The FTSE 100 dipped 0.2% to 8,747.10 by midday, as a stronger pound weighed on exporters, offsetting gains in mining stocks. The FTSE 250 edged up 0.3% to 20,981.66, while the AIM All-Share also rose 0.3% to 725.38.
Banking Sector in Focus
NatWest shares slid 3.2%, despite reporting stronger-than-expected profits. Analysts flagged a lack of optimism in forward guidance, tempering investor enthusiasm. Meanwhile, HSBC fell 0.7% following reports that the bank will unveil $1.5 billion in cost cuts alongside its results next week.
Mining Stocks Gain as Exporters Struggle
Stronger metals prices lifted the sector, with Antofagasta rising 2.9%, Glencore up 2.7%, and Fresnillo gaining 2.7%. In contrast, exporters faced pressure from the strengthening pound—Diageo slipped 1.7%, Unilever fell 1.0%, and AstraZeneca lost 1.1%.
John Wood Group Plummets on Restructuring Plans
John Wood Group shares plunged 33% after announcing further cost cuts and potential refinancing to navigate weaker-than-expected trading. CEO Ken Gilmartin acknowledged disappointing financial performance but outlined a plan to deliver $85 million in additional savings by 2026.
Trade Tensions Loom
Donald Trump’s push for reciprocal tariffs has put Brazil, India, Japan, Canada, and the EU on notice. The White House has requested reports on the policy by April 1, adding fresh uncertainty to global trade. US markets are bracing for a weaker open, with Dow futures down 0.3% and S&P 500 futures off 0.1%.
XPS Pensions Soars on Strong Outlook
Shares in XPS Pensions jumped 10% after the company raised its full-year revenue forecast to £226-229 million, at least 15% higher than last year. Demand for pension services has surged due to regulatory changes, new client acquisitions, and inflation-linked contracts.
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