(Sharecast News) - London stocks fell in early trade on Thursday following a record close in the previous session, with Rio Tinto and Centrica sharply lower after disappointing results.
At 0830 GMT, the FTSE 100 was down 0.2% at 10,660.89.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "The FTSE 100 powered to yet another record high yesterday, surging over 1% after UK inflation dropped to 3.0% in January, its lowest level since March last year. Markets now see an 80% chance of a move in March, and with weak jobs data earlier in the week painting a similar picture, the interest rate path looks increasingly supportive for UK equities.
"The index couldn't quite hold onto its new title for long, with the FTSE 100 down a touch at the open as investors get stuck into another busy day for corporate results."
Investors were also mulling the latest minutes from the Federal Reserve, released overnight. Britzman said they made for uncomfortable reading, revealing a central bank struggling to find consensus on where rates go from here.
"In a notable hawkish twist, some officials floated the idea of raising rates if inflation proves stubborn - a far cry from the rate-cutting narrative markets had been banking on," he said. "Others maintained that further cuts would be warranted if price pressures continue to ease, leaving the outlook as clear as mud."
In equity markets, Centrica tumbled after the British Gas owner said it was pausing its share buyback programme as it reported a decline in full-year operating profit in a "challenging environment", with varied performance across the business.
In the year to the end of December 2025, operating profit fell to 814m from 1.5bn the year before. Adjusted earnings before interest, tax, depreciation and amortisation dropped to 1.4bn from 2.3bn.
Mining giant Rio Tinto was also under the cosh as it posted a 14% drop in full-year net profit as weak steel demand in China hit iron ore earnings, despite better prices for copper and gold.
The company, which recently abandoned merger talks with rival Glencore, said net profit came in at $9.97bn in 2025 compared with $11.55bn a year earlier.
EasyJet, Barclays, GSK, Imperial Brands and AstraZeneca all lost ground as they traded without entitlement to the dividend.
Paper and packaging group Mondi gained even as it slashed its dividend after a 29% slump in annual profits in 2025, as it pointed to further declines in paper prices over the first quarter as a prolonged cyclical downturn continues across the sector.
Market Movers
FTSE 100 (UKX) 10,660.89 -0.24%
FTSE 250 (MCX) 23,691.50 0.02%
techMARK (TASX) 6,163.20 -0.17%
FTSE 100 - Risers
Mondi (MNDI) 971.00p 5.04%
Relx plc (REL) 2,291.00p 2.55%
ICG (ICG) 1,774.00p 1.20%
Experian (EXPN) 2,581.00p 1.18%
Autotrader Group (AUTO) 476.60p 1.08%
Smurfit Westrock (DI) (SWR) 3,828.00p 1.03%
The Sage Group (SGE) 809.00p 1.00%
Rentokil Initial (RTO) 464.30p 0.98%
Croda International (CRDA) 2,998.00p 0.91%
Beazley (BEZ) 1,222.00p 0.91%
FTSE 100 - Fallers
Centrica (CNA) 180.15p -8.09%
Rio Tinto (RIO) 7,126.00p -3.56%
Antofagasta (ANTO) 3,902.00p -2.45%
easyJet (EZJ) 481.10p -2.28%
CRH (CDI) (CRH) 9,022.00p -2.08%
Glencore (GLEN) 497.60p -1.99%
InterContinental Hotels Group (IHG) 142.75p -1.59%
Fresnillo (FRES) 3,856.00p -1.43%
Anglo American (AAL) 3,615.00p -1.26%
Barclays (BARC) 480.00p -1.24%
FTSE 250 - Risers
Harbour Energy (HBR) 230.00p 3.05%
WPP (WPP) 278.50p 2.69%
Travis Perkins (TPK) 715.00p 2.44%
Energean (ENOG) 889.00p 2.42%
Victrex plc (VCT) 711.00p 2.30%
Pagegroup (PAGE) 204.60p 2.30%
Raspberry PI Holdings (RPI) 418.70p 2.12%
Pinewood Technologies Group (PINE) 313.50p 2.12%
Shawbrook Group (SHAW) 466.00p 1.86%
THG (THG) 36.28p 1.85%
FTSE 250 - Fallers
Elementis (ELM) 161.60p -4.72%
Target Healthcare Reit Ltd (THRL) 102.00p -4.49%
W.A.G Payment Solutions (EWG) 116.50p -3.72%
Genuit Group (GEN) 362.50p -2.55%
Pan African Resources (PAF) 156.20p -2.50%
BlackRock World Mining Trust (BRWM) 956.00p -2.45%
Plus500 Ltd (DI) (PLUS) 4,370.00p -2.02%
Senior (SNR) 255.00p -1.92%
Workspace Group (WKP) 408.50p -1.92%
HGCapital Trust (HGT) 447.00p -1.43%