29th Apr 2026 12:18
(Alliance News) - Stock prices in London extended losses by midday Wednesday, as weakness among blue chips outweighed strength in smaller caps.
The FTSE 100 index was down 83.40 points, 0.8%, at 10,251.30. The FTSE 250 was down 18.54 points, 0.1%, at 22,371.06, and the AIM all-share was up 5.40 points, 0.7%, at 792.30.
The Cboe UK 100 was down 0.8% at 1,021.35, the Cboe UK 250 was down 0.3% at 19,437.24, and the Cboe small companies was up 0.9% at 18,137.73.
Energy markets remained unsettled. The United Arab Emirates is preparing to withdraw from the Organisation of the Petroleum Exporting Countries, or Opec, a move that weakens the oil cartel at a time when the Iran war continues to disrupt global energy markets.
The UAE's energy minister told CNN the timing reflected the effective closure of the Strait of Hormuz, which he said would limit the immediate impact on oil markets.
At the same time, mediators in Pakistan expect to receive a revised peace proposal from Iran in the coming days, after US President Donald Trump signalled he would reject an earlier version.
Brent oil was trading at USD107.21 a barrel early Wednesday, up from USD104.28 late Tuesday.
According to the Wall Street Journal, Trump has instructed US national security officials to prepare for a prolonged blockade of Iranian ports in an effort to pressure Tehran to abandon its nuclear programme.
The report said Trump doubts Iran is negotiating in good faith and aims to force it to halt uranium enrichment for 20 years and accept strict limits thereafter.
The pound was quoted at USD1.3512 midday Wednesday, compared with USD1.3505 on Tuesday. Against the euro, sterling rose to EUR1.1541 from EUR1.3505 a day earlier. The euro stood at USD1.1708, against USD1.1709. Against the yen, the dollar traded at JPY159.75 compared with JPY159.61.
In European equities on Wednesday, the CAC 40 in Paris was down 0.5%, while the DAX 40 in Frankfurt was marginally lower.
Sentiment data added to the cautious tone. Economic confidence in the eurozone deteriorated more sharply than expected in April, according to figures from the European Commission.
The economic sentiment indicator fell 3.2 points month-on-month to 93.0 in April, undershooting the FXStreet-cited consensus for a smaller decline to 95.3.
The employment expectations indicator dropped 4.6 points to 91.7.
Both readings remain below the long-term average of 100 for the period 2000 to 2025.
The Commission said the fall in sentiment across the EU was driven by sharply weaker consumer confidence, alongside declines among managers in services and retail trade. Confidence in construction and industry was broadly stable.
Back in London, DCC surged 14% to lead the FTSE 100 after confirming it is evaluating a potential takeover approach from US investment firms Energy Capital Partners and Kohlberg Kravis Roberts.
The company said it received an indicative all-cash proposal on Wednesday and is assessing it with its financial advisers following recent market speculation. It cautioned there is no certainty a firm offer will be made and urged shareholders to take no action for now. Under UK takeover rules, the bidders have until June 10 to announce a firm intention to make an offer or withdraw.
St James's Place fell 4.4% after reporting a quarterly decline in funds under management, while Next dropped 2.8% after Bank of America cut its price target to 14,400p.
Pharma company Haleon was down 2.6% after reporting broadly flat first-quarter revenue and reiterating its full-year growth outlook, as a weak flu season weighed on performance.
Revenue edged up 0.1% to GBP2.86 billion, with organic growth of 2.2%, slowing from 3.5% a year earlier due to weaker cold and flu demand. North America delivered 1.0% organic growth, although reported revenue fell 4.9% to GBP932 million.
On the FTSE 250, Ceres Power jumped 18%, extending its rally. The shares are now up 92% over the past month. Additionally, Goldman Sachs raised its price target to 670p from 530p.
Breedon Group gained 2.9% after reporting first-quarter trading in line with expectations.
Among smaller caps, Cindrigo Holdings soared 63% after securing a GBP6.7 million direct equity investment, while Treatt rose 46% after agreeing to a GBP183 million takeover by Dohler Group at 305p per share.
Quantum Data Energy plunged 30% after saying it will miss Thursday's deadline to publish its 2025 results following the unexpected resignation of its auditor, Crowe UK. The company is seeking a replacement to complete the accounts.
Halfords climbed 11% after saying the conflict in the Middle East is contributing to an uncertain macroeconomic backdrop, while forecasting financial 2026 profit around the upper end of expectations.
Physiomics rose 6.2% after confirming that Michael Whitlow, who had requisitioned a general meeting, has now been appointed executive director. The company had recommended voting against the resolutions, but said all resolutions were passed at the meeting.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 up 0.1%, and the Nasdaq Composite up 0.4%.
The yield on the US 10-year Treasury was quoted at 4.35%, narrowing from 4.36%. The yield on the US 30-year Treasury stood at 4.95%, narrowing from 4.96%.
Gold was quoted at USD4,567.46 at midday Wednesday, down from USD4,579.32 on Tuesday.
Still to come on Wednesday's economic calendar are Germany's CPI reading and US wholesale inventories, durable goods orders and building permits.
By Eva Castanedo, Alliance News reporter
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