London stocks closed mixed on Wednesday as investors digested the latest salvo of tariff threats from Donald Trump and awaited key insight from the Federal Reserve, with minutes due after the UK market close.
Earlier this week, Trump confirmed an August 1 deadline for new trade levies and ruled out any extensions. He proposed a 50% tariff on copper, hinted at a 200% levy on pharmaceuticals, and launched investigations into imports of lumber, semiconductors and critical minerals.
Commerce Secretary Howard Lutnick said copper duties could be implemented as soon as the end of July, and that probes into pharma and semiconductors would wrap up by month-end.
The FTSE 100 managed a modest 0.2% gain to close at 8,867.02, lifted by oil majors and housebuilders. The FTSE 250 slipped 0.1% to 21,567.86, while the AIM All-Share dropped 0.6% to 770.43.
BP shares rose 0.2% after the oil giant announced the sale of its Netherlands-based retail and EV charging business to Dutch energy firm Catom BV. The deal includes around 300 petrol stations and 15 EV charging hubs. While financial details weren’t disclosed, BP said the move contributes to its $20 billion divestment plan and streamlining push.
Persimmon and Barratt Redrow both gained 1.2% after settling with the Competition & Markets Authority over a probe into potential price collusion. Along with five other firms, they agreed to pay £100 million collectively toward affordable housing initiatives. The deal stops short of any admission of wrongdoing.
FTSE 250-listed Zigup dropped 9.4% after reporting a 37% fall in pretax profit to £101.5 million for the year ended April. The vehicle rental group said results still topped expectations and it remains upbeat about the year ahead. After the close, CEO Martin Ward bought nearly £250,000 worth of shares, a sign of confidence, though it failed to shift sentiment.
Jet2 shares dropped 8.7% despite a 12% rise in annual pretax profit to £593.2 million. Revenue was up 15% to £7.17 billion, and the company raised its final dividend. Still, the group declined to provide firm forward guidance, citing a “late booking profile” that limits visibility for the rest of the year.
Tekmar surged 9.4% after securing a £2 million contract to supply subsea infrastructure technology for a pipeline project in the Middle East. The revenue will be fully recognised in the current financial year, the company said.
In Europe, the CAC 40 closed up 1.4% in Paris, while the DAX 40 rose 1.3% in Frankfurt. On Wall Street, the Dow was up 0.1%, the S&P 500 added 0.3%, and the Nasdaq climbed 0.6% by the London close.