Just Eat dips as Deliveroo gains pace

JUST Eat Takeaway shares were off the menu for City investors today, despite the food delivery firm getting a boost from bigger spending UK customers.

The London and Amsterdam-listed stock dipped 5% or 56p to 1140p after its first quarter update showed order numbers slightly below expectations.

European gross transaction value still rose 3% on a constant currency basis to 4.2 billion euros (£3.6 billion), fuelled by a jump of 11% in UK and Ireland spending.

With few signs of a slowdown in the UK’s takeaway habit, investors had more appetite for Deliveroo shares after they rose 0.8p to 125.9p ahead of its own update tomorrow.

The reversal for Just Eat came in a robust session for the wider London market as sentiment steadied following yesterday’s global interest rate jitters.

The FTSE 100 index, which lost 1.8% by last night’s close in its worst performance for nine months, put back 0.4% or 34.58 points to 7854.94.

Commodity stocks drove the improvement, with gold miner Fresnillo the best performer after a gain of 21.5p to 606p and Anglo American up 3% or 72p to 2167p.

Rio Tinto improved 143p to 5397p as it reiterated full-year guidance in the wake of a 2% drop in first quarter iron ore production from its Pilbara assets in Western Australia. It also reported stronger output for its bauxite and aluminium businesses.

Gambling group Entain was also on the FTSE 100 risers board, up 3% or 26p to 832.2p after it reported a “successful” Super Bowl for its BetMGM joint venture in the United States.

Safer gambling regulatory changes left first quarter revenues 7% lower in the UK and Ireland, meaning the Ladbrokes owner posted an overall performance in line with hopes.

The FTSE 250 index recovered from a slow start to stand 92.59 points higher at 19,437.13, aided by demand for the shares of Wizz Air through a jump of 4% or 73p to 2032p.

Among smaller stocks, record 2023 revenues and a return to profitability helped the eyewear manufacturer Inspecs rally off recent lows with a surge of 9% or 4.4p to 51.4p.