The FTSE 100 traded 12.33 points higher at 10,598.24 on Wednesday, defying cooler-than-expected UK inflation data that boosted the likelihood of near-term Bank of England rate cuts. Investors weighed rising oil prices and ongoing US-Iran tensions, with Brent crude futures surging 3.53% to $94.22 per barrel and US West Texas Intermediate (WTI) gaining 3.53% to $87.32 per barrel.
Gainers and Losers
Top gainers:
- Endeavour Mining: +2.34% to £36.37
- Fresnillo: +1.29% to £25.99
- Shell: +1.15% to £32.92
- Admiral Group: +1.13% to £35.78
- Reckitt Benckiser: +0.75% to £49.75
- AstraZeneca: +0.45% to £125.48
Top decliners:
- Games Workshop Group: -2.43% to £196.50
- London Stock Exchange Group: -1.86% to £84.40
- Halma: -1.72% to £35.54
- Experian: -1.52% to £26.59
- Next: -1.51% to £147.25
- Pershing Square Holdings: -0.95% to £37.54
Mulberry Narrows Losses
Mulberry reported a sharp reduction in annual losses and a return to revenue growth, with trading accelerating into the new financial year. Pre-tax losses narrowed to £8.9 million from £32.2 million, as revenues grew 4% to £125.5 million. Growth accelerated to 11% in the second half. The company swung to positive EBITDA of £0.8 million, compared with a £16.8 million loss a year earlier.
Bloomsbury Expects Cash from Anthropic Settlement
Bloomsbury, the publisher of Harry Potter, expects a significant payout from the $1.5 billion settlement paid by Anthropic following a copyright dispute. The firm will receive $3,000 for each of its 14,087 books included in the claim, putting it in line to take as much as $42 million (£32 million). Settlement payments will begin in the second half of this financial year. Bloomsbury shares jumped 1.5% to £652 at Wednesday’s market open.
Fresnillo’s Gold Production Declines
Fresnillo reported a decline in gold production in the first half of the year, despite an increase in the second quarter. The miner saw a 7.3% fall in production in the six months to end of June, while second-quarter volumes were up 13.8% compared to the first quarter. The firm stated it will continue to focus on efficiency, cost control, and consistent volume performance. Fresnillo shares have fallen by almost a quarter since the start of the year.
Global Market Overview
In the US, stocks closed sharply higher, with semiconductor stocks leading the Nasdaq to a 1.3% gain to 25,837. The S&P 500 rose 0.9% to 7,509, and the Dow Jones added 0.7%. In Asia on Wednesday, Tokyo’s Nikkei 225 fell 0.18% to 66,115.6, while China’s Shanghai Composite advanced 0.07%. Hong Kong’s Hang Seng fell 1.13%, and South Korea’s Kospi gained 0.74%. In India, both the Nifty 50 and the Sensex fell by 0.84% and 0.97%, respectively.