The FTSE 100 opened lower on Thursday, down 36 points to 9,720, ending its eight-day winning streak. The decline was driven by steep losses in WPP, mining giants, and select ex-dividend stocks, even as Shell surprised markets with better-than-expected earnings.
Advertising major WPP led the decline, plunging over 9.5% to £326.10 after new CEO Cindy Rose labeled the firm’s quarterly results as “unacceptable.”
The market reaction reflected concerns over slow revenue growth and challenges amid weak advertising demand.
Mining stocks also weighed on the index as copper prices stalled and investors grew cautious about global demand.
Rio Tinto dropped 1.41% to £5,468, while Glencore also fell around 1.3%. The sector’s weakness reflected renewed pressure from slowing Chinese industrial demand.
Other decliners included Diageo, which fell 2.42% to £1,713, and Whitbread declined 1.38% to £3,004, with the latter also trading ex-dividend today.
Standard Chartered led gainers, jumping 2.21% to £1,549.50, after strong trading momentum in its Asia-focused business segments.
EasyJet rose 1.39% to £483.10, fueled by lower oil prices and improved travel bookings.
Airtel Africa also advanced 1.19%, trading at £271.60, supported by sustained revenue growth in its mobile data and fintech divisions.
Energy giant Shell provided some good news, reporting Q3 adjusted earnings of $5.4 billion, surpassing estimates of $5.1 billion.
The company announced $3.5 billion share buyback, adding to the $5.7 billion distributed in the previous quarter through repurchases and dividends.
Despite slightly lower profits from last year’s $6 billion, the results highlighted operational strength and shareholder commitment.
Investor sentiment declined after the US Federal Reserve cut rates by 25 basis points, and implied that more easing in December was “not a foregone conclusion.” The remarks lifted the US dollar and Treasury yields, pressuring global equity markets.
Meanwhile, optimism from a US-China meeting in South Korea offered a limited relief. Presidents Donald Trump and Xi Jinping reached agreements to ease trade tensions, including suspending tariffs and plan to expand agricultural trade.
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With the FTSE 100 retreating after a sustained rally, traders expect short-term volatility as global central bank signals and commodity prices continue to steer sentiment.
While financials and airlines provided some balance mining, and consumer sectors dragged the index lower, hinting at a cautious end to the week’s trading.
The Dow Jones declined 0.16%, the S&P 500 fell 0.004%, and the Nasdaq jumped 0.55% due tech rally.