London open: Stocks flat ahead of US inflation; Barratt Redrow surges
London stocks were flat in early trade on Wednesday as investors eyed the latest US inflation reading.
At 0830 GMT, the FTSE 100 was steady at 8,780.90.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "There’s an overarching sense of calm in the air, perhaps a little unnerving given the storm of political drama we’ve become accustomed too since Tump took office.
"The FTSE 100 opened flat this morning, and after posting another record high yesterday it’s still riding on a wave of enthusiasm. US inflation data has scope to upset the apple card later today, but for now at least, it’s robust company earnings that are driving markets forward."
The US consumer price index for January is due at 1330 GMT.
In equity markets, housebuilder Barratt Redrow surged to the top of the FTSE 100 after saying full-year earnings were set to be at the upper end of expectations following a jump in interim profits.
The company posted pre-tax profit of £117.2m, up 23% and lifted its dividend by a quarter to 5.5p a share.
Consensus estimates are for 2025 adjusted pre-tax profit of £542m, with a range of £506m to £588m.
Indivior gained even as it said the US Food and Drug Administration has delayed its final review of proposed label changes for Sublocade, which include a rapid initiation protocol and alternative injection sites.
The company said the regulator had accepted the proposed label and identified no outstanding issues, but did not provide a new timeline for approval.
Elsewhere, Close Brothers fell as the merchant bank said it has put aside £165m to cover costs associated with the mis-selling of motor finance following last year's Court of Appeal judgment.
The provision, which includes estimates for operational and legal costs, as well as the potential remediation for affected customers, will reduce the company's CET1 capital ratio to 12.0% from 13.5% on 31 December. Close Brothers said the hit would be recognised in its second-half results.
However, Close Brothers said that recent actions to improve its capital position will mitigate the impact.
Market Movers
FTSE 100 (UKX)8,780.900.04%
FTSE 250 (MCX)20,993.450.35%
techMARK (TASX)4,742.000.03%
FTSE 100 - Risers
Barratt Redrow (BTRW)461.30p5.56%
Croda International (CRDA)3,124.00p2.43%
Prudential (PRU)696.00p1.96%
Land Securities Group (LAND)593.00p1.72%
Flutter Entertainment (DI) (FLTR)21,670.00p1.55%
Kingfisher (KGF)250.30p1.54%
British Land Company (BLND)369.80p1.32%
Rio Tinto (RIO)5,017.00p1.27%
Entain (ENT)668.20p1.24%
Auto Trader Group (AUTO)787.20p1.23%
FTSE 100 - Fallers
Fresnillo (FRES)781.00p-1.20%
BAE Systems (BA.)1,191.00p-1.16%
BP (BP.)458.05p-0.91%
Rolls-Royce Holdings (RR.)614.60p-0.87%
GSK (GSK)1,433.00p-0.73%
Scottish Mortgage Inv Trust (SMT)1,099.00p-0.72%
Airtel Africa (AAF)146.10p-0.68%
F&C Investment Trust (FCIT)1,186.00p-0.67%
Shell (SHEL)2,684.00p-0.57%
International Consolidated Airlines Group SA (CDI) (IAG)345.70p-0.52%
FTSE 250 - Risers
Baltic Classifieds Group (BCG)396.00p14.95%
Indivior (INDV)814.50p6.47%
Ninety One (N91)155.80p4.70%
TBC Bank Group (TBCG)3,835.00p3.79%
Bridgepoint Group (Reg S) (BPT)409.00p3.44%
Man Group (EMG)215.00p3.17%
Chrysalis Investments Limited NPV (CHRY)106.40p2.31%
HarbourVest Global Private Equity Limited A Shs (HVPE)2,755.00p2.23%
Renishaw (RSW)3,640.00p2.10%
Moonpig Group (MOON)222.00p2.07%
FTSE 250 - Fallers
Mitie Group (MTO)112.00p-4.60%
NCC Group (NCC)140.00p-3.05%
Bakkavor Group (BAKK)135.00p-2.53%
C&C Group (CDI) (CCR)144.80p-2.43%
Discoverie Group (DSCV)590.00p-2.16%
Mobico Group (MCG)68.60p-2.07%
Mitchells & Butlers (MAB)228.00p-1.94%
Clarkson (CKN)4,320.00p-1.71%
Hays (HAS)74.00p-1.66%
Allianz Technology Trust (ATT)448.00p-1.65%