28th May 2025 11:51
(Alliance News) - London stocks were mixed at midday on Wednesday ahead of policy meeting minutes from the US Federal Reserve at 1900 BST, and as oil prices begin to rise in the wake of potential US sanctions on Russia.
The FTSE 100 index was down 12.43 points, 0.1%, at 8,765.62. The FTSE 250 was up 39.62 points, 0.2%, at 20,978.20, and the AIM All-Share was up 1.04 points, 0.1%, at 740.95.
The Cboe UK 100 was down 0.2% at 873.55, the Cboe UK 250 was up 0.1% at 18,503.60, and the Cboe Small Companies was up 0.3% at 16,666.27.
In European equities on Wednesday, the CAC 40 in Paris faded 0.1%, while the DAX 40 in Frankfurt slipped 0.2%.
The pound was quoted down at USD1.3506 at midday on Wednesday in London, compared to USD1.3515 at the equities close on Tuesday. The euro stood slightly lower at USD1.1335, against USD1.1337. Against the yen, the dollar was trading marginally down at JPY144.21 compared to JPY144.22.
"The US Dollar was relatively stable on Wednesday after a rebound yesterday as markets await the FOMC Minutes due later today for further insight into policymakers' expectations. At the same time, the currency benefited from easing trade tensions and firm comments from Federal Reserve officials, although fiscal concerns could continue to weigh on the currency," commented Traze analyst Erkin Kamran.
"Tuesday's rebound in US consumer confidence provided support to the dollar. The Conference Board Consumer Confidence Index surged to 98.0 in May, signaling improving household sentiment and optimism around business and labor market conditions."
Pets at Home was the FTSE 250's top winner around midday, up 4.0%.
The Cheshire, England-based pet care firm reported pretax profit of GBP120.6 million in the financial year that ended March 27, up 14% from GBP105.7 million the year before. Revenue edged up 0.1% to GBP1.482 billion from GBP1.480 billion, while selling and distribution expenses were reduced by 2.7% to GBP451.2 million from GBP463.6 million.
Pets At Home declared an unchanged final dividend of 8.3 pence. The total dividend for the year was up 1.6% to 13.0p from 12.8p in financial 2024.
The company said its performance was hurt by a subdued UK consumer backdrop, a deflationary environment, and the "normalisation of new pet ownership" following a boom during the Covid-19 pandemic.
Pets At Home guides for group underlying pretax profit to fall to between GBP115 million and GBP125 million in financial 2026 from GBP133.0 million in financial 2025. This had been up 0.7% from GBP132.0 million in financial 2024.
Shearwater Group gained 8.1%.
The London-based cybersecurity advisory and managed security services group said its subsidiary, Brookcourt Solutions Ltd, has become one of the first UK organisations to receive ISO 42001 certification, which is the international standard for artificial intelligence management systems.
The ISO 42001 was developed in early 2024 by the International Organisation for Standardisation, in partnership with the International Electrotechnical Commission. It provides a framework for companies to manage artificial intelligence systems "responsibly, ethically, and effectively".
Brookcourt Solutions currently uses AI technologies in its sales and marketing operations.
"This achievement demonstrates Shearwater Group's ongoing commitment to pioneering cybersecurity standards and responsible AI use, reinforcing its position at the forefront of digital risk protection," said Shearwater.
At the other end, Jubilee Metals lost 8.1%.
The London-based metal processing company said it sold some assets from its non-core surface tailings portfolio for USD12.3 million, payable in tranches over the next 20 months.
Jubilee also said it has completed eight weeks of test work of high-grade copper ores at its Roan copper concentrator plant in Zambia. It ran several operational trials on previously secured copper run-of-mine materials.
The company has entered a long-term feedstock supply agreement at Roan, with production starting this week. Jubilee said it is excited to have commenced production under the new supply agreements and will provide clear guidance as soon as it has sufficient operational data under the supply agreement in the coming weeks.
Roan has set an immediate production target of 35,000 tonnes per month to 40,000 tonnes a month.
Stocks in New York were called lower. The Dow Jones Industrial Average and the S&P 500 index were called down 0.1%, while the Nasdaq Composite was called just marginally lower.
The yield on the US 10-year Treasury was quoted at 4.47%, widening from 4.46%. The yield on the US 30-year Treasury was quoted at 4.98%, widening from 4.96%.
Ukrainian President Volodymyr Zelensky has called for a three-way summit with Donald Trump and Vladimir Putin as he seeks to force Moscow to halt its three-year invasion.
"If Putin is not comfortable with a bilateral meeting, or if everyone wants it to be a trilateral meeting, I don't mind. I am ready for any format," Zelensky said in comments to journalists on Tuesday that were published on Wednesday.
The Ukrainian leader said he was "ready" for a "Trump-Putin-me" meeting, and also urged Washington to hit Moscow with a package of hard-hitting sanctions on its banking and energy sector.
The Kremlin, however, has rebuffed the call. Moscow said any meeting involving Russian President Putin and Zelensky would only happen after "concrete agreements" had been struck between negotiators from each side.
Putin rejected calls to meet Zelensky in Turkey earlier this month, and has repeatedly said he does not see Zelensky as a legitimate leader, calling for him to be toppled. The US president, meanwhile, has expressed frustration at both Putin and Zelensky for not yet striking a deal to end the war.
Brent oil was quoted higher at USD64.03 a barrel at midday in London on Wednesday from USD63.14 late Tuesday. Gold was also quoted higher, at USD3,320.04 an ounce against USD3,295.13.
"Crude oil futures continued to show some volatility and traded sideways over the last few days as traders reacted to changing expectations around supply and demand. The recent move by the US administration to block Chevron from exporting Venezuelan crude has tightened supply, providing some support to prices. Meanwhile, the prospect of further US sanctions on Russian energy exports continues to inject geopolitical risk, reinforcing crude potential for a rebound," said Naga.com analyst George Pavel.
Ministers of the OPEC+ oil alliance, led by Saudi Arabia and Russia, hold talks Wednesday to discuss their production levels as another hike looms despite falling prices.
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and six other members surprised markets recently by sharply raising output for May and June.
OPEC+ ministers are not expected to change the alliance's collective policy. Instead, a decision to accelerate output hikes in July is expected to be made by its leading members – known as the "V8" or "voluntary eight" – at a meeting on Saturday.
Such a decision, however, is not expected to have a major effect on oil prices.
Still to come on Wednesday's economic calendar, the US Richmond Fed manufacturing index at 1500 BST.
By Emily Parsons, Alliance News reporter
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