London midday: FTSE ticks up but gains muted amid earnings flurry
By Michele Maatouk
Date: Tuesday 29 Apr 2025
(Sharecast News) - London stocks had turned positive by midday on Tuesday but gains were muted as investors waded through a deluge of corporate releases from the likes of BP, HSBC and AB Foods.
The FTSE 100 was up 0.1% at 8,425.59.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Although the blue-chip index has made back a chunk of the losses from the tariff induced turmoil, amid some hopes that tariff pain will be diluted, it's flatlining as optimism starts to disappear.
"There's a lack of clarity over how the China-US negotiations will unfold. It appears both sides are waiting for the other to take the initiative, with US Treasury Secretary Scott Bessent saying it was up to China to de-escalate the situation.
"Amid the standoff, worries about the effect on global growth are lingering, and it's showing up in oil prices, with Brent Crude falling back by around 1% as projections for energy demand are scaled back."
On home shores, the latest data from Kantar showed that supermarket sales jumped in April as shoppers shrugged off rising food inflation to stock up for Easter.
Take-home sales rose 6.5% in the four weeks to 20 April, Easter Sunday. Easter fell unusually late this year.
Grocery inflation, meanwhile, edged up to 3.8%, up on last month's 3.5% and well above October's low of 1.4%. The fastest-rising prices were seen in butter and spreads, coffee and chocolate.
However, despite chocolate confectionary prices surging 17.4%, spending was up 11% compared to the four weeks to Easter last year.
Among individual grocers, sales sparked 6% at Tesco in the 12 weeks to 20 April, giving the UK's largest supermarket a market share of 27.8%. Sales rose 4.4% at J Sainsbury, taking its market share to 15.3%.
Discounters Aldi and Lidl also saw rapid growth, with sales 5.9% and 10.1% higher respectively, while online-only Ocado Group reported a 11.8% hike, the biggest increase across all grocers.
The three now have market shares of 11.0%, 8.0% and 1.9% respectively.
Asda, with 12.3% of the grocery market, was the only chain to see sales decline, down 3.8% over the period.
Fraser McKevitt, head of retail and consumer insight, said: "The grocers have been sharpening their pricing strategies to stay competitive in the fight for footfall. They've invested in price cuts, which were the main driver of promotional growth. Often linked to loyalty cards, spending on these deals grew by £347m."
In equity markets, Primark owner Associated British Foods slumped as it said first-half profits fell by a tenth with sales slightly behind last year, as growth in retail and food ingredients was offset by a "frustrating" performance in the sugar division.
Adjusted pre-tax profit totalled £818m in the 24 weeks to 1 March, down from £911m the year before, as group revenues fell 2% to £9.51bn. The interim dividend was unchanged at 20.7p per share.
Beazley was lower as it reiterated its full-year outlook and posted a modest uptick in written premiums but a decline in premium rates on renewal business.
BP lost ground after the oil giant reported lower-than-expected quarterly income as it continued to overhaul its long-term strategy amid tumbling oil prices.
The blue chip said underlying replacement cost profits - its core measure of income - were $1.38bn in the first quarter of 2025. That was an improvement on the previous three months' $1.17bn, but down sharply on the $2.72bn posted in the first quarter of 2024. It was also below analyst forecasts for $1.53bn.
On the upside, Ladbrokes owner Entain rallied as it reported a strong start to the year with net gaming revenues ahead of expectations and officially appointed interim boss Stella David as its new chief executive.
HSBC was in the black as it posted better-than-expected first-quarter pre-tax profits of $9.5bn and announced a $3bn share buyback. However, the bank also lifted its bad loan provisions in the first quarter, blaming a bleak macroeconomic outlook from higher tariffs and geopolitical tensions.
The lender said it now expects credit losses of $876m, an increase of $202m, with $100m set aside to cover Hong Kong's commercial property sector.
Howden Joinery surged as it announced plans to open 20 to 25 new depots in the UK this year and refurbish around 60 older locations and said that trading in the first four months of the year was in line with expectations.
Builders' merchant Travis Perkins gained even as it reported a drop in first-quarter sales, saying that trading remained challenging.
Market Movers
FTSE 100 (UKX) 8,425.59 0.10%
FTSE 250 (MCX) 19,859.86 0.64%
techMARK (TASX) 4,489.80 0.07%
FTSE 100 - Risers
Entain (ENT) 646.60p 2.93%
Antofagasta (ANTO) 1,723.50p 2.62%
JD Sports Fashion (JD.) 80.82p 2.41%
Anglo American (AAL) 2,161.00p 2.37%
Bunzl (BNZL) 2,350.00p 2.35%
Barratt Redrow (BTRW) 465.80p 2.24%
HSBC Holdings (HSBA) 851.60p 2.15%
Kingfisher (KGF) 284.60p 2.01%
Persimmon (PSN) 1,302.50p 1.92%
NATWEST GROUP (NWG) 486.10p 1.89%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,091.00p -6.61%
BP (BP.) 347.85p -3.91%
Beazley (BEZ) 855.00p -3.39%
AstraZeneca (AZN) 10,192.00p -3.17%
Hiscox Limited (DI) (HSX) 1,069.00p -2.64%
Shell (SHEL) 2,420.00p -1.55%
International Consolidated Airlines Group SA (CDI) (IAG) 259.90p -1.25%
Smith & Nephew (SN.) 987.80p -1.02%
Spirax Group (SPX) 5,820.00p -0.85%
National Grid (NG.) 1,064.00p -0.75%
FTSE 250 - Risers
Travis Perkins (TPK) 565.00p 6.91%
Howden Joinery Group (HWDN) 788.50p 6.70%
ITV (ITV) 80.05p 3.56%
Crest Nicholson Holdings (CRST) 181.60p 3.24%
FirstGroup (FGP) 171.60p 3.00%
QinetiQ Group (QQ.) 395.60p 2.91%
Close Brothers Group (CBG) 322.80p 2.74%
Pets at Home Group (PETS) 234.80p 2.53%
Just Group (JUST) 141.60p 2.31%
Workspace Group (WKP) 447.00p 2.29%
FTSE 250 - Fallers
THG (THG) 26.50p -6.23%
Breedon Group (BREE) 424.40p -5.44%
Aston Martin Lagonda Global Holdings (AML) 69.00p -3.83%
Harbour Energy (HBR) 152.60p -2.68%
Lancashire Holdings Limited (LRE) 545.00p -2.33%
Watches of Switzerland Group (WOSG) 353.40p -2.05%
Diversified Energy Company (DEC) 920.00p -2.02%
Plus500 Ltd (DI) (PLUS) 3,010.00p -1.95%
Mobico Group (MCG) 33.02p -1.67%
Energean (ENOG) 877.50p -1.57%
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