Another dull day in London as the FTSE 100 drifted slightly lower on Wednesday, even with miners putting on a strong show and a better services PMI taking some of the edge off recent gloom.
The FTSE 100 closed down 0.1% at 9,692.07. The FTSE 250 inched up 0.1% to 22,001.45 and the AIM All-Share also gained 0.1% to 749.17.
Mining stocks carried most of the weight. Copper prices continued to firm and that lifted Glencore by 6.3%, Antofagasta by 4.9% and Anglo American by 2.5%.
At its capital markets day, Glencore said it plans to restart its Alumbrera copper and gold operation in Argentina in the final quarter of 2026 and aims for first production in the first half of 2028. The site has been inactive since 2018. Glencore expects copper output to rise at a compound annual growth rate of 9.4% between 2026 and 2029.
Berkeley Group recovered 2.5% after Jefferies turned more positive and upgraded the stock to buy from hold, arguing that upcoming shifts in London housing policy could help medium term profitability.
The services PMI added a little more balance to the session. The business activity index slipped to 51.3 in November from 52.3 in October, although it came in ahead of the flash reading of 50.5.
Sainsbury’s fell 4.2% after Qatar Holding announced plans to sell roughly £270 million worth of shares. The move means Qatar will lose its position as the supermarket’s largest shareholder to Vesa Equity Investment, which already owns 10% of the company.
On the FTSE 250, Zigup surged 15% after saying full year underlying pretax profit will be at least at the top of the £150 million to £155 million analyst range. The group reported a strong start to the year, helped by a standout performance in Spain and solid momentum in the UK and Ireland.
Drax climbed 4.5% after upgrades from Morgan Stanley and Citi.
Trainline slid 6.4% after JPMorgan cut the stock to underweight. Spire Healthcare was the session’s biggest faller, down 17% as the company warned that slower NHS commissioning will drag full year profits toward the lower end of its £270 million to £285 million guidance.
Spire expects 2026 adjusted Ebitda to be broadly in line with or slightly ahead of 2025.
Wall Street was mixed at the London close. The Dow was up 0.5% and the S&P 500 was up 0.1% while the Nasdaq slipped 0.1%. Fresh US data showed private sector payrolls fell by 32,000 in November according to ADP, compared with estimates for a gain of 5,000. October saw 42,000 jobs added after a 29,000 decline in September. Weak hiring in manufacturing, professional services, information and construction stood out.
The report usually lands ahead of nonfarm payrolls, although the official November figures have been pushed to 16 December due to the government shutdown. Services data from S&P Global and ISM offered some reassurance, with both showing continued expansion and strength in new orders.