FTSE 100 Live: Index Opens 16.72 points Lower After a Sharp Rally; Brent Crude Jumps to $97.23

The FTSE 100 opened 16.72 points lower at 10,700.25 following a sharp rally, which saw the index rise 1.24% to its highest point in 20 weeks at 10,716.97. Meanwhile, oil prices rose above $90. Brent crude futures advanced 3.36% to $97.23 per barrel. US West Texas Intermediate (WTI) gained 2.75% to $89.22 ‌per barrel.

Gainers & Losers 

On the upside, Segro jumped 7.06% to 958.20p. Anglo American advanced 4.93% to 3,703p, while 3i Group rose 2.98% to 2,628p. RELX gained 2.61% to 2,518.00p, BP climbed 2.32% to 551.80p, and Tritax Big Box REIT added 1.84% to 171.90p. 

On the downside, Whitbread declined 3.14% to 2,379p. Endeavour Mining fell 2.49% to 3,650p, while London Stock Exchange Group slipped 1.34% to 8,566p. AstraZeneca dropped 1.26% to 12,542.00p, Games Workshop Group eased 0.90% to 19,920p, and Lion Finance Group edged 0.69% lower to 11,520p.

Mixed Numbers from Centrica

Centrica hiked its interim dividend by 9% despite lower first-half profits, where energy-market volatility meant progress in parts of the British Gas owner’s business was “slower than we would like”. 

Underlying earnings (EBITDA) of £737 million were reported in the six months to June, down 18% compared to a year earlier. Statutory profit before tax swung to £672 million from a £43 million loss.

Burnham to Cut Pub Business Rates 

Andy Burnham has unveiled a 20% cut to business rates for pubs, clubs and music venues. The £100 million commitment will be funded by cracking down on businesses, like vape shops and tax-avoidant online sellers. 

Pubs and hospitality venues have been campaigning for a cut to business rates after their tax bills were sent soaring by Rachel Reeves’ Autumn Budget last year. 

The Prime Minister said this policy is proof that his government will “back the businesses that people want to see in their communities” rather than standing by while “cherished venues have disappeared from our local high streets”.

EasyJet Profits Decline

EasyJet reported a 70% fall in third-quarter profit as the Middle East conflict kept fuel costs elevated and affected bookings. 

With the board busy with takeover offers in recent weeks, the company posted headline profit before tax of £85 million for the three months to June, down from £286 million a year earlier. 

Group revenue advanced 2% to £2.98 billion, but fuel costs jumped 17% to £732 million.

Also Read: Stock Market Update: Nifty 50 Opens 91 points Lower, Sensex Falls Over 300 points Amid Mixed Global Trends 

Jupiter’s Net Inflows Continue

Jupiter’s net inflows and profit jumped despite the loss of two mandates. Net inflows reached £700 million in the first half of the year, driven by the “turnaround in momentum” in its retail, wholesale and investments. 

Assets under management (AUM) jumped 36% to £73.7 billion, up from £54 billion at the end of last year, supported by the acquisition of asset manager CCLA. The firm’s revenue rose by 39% to £213.3 million.

Global Market View

In the US, Nasdaq and S&P 500 fell 0.6% and 0.1%, while the Dow Jones finished little changed. Meanwhile, in Asia on Wednesday, Tokyo's Nikkei 225 rose 0.46% to 66,422.6, while China’s Shanghai Composite gained 0.25%. 

Hong Kong’s Hang Seng advanced 1.09%, and South Korea’s Kospi rose 4.4%. In India, both the Nifty 50 and the Sensex fell by 0.49% and 0.56%, respectively.