23rd Jan 2025 09:05
(Alliance News) - Stock prices in London opened mixed on Thursday, while investors reacted positively to an updated profit forecast from FTSE 250-listed Spectris.
"The FTSE 100 dipped a fraction at the open but is still flirting with all-time highs, bolstered by upbeat corporate updates in recent weeks," commented Hargreaves Lansdown's Matt Britzman. "Investors are still weighing Trump's tariff talk, though history suggests his bark often echoes louder than his bite. Across Europe, markets have hit the pause button on their recent rally, with hopes pinned on further ECB rate cuts to keep the party going."
The FTSE 100 index opened down 0.15 points at 8,544.98. The FTSE 250 was down 23.09 points, 0.1%, at 20,557.21, and the AIM All-Share was up 1.72 points, 0.2%, at 722.72.
The Cboe UK 100 was flat at 856.61, the Cboe UK 250 was down 0.2% at 17,934.44, and the Cboe Small Companies was up 0.1% at 15,787.82.
AB Foods was among the FTSE 100 losers, down 1.2%.
The Primark owner reported that first-quarter revenue fell 2.2% on-year at GBP6.73 billion. Sales in the UK & Ireland, which comprise about 45% of total sales, fell 4%.
"Primark continues to be the main story, bringing in around half of the group's revenue, but even here performance was varied across regions," said Hargreaves Lansdown analyst Aarin Chiekrie. Weak consumer sentiment, a strong comparative period, and unfavourable weather were all blamed for keeping Christmas shoppers from flocking to its stores in the UK, which saw the group lose market share and like-for-like sales fall 6.4% on home soil
Spectris led the FTSE 250, up 11%.
The precision instrumentation and controls supplier announced that it expects adjusted operating profit, for 2024, at the top end of analyst consensus's GBP183.3 million to GBP201.0 million forecast range.
CMC Markets was the biggest loser, down 10% despite saying its 2024 net operating income should be in line with previous guidance.
In smaller caps, GENinCode shares more than doubled.
The genetics company announced that its CARDIO inCode test will be included in the US 2025 Clinical Lab Fee Schedule, to enable reimbursement from Medicare and Medicaid, and will be implemented for coronary heart disease prevention in Spain's Catalonia region.
In European equities on Thursday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up 0.2%.
The pound was quoted at USD1.2299 early on Thursday in London, lower compared to USD1.2317 at the equities close on Wednesday. The euro stood at USD1.0397, lower against USD1.0417. Against the yen, the dollar was trading slightly higher at JPY156.55 compared to JPY156.49.
In Asia on Thursday, the Nikkei 225 index in Tokyo was up 0.8%. In China, the Shanghai Composite was up 0.6%, while the Hang Seng index in Hong Kong was down 0.4%. The S&P/ASX 200 in Sydney closed down 0.6%.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.3%, the S&P 500up 0.6% and the Nasdaq Composite up 1.3%.
Brent oil was quoted lower at USD78.23 a barrel early in London on Thursday from USD78.31 late Wednesday.
Gold was quoted at USD2,753.63 an ounce, lower against USD2,757.82.
Still to come on Thursday's economic calendar, releases include eurozone consumer confidence and US initial jobless claims.
By Emma Curzon, Alliance News reporter
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