London open: FTSE nudges higher as trade war ramps up

At 0855 GMT, the FTSE 100 was up 0.1% at 8,545.91.

Investors were mulling the latest twists and turns in Trump's trade saga, after the US President said he would impose more tariffs following retaliatory measures from the European Union and Canada.

Trump said on Wednesday that he would respond to the countermeasures. "Whatever they charge us with, we're charging them," he said.

Richard Hunter, head of markets at Interactive Investor, said: "In early trade, investor apathy was largely in evidence, while the technical Thursday headwind of stocks being marked ex-dividend resulted in those affected, such as NatWest, Endeavour Mining and Entain.

"Meanwhile, the UK economy will face its latest test tomorrow on the release of the GDP figures, with the overhang of the Budget measures potentially beginning to gain traction."

Looking ahead to the rest of the day, the US producer price index for February is due at 1230 GMT.

In equity markets, NatWest and Entain were the biggest losers on the FTSE 100 as they traded without entitlement to the dividend.

C&C Group tumbled as the Bulmers cider maker said full-year underlying operating profits would be "modestly below" target amid weaker consumer confidence and the impact of higher wages and employer taxes introduced in the Budget.

Trainline slumped as the online ticketing platform said fiscal year sales hit a record of almost £6bn and announced a new £75m share buyback, as full-year net ticket sales and revenues fell a little short of expectations.

Savills was weaker despite the real estate agency posting a large jump in annual earnings and saying that transaction volumes this year would be lifted by companies ordering staff to spend more time in the office.

Deliveroo fell even as it hailed its first ever year of profit and positive free cash flow despite an "uncertain" consumer environment, as it expanded its grocery and retail offering.

On the upside, Halma surged as it said it now expects an adjusted EBIT margin modestly above 21% for the full year to March 2025, compared to prior guidance of around 21%.

Bridgepoint and Volution also gained after results, while IG Group rallied as the online trading and investment firm posted a rise in third-quarter revenues as it benefited from stronger market conditions and an increase in active clients.

Market Movers

FTSE 100 (UKX) 8,545.91 0.06%
FTSE 250 (MCX) 19,807.56 -0.40%
techMARK (TASX) 4,722.00 0.32%

FTSE 100 - Risers

Halma (HLMA) 2,718.00p 2.95%
Vodafone Group (VOD) 71.18p 1.60%
AstraZeneca (AZN) 11,806.00p 1.34%
BT Group (BT.A) 154.65p 1.24%
Rightmove (RMV) 671.60p 1.24%
HSBC Holdings (HSBA) 857.30p 1.13%
Marks & Spencer Group (MKS) 355.20p 1.11%
Imperial Brands (IMB) 2,763.00p 0.95%
GSK (GSK) 1,502.00p 0.81%
Lloyds Banking Group (LLOY) 68.68p 0.70%

FTSE 100 - Fallers

NATWEST GROUP (NWG) 433.80p -2.76%
Entain (ENT) 634.00p -2.31%
Fresnillo (FRES) 876.50p -2.01%
Persimmon (PSN) 1,172.50p -1.80%
Barratt Redrow (BTRW) 423.20p -1.72%
Coca-Cola HBC AG (CDI) (CCH) 3,420.00p -1.61%
Whitbread (WTB) 2,496.00p -1.58%
Mondi (MNDI) 1,232.50p -1.52%
Croda International (CRDA) 3,138.00p -1.38%
St James's Place (STJ) 1,005.00p -1.37%

FTSE 250 - Risers

Volution Group (FAN) 561.00p 8.09%
JTC (JTC) 1,000.00p 4.38%
Hochschild Mining (HOC) 225.00p 4.17%
IG Group Holdings (IGG) 962.50p 4.05%
Wood Group (John) (WG.) 39.00p 3.72%
Bridgepoint Group (Reg S) (BPT) 358.00p 2.99%
OSB Group (OSB) 430.60p 2.43%
Ferrexpo (FXPO) 71.30p 1.86%
Chemring Group (CHG) 386.00p 1.58%
PPHE Hotel Group Ltd (PPH) 1,285.00p 1.18%

FTSE 250 - Fallers

C&C Group (CDI) (CCR) 122.20p -17.32%
Trainline (TRN) 270.80p -13.70%
Deliveroo Class (ROO) 115.20p -7.54%
Dunelm Group (DNLM) 914.00p -6.40%
Savills (SVS) 937.00p -5.45%
Me Group International (MEGP) 185.00p -3.55%
Apax Global Alpha Limited (APAX) 128.00p -3.47%
Safestore Holdings (SAFE) 591.00p -3.43%
Lancashire Holdings Limited (LRE) 576.00p -3.19%
Ocado Group (OCDO) 224.00p -2.74%