MARKET REPORT: Futures stocks plummet after shock departure of boss

Shares in magazine publisher Future fell to their lowest level in five months after its boss resigned after 18 months in office.

In an update that surprised investors, the FTSE 250 company said Jon Steinberg plans to resign next year to return to the US with his family.

The publisher of Country Life, Homes & Gardens, FourFourTwo and Marie Claire announced that they have started the hunt for a successor.

Analysts at Peel Hunt said Steinberg’s departure “will cast a shadow over the investment case until a successor is found.”

Shares in Future fell 19.3 per cent, or 189.5p, to 794.5p. That was the lowest level since May.

Steinberg, the former CEO of DailyMail.com in North America who has also worked for BuzzFeed and Google, took over in April last year following the departure of long-term boss Zillah Byng-Thorne.

“Future’s CEO didn’t last long in this role,” said Russ Mould, investment director at broker AJ Bell. “Investors view this as a bad sign and will wonder why Steinberg doesn’t stick around. Has he noticed any problems along the way or has he simply been given a better opportunity elsewhere?’

The FTSE 100 fell 0.3 percent, or 26.88 points, to 8,358.25 and the FTSE 250 rose 0.2 percent, or 48.66 points, to 21,149.58. China-focused stocks gained despite a slowdown in the world’s second-largest economy. Official figures show output rose 4.6 percent in the third quarter of the year – the slowest pace since early 2023. But investors remain hopeful that Beijing’s efforts to revive the economy will pay off.

Asia-focused Prudential rose 2.8 percent, or 18.6 cents, to 673.4 cents, and luxury goods giant Burberry gained 0.5 percent, or 3.4 cents, to 691 cents.

Miners also rose on hopes of renewed demand for raw materials from China. With gold, iron ore and copper prices higher, Anglo American rose 1.8 percent, or 42 cents, to 2,379.5 cents, Rio Tinto rose 1 percent, or 49.5 cents, to 4,995.5 cents, and Antofagasta gained 1.5 percent, or 26.5 cents. , at 1829p, Glencore added 1.4%, or 5.5p, to 408.7p and Fresnillo closed 2.7 percent, or 18.5p, better at 703p.

Frasers Group, the retail empire controlled by Sports Direct tycoon Mike Ashley, urged Mulberry to give “due consideration” to its 150p one share takeover offer. Frasers submitted a £111m bid for the troubled British handbag maker last week, but noted yesterday that ‘it has yet to receive formal feedback from Mulberry’s board’ on the proposal.

Frasers also said it has “attempted to engage” with investment vehicle Challice, which owns 56 percent of Mulberry. Challice has said it has “no interest” in selling to Frasers, Mulberry’s second-largest shareholder with 37 percent.

In a separate takeover situation, Frasers said it would vote in favor of Joshua Alliance’s takeover of fashion group N Brown.

Frasers owns 20 percent of N Brown, with brands including Simply Be and JD Williams.

Frasers shares rose 0.5 per cent, or 4p, to 825.5p, Mulberry added 2 per cent, or 2.5p, to 130p and N Brown rose 1 per cent, or 0.4p, to 39.1p.