1st May 2025 11:57
(Alliance News) - The FTSE 100 was marginally lower at midday on Thursday, following news that the UK manufacturing sector continues to contract.
The S&P Global UK manufacturing purchasing managers' index picked up to 45.4 points in April from 44.9 in March, topping the 44.0 flash estimate. New business for UK manufacturers meanwhile slid for the seventh month in succession in April, and business optimism slumped to a 29-month low.
"Panellists reported that rising economic and trade uncertainties [including prospective US tariffs] had drained confidence from both consumer and business-to-business clients, resulting in an increased reluctance to commit to new contracts," S&P Global said."
The FTSE 100 index was down 0.60 points at 8,494.25. The FTSE 250 was up 123.39 points, 0.6%, at 20,007.98, and the AIM All-Share was up 4.38 points, 0.6%, at 695.10.
The Cboe UK 100 was up 0.4% at 846.74, the Cboe UK 250 was up 0.8% at 17,530.19, and the Cboe Small Companies was up 0.3% at 15,316.22.
On the FTSE 100, Schroders gained 2.2%.
The London-based wealth and asset manager said assets under management declined by 2.6% on-quarter to GBP758.4 billion on March 31. This was partly due to GBP7.4 billion in net outflows, which Schroders said was entirely due to GBP8.5 billion in net outflows from joint ventures and associates, reflecting money market outflows in China.
"In a challenging external environment, we are actively managing the areas of our business we can control, taking action on costs while continuing to invest in key areas of strength," says Chief Executive Richard Oldfield. "By simplifying, scaling and delivering effectively, we will return our business to profitable growth."
Endeavour Mining rose 4.2%.
The West Africa-focused gold producer said first-quarter net earnings attributable to shareholders surged to USD173.2 million, swinging from a USD20.2 million loss a year before.
Gold output rose to 341,000 ounces from 219,000 ounces, while total revenue more than doubled to USD1.04 billion. Adjusted earnings before interest, tax, depreciation and amortisation rose 12% on-quarter to USD613 million, with record free cash flow of USD409 million in the period.
"We delivered another quarter of exceptional operational performance, placing us firmly on track to achieve our full-year guidance," said Chief Executive Officer Ian Cockerill.
Distil continued to lead AIM, up 47% after Graham Cooley increased his stake in the London-based owner of premium alcoholic drinks brands to 18.10% from 17.27%.
Veterinary services company CVS Group rose 13%, while on the FTSE 250 index Pets at Home rose 2.4%, after the UK Competition & Markets Authority published a working paper outlining potential remedies linked to its investigation into household pet veterinary services.
Remedies under consideration include requiring vet practices to publish information like prices of common veterinary services and products, and the creation and maintenance of a comparison website.
Totally on the other hand lost 63%.
The healthcare services provider announced plans to conduct a strategic review with options on the table including sales of one or more subsidiaries, and receiving strategic investment.
For the year ended March 31, Totally previously announced in February that it expected to report GBP85.0 million revenue and GBP3.5 million in Ebitda. This outlook "has now reduced" due to "a combination of factors", and its current estimates forecast Ebitda between breakeven and GBP2.0 million.
In other UK news, mortgage approvals totalled 64,300 in March, down from around 65,100 in February and below the FXStreet cited consensus of 64,800. The 'effective' interest rate, the actual interest paid on newly drawn mortgages, decreased by 3 basis points to 4.50% in March from 4.53% in February.
Approvals for remortgaging, by contrast, increased by 1,000 to 33,400 in March.
In European equities on Thursday, the CAC 40 in Paris and the DAX 40 in Frankfurt are closed for Labor Day.
The pound was quoted lower at USD1.3332 at midday on Thursday in London, compared to USD1.3357 at the equities close on Wednesday. The euro stood at USD1.1328, lower against USD1.1365. Against the yen, the dollar was trading higher at JPY144.29 compared to JPY142.66.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.8%, the S&P 500 index up 1.2%, and the Nasdaq Composite up 1.7%.
Tesla, up 0.6% pre-market, denied a newspaper report claiming that its board of directors has begun searching for a successor for Chief Executive Elon Musk.
In a statement posted on X, the social media platform owned by Musk, Tesla Chair Robyn Denholm wrote: "Earlier today, there was a media report erroneously claiming that the Tesla board had contacted recruitment firms to initiate a CEO search at the company. This is absolutely false (and this was communicated to the media before the report was published)." The board remains "highly confident" in Musk, she added.
The report also claimed the board had urged Musk to devote more attention to Tesla and to make that commitment public, which Denholm did not address.
Also, AFP reported that sales of Tesla cars in France plunged 59% in April. Registrations fell 44% on-year to 7,556.
In Asia on Thursday, the Nikkei 225 index in Tokyo closed up 1.1%. The S&P/ASX 200 in Sydney closed up 0.2%.
Meanwhile, South Korea's technology exports soared last month as companies stockpiled in anticipation of US President Donald Trump potentially imposing steep tariffs.
Trump suspended 25% levies on imports from South Korea - among other countries - but has threatened to reimpose them in July once a 90-day freeze ends.
Shipments of chips, South Korea's biggest export, rose 17.2%, the largest jump in four months and the highest ever for the month of April, according to the trade ministry. Also booming were wireless communication devices including smartphones and biopharmaceutical products, with increases of 26.5% and 21.8%, respectively.
Brent oil was quoted lower at USD59.41 a barrel at midday in London on Thursday from USD62.60 late Wednesday.
Gold was quoted lower at USD3,224.64 an ounce against USD3,308.91.
Still to come on Thursday's economic calendar, US data releases include manufacturing PMI and initial jobless claims.
By Emma Curzon, Alliance News reporter
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