London close: Stocks end up as investors mull US inflation reading

(Sharecast News) - London stocks ended up on Wednesday as investors mulled the latest US inflation reading and further strikes by the US and Iran.

The FTSE 100 closed up 0.3% at 10,254.81, faring better than its European counterparts. At the same time, Brent crude was 2.6% higher at $93.81 a barrel and West Texas Intermediate was up 3% at $90.82.

Danni Hewson, head of financial analysis at AJ Bell, said: "It's been a choppy day for global stocks as investors weigh ongoing risks around Iran, inflation and AI valuations.

"US inflation may have broadly been in line with expectations, but CPI coming in above 4% in May for the first time in three years has concentrated minds on the inflationary shock created by the conflict in the Middle East.

"Escalating tensions between the US and Iran after an exchange of fire overnight helped stoke oil prices as hopes for a near-term peace deal dimmed. Though notably the Brent crude benchmark is some way below last month's highs above $100 per barrel.

"The FTSE 100 was holding up rather better than some of its global counterparts, supported by its contingent of energy stocks and traditionally defensive names."

In equity markets, Tritax Big Box gained after the government approved planning permission for its data centre outside London after months of delays.

Danni Hewson said: "Approval for logistics property specialist Tritax Big Box REIT's data centre at Manor Farm, Heathrow provided a timely boost.

"Traditionally focused on large warehouses, this shift into data centres is seen as offering a potentially lucrative new avenue for the business and Tritax, along with other UK property peers, enjoyed strong share price gains on the news."

Land Securities, Segro and British Land also rose.

DCC advanced after saying it has received an improved takeover proposal from US private equity firm KKR and Energy Capital Partners at 6,672.22p per share that it would be minded to recommend to shareholders.

On the downside, WH Smith tumbled as it cut profit guidance for the second time this year as war in the Middle East curtailed travel and weighed on consumer demand. The retailer now expects full-year headline profits before tax and non-underlying items to come in between �75m and �90m, down from previous guidance for between �90m and �105m.

The chain, which has shops in airports, rail stations and hospitals, also announced plans for a capital raise representing 20% of its share capital.

Pennon shares fell even as the South West Water owner said it swung to a full-year profit, with water revenue up 24.6%, mainly driven by the benefit of increased regulatory allowances and higher consumption.

Market Movers

FTSE 100 (UKX) 10,254.81 0.27%

FTSE 250 (MCX) 22,951.34 0.50%

techMARK (TASX) 5,954.29 1.15%

FTSE 100 - Risers

Flutter Entertainment (DI) (FLTR) 8,672.00p 4.96%

Entain (ENT) 601.00p 3.02%

Land Securities Group (LAND) 648.50p 2.94%

Tesco (TSCO) 469.20p 2.92%

Unilever (ULVR) 4,401.50p 2.73%

Admiral Group (ADM) 3,428.00p 2.70%

Vodafone Group (VOD) 112.80p 2.69%

BT Group (BT.A) 202.70p 2.66%

SEGRO (SGRO) 729.00p 2.65%

Associated British Foods (ABF) 1,937.50p 2.57%

FTSE 100 - Fallers

Experian (EXPN) 2,556.00p -2.41%

Mondi (MNDI) 718.40p -2.31%

Smurfit Westrock (DI) (SWR) 2,922.00p -2.31%

Weir Group (WEIR) 2,274.00p -2.24%

Relx plc (REL) 2,548.00p -2.08%

Pershing Square Holdings Ltd NPV (PSH) 3,860.00p -1.78%

Barratt Redrow (BTRW) 249.60p -1.73%

Fresnillo (FRES) 2,820.00p -1.67%

Anglo American (AAL) 3,712.00p -1.49%

HSBC Holdings (HSBA) 1,293.40p -1.37%

FTSE 250 - Risers

FirstGroup (FGP) 171.70p 4.89%

Tritax Big Box Reit (BBOX) 151.00p 4.86%

Rank Group (RNK) 104.80p 4.80%

XP Power Ltd. (DI) (XPP) 1,794.00p 4.42%

Barr (A.G.) (BAG) 648.00p 4.35%

Frasers Group (FRAS) 771.00p 4.05%

Harbour Energy (HBR) 266.80p 3.89%

Gamma Communications (GAMA) 975.00p 3.67%

Mony Group (MONY) 186.10p 3.62%

PPHE Hotel Group Ltd (PPH) 2,000.00p 3.31%

FTSE 250 - Fallers

WH Smith (SMWH) 412.60p -16.17%

Raspberry PI Holdings (RPI) 833.00p -12.32%

Ceres Power Holdings (CWR) 571.50p -6.23%

Wizz Air Holdings (WIZZ) 967.00p -5.47%

Endeavour Mining (EDV) 3,653.00p -4.12%

Pan African Resources (PAF) 101.00p -3.72%

Aston Martin Lagonda Global Holdings (AML) 41.00p -3.35%

Vistry Group (VTY) 242.00p -2.89%

Marshalls (MSLH) 129.10p -2.57%

Hochschild Mining (HOC) 500.00p -2.44%