London midday: FTSE 100 rally continues, but gains limited
By Benjamin Chiou
Date: Wednesday 30 Apr 2025
(Sharecast News) - The FTSE 100 continued its march higher on Wednesday - marking its longest winning streak in more than eight years - though upside was limited on the back of gloomy data from China and cautiousness ahead of some crucial economic indicators and corporate earnings from the US.
London's benchmark index was on track for its 13th straight day in positive territory, albeit marginally, tracking up just 0.1% at 8,474 just before the midday mark, with heavyweights Smith & Nephew and GSK providing a lift.
"The FTSE 100 chalked up a 12th straight day of gains yesterday and bulls are arguably looking a little tired as we digest a slew of corporate updates this morning," said Neil Wilson, UK investor strategist at Saxo Markets.
The 10% gain over the past three weeks means the Footsie is closing in on the 8,600 mark reached before Donald Trump's 'Liberation Day' announcement was made at the start of the month.
Nevertheless, holding back sentiment in morning trade was the news that China's manufacturing sector contracted at its fastest pace in 16 months. The official NBS manufacturing PMI declined to 49.0 in April after hitting a 12-month high of 50.5 in March, missing the 49.8 market estimate. The services PMI, while positive at 50.4, also came in below forecasts.
While tariff-related newsflow continued to dominate headlines, investors were likely treading carefully ahead of a number of key risk events from the US over the coming days, including Wednesday's ADP employment report and GDP figures, and Friday's non-farm payrolls report - not to mention results from Wall Street blue chips Amazon, Meta and Microsoft.
Smith & Nephew and GSK provide a boost
Shares in Smith & Nephew jumped on Wednesday, after the medical devices specialist posted improved first-quarter sales and reaffirmed its full-year outlook. Revenues came in at $1.41bn, up 1.6%, or 3.1% once the impact of currency fluctuations were stripped out.
Also firmly higher was GSK after shrugging off the potential impact of tariffs and maintaining its full-year outlook, following a strong start to the year. The blue chip drugs giant said total sales rose 2% in the first quarter, or by 4% on a constant currency basis, to £7.52bn.
Bottling company Coca-Cola HBC also reported better-than-expected first-quarter organic revenue growth, driven by strong demand in emerging markets.
Glencore dropped 7% after a sharp decline in copper production during the first quarter. Nevertheless, output of cobalt and steelmaking coal rose strongly, supported by higher grades and recent acquisitions.
Other miners, including Antofagasta, Anglo America and Rio Tinto, were also falling, along with banking stocks Lloyds, HSBC and Natwest.
Barclays as also in the red after lifting bad loan provisions in response to macroeconomic uncertainty in the US. Credit impairment charges increased to £643m from £513m a year ago, primarily driven by a £74m adjustment for "elevated US macroeconomic uncertainty" and the impact of the Tesco Bank acquisition.
Market Movers
FTSE 100 (UKX) 8,474.07 0.13%
FTSE 250 (MCX) 19,942.07 0.67%
techMARK (TASX) 4,602.53 1.92%
FTSE 100 - Risers
Smith & Nephew (SN.) 1,066.00p 7.03%
GSK (GSK) 1,489.50p 4.02%
Coca-Cola HBC AG (CDI) (CCH) 3,850.00p 2.56%
British American Tobacco (BATS) 3,234.00p 2.47%
Pershing Square Holdings Ltd NPV (PSH) 3,672.00p 2.40%
Associated British Foods (ABF) 2,082.00p 2.36%
Hikma Pharmaceuticals (HIK) 2,004.00p 2.19%
Convatec Group (CTEC) 263.80p 2.17%
Spirax Group (SPX) 5,900.00p 2.16%
SSE (SSE) 1,678.50p 2.10%
FTSE 100 - Fallers
Glencore (GLEN) 245.45p -6.99%
Antofagasta (ANTO) 1,624.00p -4.13%
Anglo American (AAL) 2,048.50p -3.71%
Lloyds Banking Group (LLOY) 70.72p -3.36%
HSBC Holdings (HSBA) 830.00p -2.99%
NATWEST GROUP (NWG) 470.60p -2.91%
Rio Tinto (RIO) 4,420.00p -2.78%
Prudential (PRU) 786.20p -2.21%
Standard Chartered (STAN) 1,074.00p -2.01%
Barclays (BARC) 292.80p -1.74%
FTSE 250 - Risers
Genus (GNS) 1,976.00p 24.59%
W.A.G Payment Solutions (WPS) 62.00p 3.68%
SSP Group (SSPG) 148.40p 3.56%
Safestore Holdings (SAFE) 633.00p 3.43%
Clarkson (CKN) 3,310.00p 2.64%
European Opportunities Trust (EOT) 861.00p 2.62%
Indivior (INDV) 880.50p 2.56%
4Imprint Group (FOUR) 3,460.00p 2.52%
Ninety One (N91) 148.60p 2.48%
Spire Healthcare Group (SPI) 194.80p 2.20%
FTSE 250 - Fallers
PPHE Hotel Group Ltd (PPH) 1,292.00p -2.86%
Mobico Group (MCG) 31.38p -1.81%
BlackRock World Mining Trust (BRWM) 462.50p -1.70%
Endeavour Mining (EDV) 1,991.00p -1.53%
BH Macro Ltd. GBP Shares (BHMG) 395.00p -1.50%
Playtech (PTEC) 750.00p -1.45%
Ferrexpo (FXPO) 57.00p -1.21%
Close Brothers Group (CBG) 323.40p -1.16%
THG (THG) 24.96p -1.11%
Howden Joinery Group (HWDN) 764.50p -1.10%
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