Tesla, Endeavour Mining, Unite Group, Vertu Motors and Marston’s
Shares in Tesla closed Tuesday’s session 4.5% in the red, after the electric vehicle (EV) maker unveiled its cheaper versions of its Model Y and Model 3 cars.
The new Model Y Standard is rear-wheel drive and will start at $39,990 (£29,808), while the Model 3 Standard comes in at $36,990.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Tesla’s announcement “landed with a dull thud for those dreaming of a game-changing new model”.
He said that the cheaper “standard” models were “achieved by stripping out premium features like glass roofs, rear screens, and some creature comforts – but this is cost-cutting, not reinvention”.
Read more: Stocks rise as gold climbs above $4,000 amid political crises in France, Japan and US
“Perhaps the more important headline, and one that went under the radar, wasn’t the cars at all – it was about software,” said Britzman, who holds shares in the company. “Tesla rolled out FSD v14, its biggest self-driving update in a year.
“For investors looking for fireworks, this wasn’t it. But for those watching the autonomy story, yesterday was another important step toward the future Tesla is betting on.”
After falling in the previous session, Tesla shares were up nearly 1% in pre-market trading on Wednesday.
At close: 7 October at 16:00:01 GMT-4
On the London market, gold producer Endeavour Mining (EDV.L) was the biggest riser on the FTSE 100 (^FTSE) on Wednesday morning, with its shares up 2.6%.
The rise came as the gold price (GC=F) surged to fresh highs, soaring past the $4,000 per ounce mark. Investors have been flocking to the precious metal, as it is considered to act as a safe haven amid uncertainties such as the government shutdown in the US.
Neil Wilson, UK investor strategist at Saxo Markets, said: “Inflation, soaring debt, government spending … time to party like it’s like the 1970s. That means you should hold more gold than usual, according to Bridgewater founder Ray Dalio. Gold is the ‘most fundamental’ harder currency, he argues.”
On the FTSE 250 (^FTMC), shares in Unite Group (UTG.L) slipped 5.6% on Wednesday, after a trading update from the student accommodation provider.
Unite said on Wednesday morning that 95.2% of its beds had been sold for the 2025/26 academic year, though this was down slightly from 97.5% in the previous year.
In addition, the company said that sales to date would deliver 4% rental growth for 2025/26, well down from 8.2% last year.
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