- FTSE 100 sheds 25 points
- BAT flags better non-tobacco performance
- Focus on US inflation figures
8.15am: Stocks drop further at open
The FTSE 100 lost further ground as trading got underway on Wednesday, falling 25 points to 8,254.
Ashtead Group PLC (LSE:LON:AHT) topped fallers for a second day running after Tuesday’s profit warning, while miners also weighed once again.
Endeavour Mining PLC (LON:EDV) (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and British Airways owner International Consolidated Airlines Group (LON:ICAG) SA (LSE:IAG) were among the early risers in the meantime.
8.10am: Profit jumps at Inditex (BME:ITX)
Zara, Pull & Bear and Bershka owner Inditex has reported a surge in profit for the first nine months of 2024.
Pre-tax profit climbed 9.9% to €5.8 billion (£4.8 billion) during the first nine months of the year, Inditex reported on Wednesday.
Sales grew by 7.1%, or by 10.5% at constant currency, to €27.4 billion, with Inditex highlighting “very satisfactory development both in stores and online”.
Autumn and winter collections had been “well received” most recently, Inditex said, flagging constant currency sales growth of 9% over the course of November and early December... Read more
7.50am: BAT flags improving non-tobacco profitability
British American Tobacco PLC (LSE:LON:BATS) has flagged improving profitability from its non-tobacco products and doubled down on guidance for the full year.
Both revenue and adjusted profit over the year climbed in line with guidance for low-single-figure organic growth, the cigarette maker said on Wednesday.
Profitability from non-tobacco, or new category, products improved further, while revenue growth was set to have accelerated over the second half.
Such products include the likes of vapes and oral nicotine pouches, with the company noting it was progressing towards being a “smokeless” business by 2035.
“Our second-half performance acceleration is driven by the phasing of new categories innovation, the benefits of investment in US commercial actions and the unwind of wholesaler inventory movements,” chief executive Tadeu Marroco commented... Read more
7.14am: Stocks set for muted start
The FTSE 100 was seen little changed ahead of Wednesday’s trading, after having shed 71 points on Tuesday.
Miners had weighed on the index on Tuesday after worse-than-expected Chinese export data hit sentiment around the world’s struggling second-largest economy.
Asian markets were mixed overnight into Wednesday, with South Korea’s Kospi index up just over 1% and the biggest mover.
Attention on Wednesday was set to be on a string of company updates before US inflation figures for November later in the day.
5.00am: Wednesday's schedule
Wednesday brings updates from the likes of BAT, Inditex and Tui before US inflation figures later in the day.
Zara-owner Inditex is expected to up guidance in its third-quarter results... Read more
BAT has been in favour in recent months ahead of its full-year update... Read more
Tui should have benefitted from continued strong travel and holiday demand... Read more
Announcements due:
Finals: British American Tobacco PLC (LSE:BATS), Tui AG
Trading updates: S&U PLC, Inditex
Interims: Cohort PLC, Optima Health PLC
Finals: Gcp Infrastructure Investments Ltd
US earnings: Adobe (NASDAQ:ADBE) Inc
AGMs: Baillie Gifford Japan Trust PLC, Gattaca PLC, Guardian Metal Resources PLC, Microsaic Systems PLC, Pci-Pal PLC, Tavistock Investments PLC, Time Out Group PLC, Volution Group PLC (LON:FAN)
Economic announcements: MBA Mortgage Applications (US), Consumer Price Index (US), Crude Oil Inventories (US), Budget Statement (US)