London close: Stocks end choppy session mixed

London's stock markets closed with a mixed performance on Wednesday, as investors weighed a number of factors.

Investor sentiment was influenced by the latest stimulus measures introduced by China, alongside mixed reactions to financial results from tech giants Microsoft and Alphabet, the parent company of Google.

The FTSE 100 managed gains of 0.33% to settle at 7,414.34 points, while the FTSE 250 index experienced a 0.73% drop, closing at 16,870.71.

Furthermore, currency markets witnessed modest fluctuations, as sterling lost 0.21% on the dollar, trading at $1.2134, while it dipped 0.13% against the euro, reaching €1.1467.

“It’s been another day of choppy trading for markets in Europe with the latest company results indicating a range of fortunes for various businesses over the last quarter,” said CMC Markets chief market analyst Michael Hewson.

“Today’s bias has remained very much tilted towards the downside with a distinct risk off tone, with US markets pulling Europe into the red in the afternoon session.

“The FTSE 100 has been helped by reports from Beijing that China would be stepping up spending plans on infrastructure to generate an economic bump in the fourth quarter which has lifted metals prices, and ergo mining stocks, with Rio Tinto and Glencore higher.”

Chins stimulus in focus after mixed night for US tech

In economic headlines, investor attention has been captivated by the latest initiatives unveiled by Beijing's authorities.

A substantial move was announced, as they revealed intentions to issue government bonds worth CNY 1trn with the primary objective of bolstering the national economy.

Notably, a significant portion of the considerable sum was earmarked for investment in infrastructure projects, as reported by state media.

Meanwhile, investors were closely scrutinising the recent performance of tech titans Microsoft and Alphabet.

The two industry giants presented a mixed showing overnight, prompting market participants to carefully assess the implications for the broader economic landscape.

Reckitt remains in the red, Lloyds Bank recovers

On London’s equity markets, Reckitt Benckiser Group faced a decline of 3.79% in its stock value.

The drop was attributed to the consumer goods giant's third-quarter like-for-like sales growth of 3.4%, which fell short of analyst expectations.

Additionally, Reckitt Benckiser unveiled plans to return £1bn to shareholders and outlined a strategy to boost revenues over the medium term.

Essentra saw a 2.71% decrease, as it anticipated its full-year adjusted operating profit to lean towards the lower end of expectations, citing a softer trading environment.

Ibstock, a brick and building materials maker, experienced a more modest decline of 0.33% despite maintaining its annual guidance.

The decision was underpinned by higher prices and effective cost controls, mitigating weaker demand in the housebuilding market.

On the upside, Bytes Technology Group enjoyed a 5.46% increase in its stock value.

The software, security, and cloud services company raised its interim dividend by 12.5% following a robust first half, marked by double-digit growth in revenues and profits and a more than one-third surge in billed income.

Lloyds Banking Group saw a 2.37% rise, rebounding from earlier weakness.

The bank reported a substantial surge in third-quarter profits, capitalizing on higher interest rates, despite a reduction in lending to customers amidst challenging macroeconomic conditions.

Pre-tax profit for the three months ended 30 September soared to £1.85bn, compared to £576m in the prior year.

Lastly, Mondi, a paper and packaging group, managed to recover from earlier losses which came after a downgrade to 'underweight' from 'equalweight' at Barclays.

Reporting by Josh White for Sharecast.com.

Market Movers

FTSE 100 (UKX) 7,414.34 0.33%
FTSE 250 (MCX) 16,870.71 -0.73%
techMARK (TASX) 4,013.35 -0.14%

FTSE 100 - Risers

Lloyds Banking Group (LLOY) 41.46p 2.18%
Rio Tinto (RIO) 5,157.00p 1.92%
Bunzl (BNZL) 2,850.00p 1.82%
BAE Systems (BA.) 1,095.50p 1.67%
Sage Group (SGE) 964.80p 1.47%
Antofagasta (ANTO) 1,346.50p 1.39%
Glencore (GLEN) 439.80p 1.21%
B&M European Value Retail S.A. (DI) (BME) 553.60p 1.17%
Relx plc (REL) 2,861.00p 1.13%
Auto Trader Group (AUTO) 608.40p 1.10%

FTSE 100 - Fallers

Ocado Group (OCDO) 460.00p -9.38%
Reckitt Benckiser Group (RKT) 5,678.00p -4.02%
JD Sports Fashion (JD.) 126.20p -2.13%
SEGRO (SGRO) 685.40p -2.09%
Vodafone Group (VOD) 73.90p -2.04%
Land Securities Group (LAND) 559.40p -1.86%
Schroders (SDR) 361.40p -1.77%
Unite Group (UTG) 854.50p -1.67%
Entain (ENT) 925.60p -1.55%
Airtel Africa (AAF) 113.00p -1.48%

FTSE 250 - Risers

Bytes Technology Group (BYIT) 478.00p 6.34%
North Atlantic Smaller Companies Inv Trust (NAS) 3,540.00p 2.90%
Coats Group (COA) 69.30p 2.67%
Hipgnosis Songs Fund Limited NPV (SONG) 75.00p 2.32%
Hill and Smith (HILS) 1,640.00p 1.99%
FirstGroup (FGP) 146.90p 1.94%
Auction Technology Group (ATG) 570.00p 1.79%
Kainos Group (KNOS) 1,104.00p 1.56%
Indivior (INDV) 1,645.00p 1.55%
Just Group (JUST) 73.00p 1.39%

FTSE 250 - Fallers

CAB Payments Holdings (CABP) 50.00p -17.76%
Target Healthcare Reit Ltd (THRL) 71.40p -4.80%
Ceres Power Holdings (CWR) 190.80p -4.55%
Future (FUTR) 839.50p -4.44%
TUI AG Reg Shs (DI) (TUI) 401.00p -4.43%
UK Commercial Property Reit Limited (UKCM) 51.10p -4.31%
Morgan Sindall Group (MGNS) 1,860.00p -3.83%
Hammerson (HMSO) 21.74p -3.72%
Close Brothers Group (CBG) 734.00p -3.36%
Big Yellow Group (BYG) 913.00p -3.35%