London open: Stocks edge lower ahead of Trump tariff announcement
By Michele Maatouk
Date: Wednesday 02 Apr 2025
(Sharecast News) - London stocks edged lower in early trade on Wednesday as investors eyed US President Donald Trump's announcement on reciprocal tariffs.
At 0825 BST, the FTSE 100 was down 0.2% at 8,616.58.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Investors are on tenterhooks as the clock ticks down what's expected to be the biggest wave of tariffs on US trading partners. It's been dubbed Liberation day by President Trump, but it's more like entrapment day, with more countries set to be tangled up in a web of fresh duties.
"The internationally focused FTSE 100 is on the back foot in early trade as concerns swirl about the effect on growth prospects for economies around the world. Wall Street made some tentative moves of recovery after the week's early losses, a trend likely to continue later. But a pattern of one step forward, two steps back has been emerging as hopes for more leniency in trade policy keep being dashed, and the Trump administration seems intent on playing hardball."
In equity markets, WPP was the standout performer on the top-flight index, having slumped on Tuesday after Bank of America Merrill Lynch said it expects first-quarter results on 25 April to show a further deterioration in like-for-like revenue growth.
Bakkavor surged as it reached an agreement in principle to be taken over by rival convenience food group Greencore in a deal worth £1.2bn after two previous approaches were rejected.
Bakkavor shareholders would be entitled to receive 85p in cash and 0.604 Greencore shares along with the Bakkavor 2024 final dividend of 4.8p a share. Greencore shareholders would own approximately 56% and Bakkavor investors 44% of the combined group.
Chemring rallied after saying that its Roke business has won a "strategically important" UK Ministry of Defence missile defence contract valued at £251m over six years.
Distribution and outsourcing firm Bunzl ticked higher after an upgrade to 'buy' at Stifel.
Market Movers
FTSE 100 (UKX) 8,616.58 -0.21%
FTSE 250 (MCX) 19,559.31 -0.16%
techMARK (TASX) 4,614.59 -0.34%
FTSE 100 - Risers
WPP (WPP) 570.60p 1.86%
International Consolidated Airlines Group SA (CDI) (IAG) 260.00p 1.01%
BP (BP.) 437.35p 1.00%
Flutter Entertainment (DI) (FLTR) 17,185.00p 0.97%
Bunzl (BNZL) 2,968.00p 0.95%
Smurfit Westrock (DI) (SWR) 3,508.00p 0.83%
Prudential (PRU) 839.60p 0.70%
CRH (CDI) (CRH) 6,862.00p 0.59%
Associated British Foods (ABF) 1,936.00p 0.47%
Unilever (ULVR) 4,640.00p 0.43%
FTSE 100 - Fallers
GSK (GSK) 1,441.00p -1.91%
Persimmon (PSN) 1,188.00p -1.70%
Convatec Group (CTEC) 255.40p -1.54%
Rolls-Royce Holdings (RR.) 769.00p -1.33%
Berkeley Group Holdings (The) (BKG) 3,576.00p -1.32%
Fresnillo (FRES) 940.50p -1.31%
Rentokil Initial (RTO) 352.00p -1.18%
Haleon (HLN) 387.40p -1.17%
Taylor Wimpey (TW.) 107.10p -1.11%
AstraZeneca (AZN) 11,244.00p -1.07%
FTSE 250 - Risers
Bakkavor Group (BAKK) 188.00p 5.74%
Breedon Group (BREE) 469.40p 4.73%
Oxford Instruments (OXIG) 1,820.00p 4.72%
Dr. Martens (DOCS) 53.00p 3.92%
Ninety One (N91) 152.70p 3.60%
Raspberry PI Holdings (RPI) 486.90p 3.42%
Hilton Food Group (HFG) 852.00p 3.15%
Bytes Technology Group (BYIT) 500.00p 3.09%
Pagegroup (PAGE) 308.60p 2.59%
Chemring Group (CHG) 388.00p 2.37%
FTSE 250 - Fallers
NCC Group (NCC) 136.00p -3.13%
JPMorgan Emerging Markets Inv Trust (JMG) 103.00p -2.65%
Me Group International (MEGP) 190.00p -2.36%
Caledonia Investments (CLDN) 3,600.00p -2.04%
Hochschild Mining (HOC) 269.40p -2.04%
Bellway (BWY) 2,324.00p -2.02%
Senior (SNR) 144.60p -1.90%
Indivior (INDV) 725.50p -1.83%
JPMorgan Japanese Inv Trust (JFJ) 555.00p -1.60%
Bellevue Healthcare Trust (Red) (BBH) 121.60p -1.46%
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