The FTSE 100 opened cautiously higher on Thursday, driven by gains in consumer goods and mining stocks, despite several ex-dividend shares weighing on the index. By mid-morning, the UK’s blue-chip benchmark was up 8 points at 9,263.5, reflecting resilience amid a busy day for corporate news.

Diageo and Consumer Stocks Lead Gains

FTSE 100 Live provides investors with real-time market updates and company performance data. Spirits giant Diageo was among the top performers, rising £30 to £2,084, supported by read-across from Pernod Ricard’s stronger-than-expected annual results in France. 

Many traders rely on FTSE 100 Live Today to make informed intraday decisions. Other consumer-facing firms, such as Bunzl, Rentokil, and WPP, also advanced 1-2%, helping to offset weakness in financials and ex-dividend stocks.

The FTSE 100 Price often reflects broader economic trends and investor confidence. JD Sports Fashion added modestly to Wednesday’s gains, climbing to £98.5 after analysts at Berenberg reiterated a bullish target of £155, citing confidence in the retailer’s trading momentum.

Drax Hit by Watchdog Investigation

The FTSE 100 remains a key benchmark index for measuring UK market performance. Shares in Drax Group, listed on the FTSE 250, tumbled over 7% to £655.5 after it revealed an FCA investigation into past disclosures about its biomass sourcing. 

Diageo plays a significant role in shaping the overall movement of the FTSE 100. The probe will cover statements made between January 2022 and March 2024 and assess whether the company’s annual reports for 2021-2023 complied with listing, disclosure, and transparency rules.

Drax said it would cooperate fully with regulators, but the disclosure raised fresh concerns about governance at the UK’s largest power station operator. The group has faced scrutiny over its use of imported wood pellets as part of its renewable energy strategy.

Policy and Industry Updates

Reports suggested that Chancellor Rachel Reeves is considering a potential £2 billion tax rise on landlords by imposing national insurance contributions on rental income. The proposal, still under discussion, has divided opinion but is seen as part of efforts to stabilise strained public finances.

In the manufacturing sector, UK car production rose for a second consecutive month in July, climbing 5.6% year-on-year to 69,127 units, according to the Society of Motor Manufacturers and Traders (SMMT). 

However, commercial vehicle output plummeted 81% following the plant restructuring, dragging total production down by 10.8% to 72,006 units.

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Global Market Spotlight on NVIDIA

NVIDIA’s quarterly results once again exceeded expectations, with revenue hitting $46.7 billion, compared to forecasts of $46 billion. Earnings per share also beat estimates at $1.05.

Despite the strong numbers, the stock fell 3% in after-hours trading, reflecting concerns about weaker data centre sales and ongoing uncertainty over exports to China.

The chipmaker’s market value remains at $4.4 trillion, having surged 35% year-to-date. Analysts noted that NVIDIA’s shares often dip immediately after the results are announced before rebounding as investors digest its dominant role in AI infrastructure.

Outlook

While the FTSE 100 edged higher, underlying caution remains amid global market volatility, regulatory scrutiny of major firms, and shifting government policies. With Drax under investigation, Diageo leading gains, and NVIDIA in focus globally, investors are navigating a mixed backdrop of corporate earnings, policy uncertainty, and macroeconomic headwinds.