30th Apr 2025 09:03
(Alliance News) - Stock prices in London opened higher on Wednesday, ahead of US and eurozone GDP data releases.
Meanwhile in the UK, the annual rate of UK house price growth slowed to 3.4% in April, from 3.9% in March, and house prices decreased on-month by 0.6%, surpassing the consensus forecast of a 0.1% decline.
"The softening in house price growth was to be expected, given the changes to stamp duty...Early indications suggest there was a significant jump in transactions in March," Nationwide Chief Economist Robert Gardner said. Looking ahead, he commented: "The market is likely to remain a little soft in the coming months...Nevertheless, activity is likely to pick up steadily as summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive."
The FTSE 100 index opened up 16.49 points, 0.2%, at 8,479.95. The FTSE 250 was up 114.85 points, 0.6%, at 19,924.57, and the AIM All-Share was up 1.58 points, 0.2%, at 682.89.
The Cboe UK 100 was up 0.2% at 844.99, the Cboe UK 250 was up 0.6% at 17,436.87, and the Cboe Small Companies was up 0.2% at 15,348.69.
Smith & Nephew led the large-caps, gaining 4.6%.
The Watford, England-based medical equipment manufacturer said first-quarter revenue rose 1.6% annually to USD1.41 billion, and that it has now passed the peak impact of headwinds from China which were an offsetting factor in the period. Smith & Nephew also kept its 2025 guidance unchanged.
Glencore fell 4.2%.
The mining company reported it had kept its 2025 production guidance mostly unchanged, though copper operations had a slow start this year, while coal tracked well.
Glencore delivered copper production of 167,900 tonnes in the first quarter of 2025, down 30% from 239,700 tonnes a year earlier, blaming mainly lower ore mining rates, head grades and overall recoveries at Collahuasi mine in Chile, Antapaccay mine in Peru and Kamoto Copper Co or KCC in the Democratic Republic of Congo.
"Since quarter-end, financial markets, including commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty," the company said.
Genus led the FTSE 250, soaring by 23%.
The Basingstoke, England-based animal biotechnology and genetics company celebrated the US Food & Drug Administration's approval of its "[Porcine reproductive & respiratory syndrome] resistant pig" gene edit for use in the US food supply chain.
On AIM, Strix jumped 9.7% after releasing its 2024 results.
The Isle of Man-based kettle safety controls supplier said pretax profit fell 17% to GBP18.5 million, while revenue rose slightly to GBP144.0 million. However adjusted revenue increased 1.3% "despite challenging macro conditions", and adjusted pretax profit was "ahead of market consensus" at GBP18.7 million.
Looking ahead, Strix "remains confident" in its outlook "with its full year expectations unchanged".
Celadon Pharmaceuticals dropped 23%.
The cannabis-based medicine-focused pharmaceutical company reported that it still has not received requested funds under its secured credit facility, despite continuing engagement with the provider.
In European equities on Wednesday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was up 0.7%.
Germany's Social Democratic Party has approved a coalition agreement with Friedrich Merz's conservative bloc in a members' ballot, paving the way for the new German government to take office next week, DPA has reported.
Separately, China on Wednesday hailed its ties with the EU as adding "precious stability" to the global economy, as Beijing seeks closer relations with the bloc as its trade war with Washington persists.
"China and the EU complement each other's strengths in economic and trade cooperation, creating mutual benefits and win-win outcomes," foreign ministry spokesman Guo Jiakun said.
Meanwhile in France, gross domestic product grew by 0.1% in the first quarter of 2025 from the fourth quarter of 2024, swung from a decline of 0.1% in the fourth quarter from the third.
On an annual basis, the French economy grew by 0.8% in the first quarter of 2025, unchanged from the fourth quarter of 2024, data published by the National Institute of Statistics & Economic Studies showed.
The pound was quoted at USD1.3387 early on Wednesday in London, down compared to USD1.3407 at the equities close on Tuesday. The euro stood at USD1.1379, lower against USD1.1400. Against the yen, the dollar was trading higher at JPY142.79 compared to JPY142.18.
In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 0.6%. In China, the Shanghai Composite was down 0.2%, while the Hang Seng index in Hong Kong was up 0.4%. The S&P/ASX 200 in Sydney closed up 0.7%.
In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.8%, the S&P 500 up 0.6% and the Nasdaq Composite up 0.6%.
Brent oil was quoted lower at USD62.22 a barrel early in London on Wednesday from USD64.48 late Tuesday.
Gold was quoted lower at USD3,311.81 an ounce against USD3,312.17.
Still to come on Wednesday's economic calendar, the busy schedule includes Irish and German consumer price inflation, and US GDP.
By Emma Curzon, Alliance News reporter
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