London markets delivered mixed results on Wednesday. The blue-chip FTSE 100 defied inflation and Federal Reserve worries, closing 0.4% higher at 7,847.99. This rise was driven by a surge in mining stocks, which had fallen earlier in the week on mixed economic data from China.
Elsewhere, the FTSE 250 ended down 0.2% at 19,340.14, and the AIM All-Share closed up 0.7% at 743.12.
Miners Rebound
Rio Tinto rose 2.6% despite reporting lower quarterly iron ore shipments and production. Anglo American gained 3.5%, even though their latest rough diamond sales were lower than a year ago. Fresnillo climbed 2.9%, and Antofagasta added 2.8%, although both companies reported weaker-than-expected first-quarter copper output.
Other Movers
Entain, the owner of Ladbrokes and Coral, advanced 1.0% after a positive first-quarter trading update fueled by successful US sporting events.
Royal Mail Takeover Rejected
International Distribution Services (IDS), the owner of Royal Mail, saw a 29% surge in its share price after rejecting a takeover proposal from EP Corporate Group.
Severfield Announces Buyback
Smaller company Severfield enjoyed positive news, announcing a share buyback program and projecting better-than-expected full-year results, leading to a 19% increase in its share price.
Scirocco to Delist from AIM
The AIM market saw a significant decline from sustainable energy investment firm Scirocco after the company announced plans to delist from the market, citing the high costs and administrative burdens associated with maintaining a listing. The firm’s share price plummeted by 9.1%.
Daily Risers and Fallers
International Distributions Services 28.9%, Severfield 19.3%, Cab Payments 13.7%, Petrofac 9.9%, Liontrust Asset Management 7.8%.
Kainos Group -6.4%, Auction Technology Group -5.0%, Alfa Fin -4.4%, Residential Sec -4.3%, Metro Bank -4.2%.
Daily Recap
- Hunting’s Q1 results outperform amid US onshore softness
- Entain stays on track despite UK sluggishness
- Antofagasta maintains production outlook despite Q1 copper slump
- ASOS pins turnaround hopes on new strategies, executive hire
- UK inflation cools further, but remains above target
- Dollar steadies as Fed cements higher rates outlook
- Gold dips as Powell casts doubt on rate cuts as inflation lingers
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