The FTSE 100 opened 16.72 points lower at 10,700.25 on Wednesday, pulling back after a sharp rally that pushed the index to a 20-week high of 10,716.97. The decline came as oil prices continued to climb, with Brent crude futures jumping 3.36% to $97.23 per barrel and US West Texas Intermediate (WTI) gaining 2.75% to $89.22.
Gainers & Losers
On the upside, Segro led the gainers with a 7.06% rise to 958.20p. Anglo American advanced 4.93% to 3,703p, while 3i Group rose 2.98% to 2,628p. RELX gained 2.61% to 2,518.00p, BP climbed 2.32% to 551.80p, and Tritax Big Box REIT added 1.84% to 171.90p.
On the downside, Whitbread fell 3.14% to 2,379p. Endeavour Mining declined 2.49% to 3,650p, while London Stock Exchange Group slipped 1.34% to 8,566p. AstraZeneca dropped 1.26% to 12,542.00p, Games Workshop Group eased 0.90% to 19,920p, and Lion Finance Group edged 0.69% lower to 11,520p.
Mixed Numbers from Centrica
Centrica hiked its interim dividend by 9% despite lower first-half profits, as energy-market volatility slowed progress in parts of the British Gas owner’s business. Underlying earnings (EBITDA) of £737 million were reported for the six months to June, down 18% year-on-year. Statutory profit before tax swung to £672 million from a £43 million loss.
Burnham to Cut Pub Business Rates
Andy Burnham announced a 20% cut to business rates for pubs, clubs, and music venues, funded by cracking down on businesses like vape shops and tax-avoidant online sellers. The £100 million commitment follows a campaign by hospitality venues after tax bills soared due to Rachel Reeves’ Autumn Budget last year.
EasyJet Profits Decline
EasyJet reported a 70% fall in third-quarter profit, with headline profit before tax of £85 million for the three months to June, down from £286 million a year earlier. The Middle East conflict kept fuel costs elevated and affected bookings. Group revenue advanced 2% to £2.98 billion, but fuel costs jumped 17% to £732 million.
Jupiter’s Net Inflows Continue
Jupiter’s net inflows and profit jumped despite the loss of two mandates. Net inflows reached £700 million in the first half of the year, driven by momentum in retail, wholesale, and investments. Assets under management (AUM) rose 36% to £73.7 billion, supported by the acquisition of CCLA. Revenue grew 39% to £213.3 million.
Global Market View
In the US, the Nasdaq and S&P 500 fell 0.6% and 0.1%, respectively, while the Dow Jones finished little changed. In Asia, Tokyo’s Nikkei 225 rose 0.46% to 66,422.6, and China’s Shanghai Composite gained 0.25%. Hong Kong’s Hang Seng advanced 1.09%, and South Korea’s Kospi rose 4.4%. In India, the Nifty 50 and the Sensex fell 0.49% and 0.56%, respectively.