London open: Stocks gain as Kingfisher surges on upgraded guidance
By Michele Maatouk
Date: Tuesday 23 Sep 2025
(Sharecast News) - London stocks rose in early trade on Tuesday, helped along by a solid performance from Kingfisher, as investors eyed the latest UK and US PMI readings.
At 0830 BST, the FTSE 100 was up 0.3% at 9,251.68.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "The FTSE 100 opened slightly higher this morning, as investors tread cautiously ahead of key economic updates. Attention is firmly on this week's PMI surveys and speeches from Bank of England officials, which could shape expectations for the next policy move.
"With the index hovering near record territory, sentiment is caught between hopes of easing inflation and lingering concerns over growth and wage pressures."
S&P Global's UK PMI for September is due at 0930 BST, while the US PMI for the same month is due at 1445 BST.
In equity markets, Kingfisher surged nearly 20% as the DIY retailer lifted its full-year profit guidance despite weaker consumer sentiment, following strong interim trading.
Sales at the owner of B&Q and Screwfix rose by 0.8%, or by 1.9% on a like-for-like basis, to £6.8bn in the six months to 31 July, driven by both increased volumes and transactions.
Operating profits rose by 2.1% to £383m, while pre-tax profits were 4.1% higher at £338m.
The blue chip flagged a "strong" performance in the UK, with like-for-like sales up 4.4% and 3% at B&Q and Screwfix respectively.
Travis Perkins and Wickes also advanced.
Engineering business Smiths Group rallied as it delivered strong annual results, with organic growth coming in ahead of twice-raised guidance and profits up by double digits.
Government contractor Serco gained after saying it had appointed Michael LaRouche as chief executive of its North American division and announcing that MT&S has been selected as sole provider for training and simulator services to the US Air Force.
On the downside, Raspberry Pi tumbled after the high-performance computing firm reported a drop in both revenue and profits for the first half of 2025, as it cycled through tough comparatives following last year's Raspberry Pi 5 launch.
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