13th Nov 2025 12:25
(Alliance News) - Stock prices in London were lower at midday on Thursday, with the FTSE 100 lagging behind its European peers as weak corporate updates and ex-dividend shares offset gains elsewhere.
The FTSE 100 index was down 53.32 points, 0.5%, at 9,857.51. The FTSE 250 was down 28.76 points, 0.1%, at 22,106.03, and the AIM All-Share was down 3.12 points, 0.4%, at 760.04.
The Cboe UK 100 was down 0.3% at 985.94, the Cboe UK 250 was flat at 19,150.55, and the Cboe Small Companies was up 0.1% at 17,968.91.
The London-listed equities lagged continental Europe on Thursday, weighed by earnings from 3i and Aviva, which ranked as the top two losers, down 15% and 4.6% respectively.
Earnings from 3i and Aviva are dragging the index down, with the top two losers down 15%, 4.6% respectively.
A number of ex-dividend stocks also acted as heavy drags on the index, including supermarket chain Sainsbury and Coca-Cola Europacific Partners, down 3.9% and 1.4%.
"The FTSE 100 was held back in its latest attempt to make the 10,000 summit by some shares trading ex-dividend and some poorly received corporate updates," says AJ Bell investment director Russ Mould.
In European equities on Thursday, the CAC 40 in Paris was up 0.6%, while Frankfurt's DAX 40 slipped 0.4%.
Eurozone industrial output came in much weaker than expected in September, Eurostat reported. Production rose just 0.2% month-on-month, after August's 1.1% fall, and far below the FXStreet-cited 0.7% consensus.
Greece saw the strongest monthly gain at 4.8%, while Ireland posted the biggest decline at 9.4%.
Industrial output climbed 0.2% monthly in September, after a decline of 1.1% in August, and much weaker than FXStreet-cited consensus for 0.7% growth. August's fall was revised up from 1.2%.
The best monthly growth in the eurozone was in Greece with 4.8%, while the worst fall was in Ireland with 9.4%.
"Germany is largely responsible for this weakness, while prospects in other major economies appear brighter," said Oxford Economics, pointing that delayed tariff effects and Chinese competition would continue to weigh on the sector.
"Despite the recent upturn in surveys, we do not expect Eurozone industrial output to stage a meaningful short-term rebound," added Oxford Economics.
The pound was quoted at USD1.3146 at midday in London, higher compared to USD1.3134 late Wednesday. The euro stood at USD1.1608, up against USD1.1592, while the dollar was trading at JPY154.72, down a bit compared to JPY154.74.
Weak UK GDP figures also pressured sterling.
The pound fell against the euro to EUR1.1326 from EUR1.1346 at midday Wednesday, extending losses from earlier in the week after disappointing unemployment data.
UK GDP grew just 0.1% in the third quarter, below the 0.2% consensus, with September GDP down 0.1% and slowing from 0.3% growth in the previous quarter.
The reading missed the FXStreet-cited consensus forecast for 0.2%, and marked the final reading before Chancellor Rachel Reeves delivers her budget later this month.
Victoria Scholar, Head of Investment, interactive investor said: "The UK economy has been decelerating from the previous two quarters, piling yet more pressure on the Chancellor Rachel Reeves as she prepares to outline the extent of her tax increases in the autumn budget at the end of the month.
"For the Bank of England, today's bleak growth figures provide further support for a rate cut next month. Next week's inflation data will be very closely watched and will help the MPC decide ultimately whether or not to loosen monetary policy in December."
In the US, futures showed little reaction to the official end of the largest-ever government shutdown.
Stocks in New York were called mixed, with the Dow Jones Industrial Average seen up 0.1%, the S&P 500 marginally lower, and the Nasdaq Composite flat.
The yield on the US 10-year Treasury was quoted at 4.10%, widening from 4.07%. The yield on the US 30-year Treasury was quoted at 4.68%, widening from 4.67%.
Brent oil fell sharply, quoted at USD63.09 a barrel at midday in London from USD65.19 late Wednesday.
Lower prices weighed on London-listed energy names, with Shell down 1.3% and BP down 1.7%. Serica dipped 2.6% and Harbour Energy slipped 0.6%.
Following top gainer Endeavour Mining, up 9.8%, Convatec and Burberry were also standout risers in the FTSE 100.
Convatec Group climbed 6.6% after saying it remains on track to meet full-year guidance and expects double-digit profit growth in 2026. Organic revenue rose 6.3% in the 10 months to October 31, excluding InnovaMatrix, or 5.0% on an organic basis including it.
The London-based medical products and technologies provider said organic revenue in the 10 months to October 31 has climbed 6.3%, when excluding the InnovaMatrix wound care offering. Including InnovaMatrix, revenue rose 6.2% on a report basis, and 5.0% organically.
British luxury fashion label Burberry rose 7.1% after reporting a narrowed pretax loss of GBP48 million, compared with GBP80 million a year before, alongside reduced costs. Revenue fell 5% to GBP1.03 billion, but the company said it remains in the "early stages" of its turnaround.
The company said: "We are still in the early stages of our turnaround, and the macroeconomic environment remains uncertain. Our focus this year is to build on the early progress we have made in reigniting brand desire, as a key requisite to growing the topline."
Rolls-Royce slipped 0.7% despite saying strong third-quarter performance "builds further confidence" in meeting full-year targets.
The London-based manufacturer of jet engines and power turbines predicts full-year 2025 underlying operating profit between GBP3.1 billion and GBP3.2 billion and free cash flow between GBP3.0 billion and GBP3.1 billion.
On the FTSE 250, Keller Group rose 5.3% as the engineering firm said it is on track for annual results in line with expectations, praising an "improved operational performance" despite tough conditions.
At the bottom of the index, Avon fell 4.6% even after Barclays lifted its price target to 1,990p from 1,910p, maintaining 'equal weight'.
Among smaller caps, PetroTal plunged 32% after suspending its quarterly dividend due to project delays and reporting lower third-quarter net income.
Chief Executive Officer Manuel Pablo Zuniga-Pflucker said the firm is facing "a number of challenges" as it finalises its 2026 budget.
"Most notably, we continue to experience delays in the resumption of our development drilling program, and as a result our production volumes are expected to decline throughout [the first half of 2026]."
Gold was quoted at USD4,229.50 an ounce, up from USD4,184.48.
On the economic calendar, the US Labor Department has been urged to prioritise releasing November employment and CPI reports, delayed by the government shutdown. The data had originally been scheduled for publication today.
By Eva Castanedo, Alliance News reporter
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