London close: FTSE nudges up ahead of Fed; Scottish Mortgage jumps

(Sharecast News) - London stocks eked out a small gain on Wednesday, with investors erring on the side of caution ahead of the latest policy announcement from the US Federal Reserve, which is widely expected to cut rates by 25 basis points.

The FTSE 100 ended up 0.1% at 9,655.53.

Dan Coatsworth, head of markets at AJ Bell, said: "Markets were in a holding pattern ahead of the Fed's interest rate decision later today.

"A quarter point rate cut is widely expected, but more interesting to the market will be commentary on the direction of rates in 2026. There have been conflicting signals from the Fed about monetary policy and markets are keen to see if there is more joined up thinking from the central bank."

In equity markets, Scottish Mortgage Investment Trust rallied to the top of the FTSE 100 following reports that Elon Musk's SpaceX is pressing ahead with plans for an IPO that could value the group at $1.5trn. The trust has an 8.2% holding in SpaceX.

Berkeley Group gained even as the housebuilder posted weaker interim revenues and profits amid a "very challenging" macroeconomic and regulatory environment.

Revenues came in at �1.2bn in the six months to 31 October, down from �1.3bn a year previously, while pre-tax profits fell 7.7% to �254m. However, net cash was �5m higher, at �342m, and net asset value per share rose 5% to �37.63.

The firm also said it remained on track to meet full-year profit guidance.

HSBC and Standard Chartered were boosted by upgrades to 'buy' and 'neutral', respectively, at Bank of America.

Educational publisher Pearson rose after JPMorgan lifted its price target on the stock to 1,440p from 1,330p.

Ocado surged after data from NielsenIQ showed that the online grocer remains the fastest growing retailer.

FirstGroup rallied after saying it had been named as the preferred operator for the London Overground suburban rail network contract by Transport for London.

Ventilation products manufacturer Volution advanced as it said trading in the first four months of FY26 had been positive, and announced the agreed acquisition of Australia's AC Industries for up to AUD$178.9m (�89.5m).

Market Movers

FTSE 100 (UKX) 9,655.53 0.14%

FTSE 250 (MCX) 21,830.97 -0.36%

techMARK (TASX) 5,559.03 -0.43%

FTSE 100 - Risers

Scottish Mortgage Inv Trust (SMT) 1,140.00p 3.68%

Berkeley Group Holdings (The) (BKG) 3,696.00p 3.24%

HSBC Holdings (HSBA) 1,102.20p 3.20%

British American Tobacco (BATS) 4,399.00p 2.23%

Standard Chartered (STAN) 1,703.50p 2.07%

Rentokil Initial (RTO) 426.90p 2.06%

Pearson (PSON) 1,024.50p 1.99%

Metlen Energy & Metals (MTLN) 41.10p 1.73%

Tesco (TSCO) 447.10p 1.61%

Sainsbury (J) (SBRY) 317.00p 1.60%

FTSE 100 - Fallers

Halma (HLMA) 3,542.00p -2.32%

SSE (SSE) 2,092.00p -2.24%

Land Securities Group (LAND) 586.50p -1.92%

CRH (CDI) (CRH) 9,226.00p -1.85%

United Utilities Group (UU.) 1,177.50p -1.71%

Legal & General Group (LGEN) 242.10p -1.71%

BT Group (BT.A) 176.05p -1.62%

ICG (ICG) 2,038.00p -1.55%

Phoenix Group Holdings (PHNX) 679.00p -1.38%

Informa (INF) 929.60p -1.38%

FTSE 250 - Risers

Ocado Group (OCDO) 235.00p 20.67%

FirstGroup (FGP) 183.80p 4.97%

Volution Group (FAN) 635.00p 3.59%

Rank Group (RNK) 109.40p 2.82%

Trainline (TRN) 221.00p 2.79%

BlackRock World Mining Trust (BRWM) 774.00p 2.65%

Baillie Gifford US Growth Trust (USA) 291.00p 2.11%

Partners Group Private Equity Limited. (EUR) (PEY) 10.40p 1.96%

Wickes Group (WIX) 237.50p 1.93%

Patria Private Equity Trust (PPET) 602.00p 1.86%

FTSE 250 - Fallers

Kainos Group (KNOS) 1,098.00p -7.73%

SDCL Efficiency Income Trust (SEIT) 50.30p -6.33%

Moonpig Group (MOON) 204.00p -4.02%

Morgan Sindall Group (MGNS) 4,665.00p -3.72%

Bluefield Solar Income Fund Limited (BSIF) 67.50p -3.71%

Future (FUTR) 559.00p -3.62%

Ceres Power Holdings (CWR) 308.60p -3.02%

IntegraFin Holding (IHP) 338.00p -2.87%

IP Group (IPO) 59.10p -2.64%

AEP Plantations (AEP) 1,325.00p -2.57%