The FTSE 100 opened lower on Thursday, below its record close from the previous day. The index dipped 27.18 points to 9884.24, with 3i Group and Aviva being the major losers. Burberry and Housebuilder Persimmon lent support to the index with gains.
Luxury fashion brand Burberry Group gained 2.87% to £1,289.50 after reporting its first store sales growth in two years.
Burberry’s half-year revenues came in just over £1 billion, down 3% at constant exchange rates, but margins improved to 1.9% from a negative 3.8% last year, signaling operational improvement.
Other gainers include Endeavour Mining, which surged 11.95% to £3,598, and Convatec Group rose 6.93% to £253, both contributing positively to the index.
Housebuilder Persimmon climbed 2.07% to £1,258.50 after reporting a 9% increase in weekly sales rate and 15% growth in forward sales, valued at £2.79 billion.
CEO Dean Finch said he is confident in the housing outlook for the medium term despite broader economic challenges in the short term.
Private equity firm 3i Group Ltd failed to impress the investors despite the strong portfolio performance, fell 10.25% to £3,652.
Aviva also slipped 4.1% to £665.3 following its quarterly update, in which the insurer unveiled new three-year financial targets after achieving its 2026 goals ahead of schedule.
While the company announced ambitious earnings and return targets, including an 11% CAGR in operating EPS through 2028, investors appeared to book profits after the recent rally.
Coca-Cola Europacific Partners dropped 1.4% to £7,030, while Shell fell 1.19% to £2,874.50 and British American Tobacco edged lower by 0.76% to £4,209.
Capital Economics predicts that in Q4, GDP is expected to grow by only 0.2%, with higher taxes and weak foreign demand likely to slow down the momentum further into 2026.
In the third quarter, the UK economy grew a mere 0.1% below the forecasted 0.2% growth, partly due to severe declines in industrial performance.
The cyberattack on Jaguar Land Rover impacted the automotive industry; manufacturing declined 28.6% month-on-month, weighing on total manufacturing output.
Also Read: Stock Market Today: ICICI, IndusInd Lead as Bank Nifty Hits 58,574; Sensex Rises 283 Points
Globally, Dow Jones closed above 48,000 for the first time, achieving a new record. The S&P 500 rose marginally and the Nasdaq fell 0.3%.
Despite the dip, the FTSE 100 remains near its record levels. According to experts, trading will be range-bound as the investors are waiting for the crucial US inflation data and more indications of the UK economy's strength.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.