London shares declined on Tuesday, with the blue-chip FTSE 100 index shedding 0.3% to end at 7,542.77. The midcap FTSE 250 also fell 0.5% closing at 18,662.12, while the AIM All Share dipped 0.2% to 723.91.
Heavyweights BP and Anglo American dragged the FTSE 100 down, dropping 1.4% and 5.2% respectively as oil and metals prices pulled back. Telecoms BT Group and Vodafone also slid between 2-4% after Ofcom said it aims to ban mid-contract price hikes linked to inflation.
Meanwhile, Hargreaves Lansdown plunged 6.7% leading a selloff in investment platforms and pensions firms. The Financial Conduct Authority warned most of the 42 firms surveyed to retain some interest earned on customer cash balances, with many also charging fees on that cash.
CMC Markets, abrdn and AJ Bell dropped between 3-5%. AJ Bell responded by unveiling a pricing package it says will save customers £14 million annually.
The one bright spot was Royal Mail-owner International Distribution Services which surged 11% after Bank of America upgraded it to a ‘buy’.
FTSE AIM All-Share listed Eneraqua sank 32% after clients deferred major projects until after April 2024, forcing the firm to cut its full-year guidance.
