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FTSE 100 Live: Miners Lift Index, Tesco Growth Supports Retail, Trustpilot Surges as FTSE 100 Sees Mixed Trading
The FTSE 100 opened cautiously, down 18 points to 9258.64 due to downgrades to the major consumer firms, but supported by mining companies and strong retail. Broader sentiment was obviously focused on inflation trends, updates on pensions, and global equities traded higher with Wall Street closing at new record highs.
Mining Stocks Support FTSE 100
Shares of major mining companies provided ballast to the index. Rio Tinto rose 101.50 points (2.19%) to £4,733, supported by commodity price stability.
Fresnillo gained 90 points (4.10%) to £2,286, leading the pack. Meanwhile, Ashtead Group increased 130 points (2.44%) to £5,462, with Segro rising 14.80 points (2.35%) to £645.40.
The strength of these large companies balanced the declines in aviation and consumer healthcare stocks, with easyJet dropping 3% after a broker downgrade and Haleon falling £93 after a downgrade of sentiment from the analysts.
Retail Sector: Tesco Extends Lead
Retail momentum remains a bright spot for UK markets. Grocery inflation eased slightly to 4.9% year-on-year, according to Worldpanel data, helping to boost spending volumes.
Tesco expanded its market share to 28.4% over the 12 weeks to September 7, a rise of 0.8 percentage points from last year. Sales increased 7.7%, meaning the grocer's quickest growth since December 2023.
Ocado remained the fastest growing retailer, with sales up 11.9%, whilst Sainsbury improved 5.4%, taking its share to 15.1%. Among discounters, Lidl reported sales growth of 11%, taking its market share to 8.2% from 7.8% in 2024.
Trustpilot Jumps on Raised Guidance
Trustpilot shares surged 6% to £213.6 after the consumer reviews platform raised its full-year margin guidance. Half-year bookings grew 17% in constant currency to $140 million, with revenue up 21% at $123 million. Adjusted earnings of $18 million topped forecasts, aided by margin expansion to 14.6%.
Broker Peel Hunt reaffirmed its “Buy” rating with a target price of 380p, citing continued bookings momentum and operational leverage.
Wider Economic Backdrop
Labour market figures showed average wage growth of 4.7%, a key input for the state pension triple lock formula. If confirmed, pensions could rise by a similar rate from April, intensifying fiscal pressures.
Meanwhile, global equity markets were buoyant, with the S&P 500 and Nasdaq setting record highs and Alphabet crossing a $3 trillion market value. However, a firmer pound weighed on UK multinationals.
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Outlook
The FTSE 100 remains under short-term pressure from broker downgrades and cautious sentiment, but strength in miners and resilient retail growth is helping cushion the downside. Investor focus now turns to the upcoming Federal Reserve meeting and UK inflation data, both of which will shape near-term direction.
