 1,760-1,860 kboe/d. Volumes here may have been temporarily affected by the joint venture agreement between Shell and Norway’s Equinor to combine their offshore UK oil and gas operations through the launch of a newly formed company – Adura.

The group’s trading results in its chemicals and products business, which include the oil trading desk, are expected to be “significantly higher”, with profit margins and utilisation rates within the chemicals segment up appreciably on the final quarter of 2025.

However, “unprecedented” volatility in commodity pricing and its impact on inventory and receivables has resulted in a marked working capital outflow through the quarter. Meanwhile, non-cash net debt is expected to be impacted by a $3-4bn (£2.2-£3bn) increase in variable components of long-term shipping leases.

Average UK house prices fell 0.5 per cent in March to ÂŁ299,677, according to Halifax. This was 0.8 per cent higher than at the same point in 2025, and followed 0.3 per cent price growth in February.

“The recent slowdown in the housing market reflects the wide uncertainty regarding the conflict in the Middle East,” said Amanda Bryden, head of mortgages at Halifax.

Bryden noted that rising mortgage rates and falling confidence were “dampening the initial momentum in the market seen at the start of the year”, adding that the long-term impact “will largely depend on how long‑lasting these pressures prove to be”.

Today’s ceasefire announcement may therefore restore some confidence to the market.

Shares in construction, building materials and housebuilding companies rose sharply in early trading in response to the announcement of a ceasefire in the Middle East.

The FTSE 350 Construction & Materials index rose 6 per cent in early trading, outpacing 3 per cent gains in the wider FTSE 350, while the FTSE 350 Household Goods and Home Construction rose as much as 9 per cent.

Housebuilders had been one of the weakest performing sectors since the onset of the conflict, with the index falling as much as 30 per cent.

Among individual stocks in the sectors, troubled housebuilder Vistry (VTY) was the biggest gainer, with shares rising as much as 16 per cent, while peer Persimmon’s (PSN) shares surged 10 per cent. Ibstock (IBST) and Marshalls (MSLH), having both previously warned of a difficult trading environment in 2026, also saw double-digit gains.