28th Oct 2025 12:17
(Alliance News) - Stock prices in London were mixed at midday on Tuesday, as the FTSE 100 hit a new record but the FTSE 250 index underperformed.
The FTSE 100 index was up 14.40 points, 0.2%, at 9,668.22. The FTSE 250 was down 84.22 points, 0.4%, at 22,427.26, and the AIM All-Share was down 3.44 points, 0.5%, at 768.96.
Earlier on Tuesday, the blue-chip index hit an intra-day high of 9,672.63 points.
The Cboe UK 100 was up 0.2% at 966.01, the Cboe UK 250 was down 0.5% at 19,507.97, and the Cboe Small Companies was 0.2% lower at 17,661.24.
In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was 0.2% lower.
"Signs of easing inflation in British shops helped further improve the mood of investors and saw the FTSE 100 post a new record level in early trading on Tuesday," said AJ Bell investment director Russ Mould.
UK shop price inflation slowed but fresh food inflation sped up in October, data published by the British Retail Consortium and NielsenIQ showed.
Annual shop price inflation was 1.0% in October, slowed from 1.4% in September and below the three-month average of 1.1%.
Notably, non-food prices fell 0.4% on-year in October, accelerated from a decline of 0.1% in September and in line with the three-month average of a fall of 0.4%.
AJ Bell's Russ Mould added: "Results from some of the big names which dominate the US market will likely dictate whether the market can extend its recent momentum into November as will the Federal Reserve's latest decision on interest rates tomorrow.
"A cut is widely expected but, with most US data releases paused thanks to the shutdown in Washington, the Federal Reserve's ability to make an informed decision is impaired."
Sterling was at USD1.3312 at midday on Tuesday, down from USD1.3331 at the London equities close on Monday. The euro was higher at USD1.1657 from USD1.1639. Against the yen, the dollar was lower at JPY152.05 versus JPY153.04.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.4%, while the S&P 500 index and Nasdaq Composite were called 0.1% higher.
The yield on the 10-year US Treasury narrowed to 3.98% on Tuesday from 4.02% on Monday. The yield on the 30-year was at 4.55%, slimmed from 4.59%.
In London, Airtel Africa led the FTSE 100 and climbed 9.3%.
The firm, which operates telecommunications and mobile money services in Africa, said it will increase investment to build on the improved sales, earnings and customer numbers reported in the first half of the financial year.
Pretax profit ballooned to USD656 million in the half year to September 30 from USD178 million the year prior.
Earnings before interest, tax, depreciation and amortisation increased 33% to USD1.45 billion from USD1.09 billion a year ago at a Ebitda margin of 48.5%, improved from 45.8%.
The dividend was increased by 9.2% to 2.84 cents per share from 2.60 cents.
"A combination of higher data and mobile money usage and more favourable currency movements, a significant factor given the company's geographic focus, helped underpin the strong numbers," said AJ Bell analyst Russ Mould.
"A meaningful increase in the dividend indicates confidence in the outlook, as does a plan to boost capital expenditure."
Spirax shares were 3.4% higher.
UBS raised its rating for the industrial engineering company to 'buy' from 'neutral', and hiked its price target to 10,500 pence from 7,500p.
Goodwin led the way on the FTSE 250 index, and climbed a further 9.2%, after storming 33% higher on Monday when it announced a special dividend and said it expects its annual profit to double.
C&C Group shares were down 3.8% as it said profit rose in the first half of the year despite lower revenue.
The Dublin-based beer, cider, wine, spirits and soft drinks maker said pretax profit increased by 57% to EUR25.8 million in the six months to the end of August from EUR16.4 million a year prior, as operating costs were reduced EUR790.0 million from EUR832.9 million.
Net revenue fell 4.1% to EUR825.7 million from EUR861.4 million. C&C said the decline was due to the transfer of Budweiser Brewing Group volume in Ireland.
Revenue jumped 26% to USD2.98 billion from USD2.37 billion and basic earnings per share multiplied to 8.3 US cents from 0.8 cents.
On the AIM index, Idox jumped 26% as it agreed to be bought by a newly-formed company indirectly owned by investment funds of Long Path Partners, a privately-owned investment firm.
Under the deal, Idox shareholders will receive 71.5 pence per share, 27% higher than Monday's closing price of 56.40p. It valued Idox's share capital at GBP339.5 million.
Diales shares climbed 11%.
The consultancy for the construction and engineering industries said it expects revenue from continuing operations for the 12 months to the end of September to fall slightly to GBP42.6 million from GBP43.0 million a year ago.
The firm expects underlying operating profit to increase in financial 2025, in line with guidance of not less than GBP1.3 million, compared to GBP1.2 million a year prior.
"Despite significant headwinds in the global economy, I am pleased to report that Diales continues to make good progress," said Chief Executive Officer Mark Wheeler. "There is a strong pipeline of new business leads across our key markets which signals a good start to [financial 2026]. We anticipate strong demand for our expert services and operational improvements from our ongoing IT investment, to further strengthen shareholder returns."
Shares in Resolute Mining were down 12%.
The Africa-focused gold miner said gold production in the third quarter to the end of September was down at 59,857 ounces from 75,962 ounces in the second quarter. The firm said the lower output was due to the first full quarter of stockpile processing at a site and the impact of rainy season on both sites.
The firm trimmed its 2025 gold output guidance to between 275,000 and 285,000 ounces from between 275,000 and 300,000.
"2025 continues to be a transformational year across the business as we optimise our producing assets and execute on building a diverse Africa-focused gold producer," said CEO Chris Eger. "Moving into final quarter of 2025, I am confident of a stable end to the year and that the company is well-positioned for positive performance in 2026."
Gold was lower at USD3,922.70 an ounce at midday on Tuesday from USD3,993.32 late Monday. Brent oil was trading lower at USD64.16 a barrel from USD65.99.
By Michael Hennessey, Alliance News reporter
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Airtel AfricaSpirax-SarcoGoodwinC&C GroupIdox GroupDiales GroupResolute Mining