London open: Stocks nudge higher on better-than-expected inflation print
By Abigail Townsend
Date: Wednesday 22 Jul 2026
(Sharecast News) - London stocks nudged slightly higher in early trading on Wednesday, as investors mulled better-than-expected inflation data and a profit warning from JD Wetherspoon.
As at 0845 BST, the FTSE 100 was up 0.14% at 10,600.63, while the FTSE 250 was down 0.30% at 23,680.87.
Figures released earlier by the Office for National Statistics showed inflation eased to 2.6% in the 12 months to June from 2.8% in May. Economists were expecting a slightly smaller dip to 2.7%. The ONS said transport, and food and non-alcoholic beverages made the largest downward contributions to the change. Core CPI - which excludes energy, food, alcohol and tobacco - rose 2.6% in June, unchanged from May.
The update comes as new prime minister Andy Burnham begins to roll out measures intended to ease the cost of living, including removing VAT on household electricity bills. New chancellor John Healey said falling inflation was "news families want to hear, but there is much more to do to give people the breathing space they need".
Most expect the Bank of England to leave interest rates on hold at 3.75% when the Monetary Policy Committee meets next week. However, economists continue to believe that renewed hostilities in the Middle East will likely push inflation higher in the coming months.
In corporate news, shares in pub chain JD Wetherspoon tumbled after it warned annual profits were likely to be below market expectations, with marginally lower sales than anticipated in the final quarter, combined with higher food, labour, repairs, energy and business rate costs.
In an unusually brief trading update, the company said like-for-like sales increased 4% in the 12 weeks to 19 July, compared to the same period last year. Year-to-date like-for-like sales increased by 4.2%.
Richard Hunter, head of markets at Interactive Investor, said: "Wetherspoon's dogged determination to fight its corner has won the brand many friends, but from an investment perspective the jury remains out on the prospects. The group's value model leaves it continually bumping up against a wall of higher costs, which puts perennial pressure on margins and profits."
Convenience foods manufacturer Greencore said that third‑quarter pro forma revenues were up 3.2%, prompting it to raise its full-year adjusted operating profit guidance to above market expectations, at £234m to £242m. The uplift, which sent shares sharply higher in early trading, was driven largely by stronger underlying trading across the enlarged business, with volume and mix contributing 2.3% and price/inflation recovery adding 0.9%.
Mexico-focused miner Fresnillo ticked higher, despite posting a dip in first-half silver and gold production, after it reaffirmed full-year guidance. Chief executive Octavio Alvidrez said the company's operational plans were tracking in line with expectations. "Our focus remains firmly on operational discipline, and we remain on track to meet our full-year production guidance."
Market Movers
FTSE 100 (UKX) 10,600.63 0.14%
FTSE 250 (MCX) 23,680.87 -0.30%
techMARK (TASX) 5,907.92 0.22%
FTSE 100 - Risers
Melrose Industries (MRO) 478.30p 2.00%
Rolls-Royce Holdings (RR.) 1,387.60p 1.56%
Prudential (PRU) 1,083.50p 1.40%
BP (BP.) 536.20p 1.19%
Reckitt Benckiser Group (RKT) 4,990.00p 1.15%
Fresnillo (FRES) 2,591.00p 1.01%
Antofagasta (ANTO) 3,687.00p 0.98%
Admiral Group (ADM) 3,570.00p 0.90%
Airtel Africa (AAF) 337.80p 0.89%
Aviva (AV.) 681.80p 0.83%
FTSE 100 - Fallers
Flutter Entertainment (DI) (FLTR) 7,488.00p -3.18%
Games Workshop Group (GAW) 19,650.00p -2.63%
The Sage Group (SGE) 817.60p -2.03%
Entain (ENT) 541.60p -1.66%
Autotrader Group (AUTO) 481.50p -1.51%
Relx plc (REL) 2,414.00p -1.50%
Investec (INVP) 620.50p -1.35%
London Stock Exchange Group (LSEG) 8,452.00p -1.33%
JD Sports Fashion (JD.) 84.52p -1.31%
Pearson (PSON) 1,213.00p -1.30%
FTSE 250 - Risers
Premier Foods (PFD) 187.00p 4.48%
Endeavour Mining (EDV) 3,645.00p 2.81%
Hochschild Mining (HOC) 457.20p 2.60%
Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 301.00p 2.56%
Syncona Limited NPV (SYNC) 106.80p 2.50%
Pan African Resources (PAF) 94.75p 2.43%
AEP Plantations (AEP) 174.00p 2.35%
Rosebank Industries NPV (ROSE) 328.50p 2.01%
Ocado Group (OCDO) 196.60p 1.80%
Energean (ENOG) 789.50p 1.61%
FTSE 250 - Fallers
Wetherspoon (J.D.) (JDW) 681.00p -8.49%
Shawbrook Group (SHAW) 345.00p -4.81%
Mony Group (MONY) 189.70p -4.48%
Rank Group (RNK) 89.90p -4.43%
Ninety One (N91) 209.60p -3.13%
Travis Perkins (TPK) 535.00p -3.06%
Hansa Investment Company Limited (DI) (HAN) 320.00p -3.03%
SDCL Efficiency Income Trust (SEIT) 37.15p -2.75%
The Schiehallion Fund Limited NPV (MNTN) 1.93p -2.27%
Trainline (TRN) 219.60p -2.24%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN