The FTSE 100 opened 80 points lower near 10,352 following the resignation of Keir Starmer and investors turned their attention to what Andy Burnham's leadership could mean for the UK’s fiscal position. Meanwhile, Brent crude futures fell 1.56% to $76.71 a barrel. US West Texas Intermediate (WTI) declined 1.20% to $72.97 ‌a barrel.

Gainers & Losers 

Babcock International Group surged 2.80% to £1,012, while Marks & Spencer Group advanced 2.62% to £368.10. British American Tobacco climbed 1.46% to £4,511, and AstraZeneca gained 1.14% to £13,442. Imperial Brands edged higher by 0.62% to £2,754, while RELX added 0.60% to £2,342.

On the downside, Antofagasta slumped 5.56% to £3,736, while Fresnillo dropped 4.82% to £2,863. Anglo American declined 4.56% to £3,727, and Rio Tinto fell 3.29% to £7,266. Lion Finance Group slipped 1.57% to £11,290, while Games Workshop Group eased 1.38% to £20,020.

Bunzl Upgrades Outlook

For the current financial year, Bunzl has upgraded its outlook after reporting strong trading in the first half and completing an acquisition in Australia. 

The distributor said revenue in the six months to 30 June is expected to rise about 4% at constant exchange rates, including underlying revenue growth of around 3%. 

Chief executive Frank van Zanten said, “We continue to see significant opportunities to further consolidate our fragmented global markets, and remain confident in our ability to generate long-term compounding growth and value creation for all of our stakeholders.”

Telecom Plus Profit Jumps

Telecom Plus witnessed a jump in revenue by 5.6% to £1.9 billion, up from £1.8 billion in the last year, with growth from higher customer numbers offset by reduced energy consumption. 

Pre-tax profit was up 6.7% to £113 million, up from £105.9 million, after the company saw a 23.3% increase in its customer base to 1.4 million. 

Energy service numbers increased 1.8% to 1.7 million, as customers looked to get their hands on the group’s long-term wholesale energy supply contract. 

The firm decided to slash its dividend to £12 per share, down from £57 the year before, bringing the total for the year to £50, as the group instead opted to begin a £40 million share buyback program.

Also Read: Stock Market Today: Pharma Rally Lifts Nifty to 24,127; Sensex Jumps 85 Points 

Oracle Cuts 21,000 Jobs

Oracle slashed 21,000 roles in the last year as the US tech giant bets big on AI. The computing firm said in its annual report that the “deployment of AI technologies” had led to “reductions to our workforce.” 

The cuts amount to around 13% of the group’s workforce and come amid a wider move from tech titans as they pump cash into AI data centres. 

According to estimates from job tracking firms, more than 100,000 tech workers have been laid off in the past year. Around $1.8 billion was spent by Oracle in severance payments and other restructuring costs.

Global Market View

In the US, losses in technology names saw the Nasdaq slip 1.3% and the S&P 500 drop 0.4%, though the Dow Jones rose 0.3%.

In Asia, the Kospi fell over 8%, after renewed concerns of an overstretched tech rally. SK Hynix plummeted 11.5% to 2,582,000 KRW. Tokyo’s Nikkei 225 dropped 2.5% to 70,488.4 points, while Taiwan’s TAIEX fell 1.3%. In India, Nifty 50 and Sensex backed 0.73% and 0.68%, respectively.