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The FTSE 100 slipped on Thursday, following a mixed global reaction to the US Federal Reserve’s rate cut and disappointing quarterly results from Oracle that pressured technology sentiment. The UK’s blue-chip index opened 14 points lower at 9,641.3.
Ashtead Group advanced 2.76% to £4,917 as industrial and construction-related names continued to attract interest. Convatec Group climbed 2.57% to £231.80.
Weir Group had an increase in their stock price of £2,906 (+0.35%), while Burberry increased to £1,210 (+1.34%) due to a rebound in the luxury sector.
Mondi's stock price increased by 1.16% to £50.875.80. Sainsbury increased by 1.01% to £320, but Unilever declined to £4,766.50 (-1.11%) as consumer goods companies fell behind on their growth momentum.
Next traded 0.30% lower to £13,540, while British American Tobacco declined by 0.89% to £4,360. Associated British Foods dropped 1.83% to £2,091, and Severn Trent fell 1.33% to £2,675.
Shares of Drax Group increased by 2% after announcing plans to build a 100MW data centre on their Yorkshire site that will be ready for operation in 2027.
Drax has reaffirmed a goal of generating £3 billion in free cash flow from 2025 through 2031 with over £1 billion going back to shareholders and the rest being put into long-term projects.
The firm additionally confirmed that it will retain its open-cycle gas turbine assets to support the UK’s growing reliance on renewable energy.
PZ Cussons revealed that it will retain its African business following a strategic review.
The board concluded that the offers received for the division did not reflect its long-term value. The company now plans to pursue sustained growth in core markets such as Nigeria, Kenya, and Ghana as part of its renewed regional strategy.
Avon Technologies announced a significant contract win worth $20.6 million (£15.3 million) to supply FM50 respirators and FM61EU filters to a European government.
The order, secured through the NATO Support and Procurement Agency, will be delivered across the firm’s 2026 and 2027 financial years.
Despite the Federal Reserve delivering its third consecutive 25-basis-point rate cut, global sentiment turned cautious after Oracle’s shares dropped 11% in after-hours trading due to revenue falling short of expectations and a sharp increase in capital expenditure guidance.
The Dow Jones jumped 1.1%, while the S&P 500 added 0.7% to move just shy of a record high, and the Nasdaq rose 0.3%.
Asian markets are mixed: Japan's Nikkei is down 0.9%, Hong Kong's Hang Seng is down 0.1%, and India's Sensex is up 0.55%.
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