London open: Stocks nudge up amid corporate deluge; ECB eyed

(Sharecast News) - London stocks nudged up in early trade on Thursday as investors waded through a deluge of corporate news and looked ahead to the latest policy announcement from the European Central Bank. At 0925 GMT, the FTSE 100 was up 0.1% at 8,569.84.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "London's blue-chip index has found its feet, making a little progress in early trade, unnerved by a slide on Wall Street. Investors stateside still have a case of the jitters, with concerns about the impact of cheap Chinese AI technology on expensive US valuations causing ructions. The overall message of caution emanating from the Federal Reserve has also raised concerns that inflation could be on the march upwards again.

"The Fed, as expected, kept interest rates in a holding pattern, but dropped its recent mention of inflation making progress. With threats and speculation flying around about trade tariffs and the potential impact on consumer prices, its little wonder policymakers seem in no rush to cut rates again, especially given the resilience of the US economy."

Looking ahead to the rest of the day, eyes will be on the latest policy announcement from the ECB.

Kathleen Brooks, research director at XTB, said: "The market is certain that the ECB will cut interest rates at this meeting and is 100% priced for a cut. We do not expect the ECB to disappoint market expectations. The impact from the rate cut is not expected to be particularly market moving, instead, the focus will be on ECB President Christine Lagarde's press conference at 1345GMT and the ECB statement that will accompany the decision."

In equity markets, Airtel Africa surged after a well-received third-quarter update and as it announced the launch of a second share buyback programme.

St James's Place rallied as it said net inflows and strong investment returns for clients had driven record funds under management for the year to the end of December 2024.

Oil giant Shell nudged up as it lifted its dividend but posted a bigger-than-expected drop in fourth-quarter profits.

Future was a high riser as the media group announced the appointment of Kevin Li Ying as its new chief executive officer with effect from 31 March, succeeding Jon Steinberg.

Serco gained after agreeing to buy Northrop Grumman's mission training and satellite ground network communications software business for $327m (£264m) in cash.

On the downside, BT Group tumbled as it said third-quarter revenues had fallen amid weaker phone sales and a struggling business unit.

Software group Sage was also in the red despite saying it had made a strong start its new financial year with revenues rising by a tenth in the first quarter, as all regions delivered solid growth.

Wizz Air tanked as it reported a narrowing of its third-quarter losses but cut its full-year profit forecast as it deals with issues related to engine groundings. The airline now expects full-year net income of €250m to €300m, down from previous guidance of €350m to €450m.

Market Movers

FTSE 100 (UKX) 8,569.84 0.14% FTSE 250 (MCX) 20,720.51 0.78% techMARK (TASX) 4,732.99 -0.28%

FTSE 100 - Risers

Airtel Africa (AAF) 146.50p 10.15% St James's Place (STJ) 997.00p 7.32% Diploma (DPLM) 4,538.00p 2.21% easyJet (EZJ) 499.50p 1.79% Prudential (PRU) 682.80p 1.79% IMI (IMI) 1,996.00p 1.73% Taylor Wimpey (TW.) 120.70p 1.68% Melrose Industries (MRO) 606.60p 1.68% Rolls-Royce Holdings (RR.) 593.60p 1.61% Intermediate Capital Group (ICG) 2,306.00p 1.59%

FTSE 100 - Fallers

BT Group (BT.A) 140.65p -3.66% The Sage Group (SGE) 1,309.00p -2.06% Admiral Group (ADM) 2,716.00p -1.38% Centrica (CNA) 137.60p -1.26% Whitbread (WTB) 2,883.00p -1.17% GSK (GSK) 1,386.00p -1.04% Vodafone Group (VOD) 68.26p -0.81% Standard Chartered (STAN) 1,074.00p -0.74% Lloyds Banking Group (LLOY) 62.22p -0.48% HSBC Holdings (HSBA) 831.90p -0.47%

FTSE 250 - Risers

Chrysalis Investments Limited NPV (CHRY) 104.00p 8.90% HarbourVest Global Private Equity Limited A Shs (HVPE) 2,705.00p 4.64% Future (FUTR) 936.00p 4.52% Serco Group (SRP) 157.10p 4.32% Barr (A.G.) (BAG) 618.00p 3.00% Bridgepoint Group (Reg S) (BPT) 365.00p 2.64% Genuit Group (GEN) 380.00p 2.56% Burberry Group (BRBY) 1,140.50p 2.56% Carnival (CCL) 2,059.00p 2.44% Bodycote (BOY) 635.00p 2.42%

FTSE 250 - Fallers

Wizz Air Holdings (WIZZ) 1,207.00p -12.03% Essentra (ESNT) 117.60p -2.65% Bakkavor Group (BAKK) 135.00p -2.53% Syncona Limited NPV (SYNC) 96.00p -1.84% Sequoia Economic Infrastructure Income Fund Limited (SEQI) 77.00p -1.79% Foresight Environmental Infrastructure Limited (FGEN) 65.50p -1.50% Supermarket Income Reit (SUPR) 66.60p -1.19% Asia Dragon Trust (DGN) 417.00p -0.95% IG Group Holdings (IGG) 1,011.00p -0.88% Scottish American Inv Company (SAIN) 515.00p -0.77%