London started December without much enthusiasm. Stock prices drifted lower in a session that never really woke up.
The FTSE 100 slipped 0.2% to 9,702.53. The FTSE 250 lost 0.7% and finished at 22,020.68. AIM was one of the few bright spots with a small uptick of 0.1%.
Harbour Energy stood out on the FTSE 250. Shares rose 1.7% after the group confirmed plans to cut around 100 offshore roles in the North Sea. Management framed the move as part of a broader review to keep its UK operations competitive. The company pointed to weaker commodity prices and an increasingly difficult tax backdrop, especially with the government keeping the energy profits levy in place. With operators handing roughly 78% of profits to the Treasury under the windfall tax, the pressure on margins is clear.
On AIM, Eco Animal Health rallied nearly 6% after swinging back to profit. First half pretax earnings came in at £1.1 million, reversing a £1.4 million loss. Revenue jumped 19% to £39.4 million with strong demand in the US, Canada, China and Japan. Management said it expects full year figures to meet market expectations.
Across the Atlantic, US equities were softer by the time London closed. The Dow fell 0.5%, the S&P 500 slipped 0.4% and the Nasdaq also eased 0.5%. Fresh PMI data showed the US manufacturing reading at 52.2 for November. That was slightly lower than October but above the flash estimate, signalling a still expanding sector but one without much momentum.
European markets followed a similar tone. Paris finished 0.3% lower and Frankfurt dropped 1%
It was a restrained session overall with little to shift sentiment.