22nd Apr 2026 12:18
(Alliance News) - Stock prices in London were mixed at midday on Wednesday amid choppy trading, as investors continued to weigh mixed messages coming out of the conflict in the Middle East.
The FTSE 100 index was down 1.75 points at 10,496.34. The FTSE 250 was up 36.65 points, 0.2%, at 23,008.37, and the AIM all-share was up 0.72 points, 0.1%, at 809.15.
The Cboe UK 100 was slightly higher at 1,046.57, the Cboe UK 250 was up 0.1% at 20,116.20, and the Cboe small companies was 0.2% higher at 18,309.50.
In European equities on Wednesday, the CAC 40 in Paris was down 0.3%, while the DAX 40 in Frankfurt was 0.2% lower.
Sterling was at USD1.3516 at midday on Wednesday, up from USD1.3507 at the London equities close on Tuesday. Against the euro, sterling was slightly higher at EUR1.1505 from EUR1.1498.
The euro was a little higher at USD1.1749 from USD1.1747. Against the yen, the dollar was lower at JPY159.22 versus JPY159.43.
"The FTSE 100 was steady after an extension to the ceasefire between the US and Iran," said AJ Bell analyst Russ Mould.
US President Donald Trump extended a ceasefire with Iran to allow more time for talks, claiming the Islamic republic was "collapsing financially" because of the blockade of the Strait of Hormuz.
Trump said he had pushed back the end of the two-week truce following a request by Pakistani mediators and to give Iran's "fractured" leadership time to form a proposal.
AJ Bell analyst Russ Mould added: "Mixed messages from Donald Trump, and an insistence that a US blockade of Iran will continue, mean investors are still playing a guessing game. Suggestions from the Iranian side that they will not attend today's talks in Pakistan and an attack on a container ship off Oman add to the fog of uncertainty."
An Iranian gunboat fired at a container ship off the coast of Oman, while a ship off Iran was also fired upon, a British maritime security agency said.
But Iranian news agency Tasnim said the ship had "ignored warnings from Iran's armed forces".
In a separate incident, a cargo ship eight nautical miles west off Iran was fired upon and stopped in the water.
Brent oil was trading higher at USD99.10 a barrel on Wednesday morning from USD98.03 on Tuesday.
Scope Markets analyst Joshua Mahony said: "With the decision to avoid any hard deadline this time around, there is a feeling that the chance of additional conflict could be easing."
Meanwhile, investors continue to weigh a rise in headline UK inflation to 3.3% in March.
"Unsurprisingly transport costs and rising fuel prices brought the biggest upward contributors, with more of the same expected in April," Mahony said.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.5%, the S&P 500 index 0.6% higher, and the Nasdaq Composite to rise 0.7%.
The yield on the US 10-year Treasury was quoted at 4.28% on Wednesday, slimmed from 4.30% on Tuesday. The yield on the US 30-year Treasury was quoted at 4.89%, narrowed from 4.91%.
Back in London, shares in Fresnillo rose 1.7%.
The gold and silver miner said attributable silver production - excluding Silverstream, which ended in the fourth quarter of 2025 - was 11.1 million ounces in the first quarter, down 8.5% from 12.2 million in the fourth quarter and down 6.5% from 11.9 million a year before.
Attributable gold production was 136,074 ounces, up 0.7% from 135,192 in the fourth quarter but down 13% from 156,105 a year before. Fresnillo maintained its prior gold and silver production guidance.
JD Sports Fashion shares were down 2.6% as it said Andrew Higginson will step down as chair at JD Sports' annual general meeting on July 21, having held the role since 2022.
Non-Executive Director Darren Shapland will become interim chair after the AGM, and Senior Independent Director Kath Smith will lead the search for a permanent successor.
AJ Bell analyst Dan Coatsworth said: "Are we about to see a changing of the guard across JD Sports? When one of the top people go from a company with a weak share price, it's common to see others follow suit and fresh leadership brought in across the board."
Shares in Croda International were 1.4% higher after it reported lower first-quarter sales, but maintained full-year guidance on the back of constant-currency growth.
The Yorkshire, England-based speciality chemicals maker booked GBP431 million in sales for the three months ended March 31, down 2.5% from GBP442 million a year prior, but up 1% at constant exchange rates.
"We are actively and responsibly managing the impact of the conflict, increasing prices to fully recover input cost inflation," the company said.
The company backed its 2026 outlook, with it continuing to expect organic sales growth within its 3% to 6% range. It also anticipates growth in its adjusted operating margin, as well as adjusted operating profit in line with market expectations at constant currency.
Ferrexpo shares sank 21% as it warned that failure to complete a proposed fundraise could see shareholders losing the "entire value of their investment."
Ferrexpo said it believes an equity capital raise is currently the "only viable solution" in the timeframe required.
Ferrexpo said it has sufficient cash until around the end of August, while a proposed fundraise of USD100 million would meet short-term operational requirements, while operating at a reduced level, for the next 18 months.
Net cash at April 17 stood at just USD20 million compared to USD101 million at the end of 2024.
On the AIM market, shares in TPXimpact jumped 15%.
The technology-enabled services company said it is trading ahead of recently upgraded guidance.
For the financial year to the end of March 2026, it expects to report revenue of around GBP78.1 million, up from GBP77.3 million a year ago.
It sees adjusted earnings before interest, tax, depreciation and amortisation up 54% at GBP8.6 million from GBP5.6 million, with a margin of 11% compared to 7.3%.
"I am delighted by the performance of the business during the last financial year, which provides a positive conclusion to our three-year turnaround plan," said Chief Executive Officer Bjorn Conway.
Gold was higher at USD4,756.70 an ounce at midday on Wednesday from USD4,744.11 late Tuesday.
Still to come on Wednesday's economic calendar is eurozone consumer confidence data.
By Michael Hennessey, Alliance News reporter
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