London stocks were mixed by midday on Wednesday as the FTSE 100 retreated from recent record highs, with energy and mineral producers dragging on the blue‑chip index after a strong start to the year.
The benchmark was down around 0.6% to about 10,062 by 13:0 GMT, giving back some of Tuesday’s gains when it hit fresh all‑time levels.
The slide comes as a drop in the oil price hit heavyweight energy names. US President Donald Trump’s announcement that up to 50 million barrels of Venezuelan crude could be turned over to the United States to be sold at market prices weighed on Brent crude, and by extension on energy shares. Both BP and Shell were weaker, with BP losing around 3.5% and Shell down roughly 3.4% in mid‑session trade.
Precious metal miners also eased back. Stocks that had contributed to the market’s earlier rally, including Antofagasta and Fresnillo, slid as profit‑taking took hold amid slightly softer prices for gold and other commodities.
Defensive and domestically oriented names helped temper broader losses. Vodafone climbed around 2.6% after Berenberg upgraded its rating to ‘buy’ and lifted the price target, while other household‑focused stocks held up better relative to the wider market.
On the FTSE 250, Ocado was among the leaders with a gain of around 4.2%, continuing momentum after data showed strong grocery sales for Ocado Retail, its joint venture with Marks & Spencer, which expanded market share and delivered double‑digit sales growth in recent weeks.
The AIM All‑Share also found strength at midday, with Galantas Gold more than doubling after announcing the acquisition of a large‑scale gold project in Chile’s Coquimbo region, a move the company said will materially enhance its asset base.
Not all small caps fared well. Engage XR shares tumbled about 31% after the virtual reality firm said 2025 revenue would be lower than expected and that enterprise contract delays dampened performance, even as cost‑control measures narrowed losses compared with the prior year.
Investors are now reassessing sector leadership in the face of shifting commodity prices and geopolitical developments relating to Venezuelan oil supply.