London open: Stocks nudge down amid raft of earnings; ECB in focus

London stocks nudged down in early trade on Thursday as investors waded through a raft of earnings news ahead of the latest policy announcement from the European Central Bank and the US third-quarter GDP reading.

At 0830 BST, the FTSE 100 was down 0.1% at 7,248.20.

Interactive Investor said policymakers appear divided at the ECB in terms of their desired policy response to rising inflation.

"However, it is clear the ECB is far behind the Bank of England or the Fed in terms of the path towards normalisation with inflation less severe and wages less responsive in the eurozone than elsewhere."

In equity markets, Royal Dutch Shell was weaker as it reported lower-than-expected third-quarter adjusted earnings after taking a $400m hit from Hurricane Ida’s impact on operations.

Going the other way, WPP was the standout gainer on the FTSE 100 after the advertising giant upgraded its guidance for 2021 as it hailed a "very strong" third-quarter performance.

Lloyds Banking Group was also a high riser as it improved its full-year guidance after reversed bad debts contributed to a near doubling of third-quarter profit.

DS Smith gained as the packaging company said its first half was in line with expectations as price rises offset rising input costs.

Airtel Africa rallied as the telecommunications provider posted a jump in first-half profit and revenue, with "strong" performances across its regional segments and key services.

Synthomer advanced after it announced the acquisition of Adhesive Technologies - the Adhesive Resins business of Eastman Chemical Company - for $1bn in cash.

C&C Group fizzed higher as the Magners, Bulmers and Tennent’s maker said it swung back to a profit in the first half as revenues grew thanks to the reopening of hospitality venues.

Car dealership Inchcape was up after it lifted its 2021 profit expectations following a "strong" third-quarter performance.

Market Movers

FTSE 100 (UKX) 7,248.20 -0.07%
FTSE 250 (MCX) 23,147.01 -0.11%
techMARK (TASX) 4,574.48 0.07%

FTSE 100 - Risers

WPP (WPP) 1,008.00p 4.33%
GlaxoSmithKline (GSK) 1,475.80p 2.36%
Lloyds Banking Group (LLOY) 50.00p 2.12%
Smith (DS) (SMDS) 387.70p 2.11%
Darktrace (DARK) 744.50p 1.92%
Fresnillo (FRES) 870.40p 1.80%
Polymetal International (POLY) 1,388.00p 1.39%
Coca-Cola HBC AG (CDI) (CCH) 2,501.00p 1.17%
Aveva Group (AVV) 3,575.00p 1.16%
Pershing Square Holdings Ltd NPV (PSH) 2,940.00p 1.03%

FTSE 100 - Fallers

Flutter Entertainment (CDI) (FLTR) 14,020.00p -1.75%
Sainsbury (J) (SBRY) 301.30p -1.70%
Royal Dutch Shell 'B' (RDSB) 1,739.40p -1.62%
Royal Dutch Shell 'A' (RDSA) 1,737.80p -1.57%
BP (BP.) 352.95p -1.30%
Entain (ENT) 2,025.00p -1.17%
DCC (CDI) (DCC) 6,170.00p -1.15%
Vodafone Group (VOD) 110.74p -1.14%
Barratt Developments (BDEV) 667.40p -1.13%
Rentokil Initial (RTO) 582.20p -1.05%

FTSE 250 - Risers

Airtel Africa (AAF) 106.70p 7.51%
C&C Group (CDI) (CCR) 267.00p 6.97%
Bytes Technology Group (BYIT) 509.00p 3.92%
Synthomer (SYNT) 492.00p 3.80%
Watches of Switzerland Group (WOSG) 1,138.00p 3.08%
Inchcape (INCH) 818.50p 1.61%
Elementis (ELM) 143.30p 1.56%
XP Power Ltd. (DI) (XPP) 5,260.00p 1.54%
AVI Global Trust (AGT) 1,060.00p 1.15%
Britvic (BVIC) 896.50p 1.13%

FTSE 250 - Fallers

PureTech Health (PRTC) 340.00p -4.63%
Plus500 Ltd (DI) (PLUS) 1,349.50p -3.74%
Hammerson (HMSO) 32.31p -2.89%
Micro Focus International (MCRO) 363.60p -2.05%
Morgan Advanced Materials (MGAM) 341.50p -2.01%
Sequoia Economic Infrastructure Income Fund Limited (SEQI) 109.20p -1.97%
Cairn Energy (CNE) 183.00p -1.93%
Dunelm Group (DNLM) 1,284.00p -1.83%
Travis Perkins (TPK) 1,560.00p -1.58%
Carnival (CCL) 1,441.00p -1.56%