(Sharecast News) - London stocks edged up in early trade on Thursday following a record close in the previous session, as investors digested results from US tech giant Nvidia and a raft of UK earnings, including Rolls-Royce.
At 0925 GMT, the FTSE 100 was up 0.2% at 10,827.02.
Overnight, Nvidia delivered better-than-expected numbers for the fourth quarter, but the reaction to the beat was muted.
Susannah Streeter, chief investment strategist at Wealth Club, said: "It's been a lacklustre start for the FTSE 100, but London's bluechip index is still hanging near record levels.
"The AI juggernaut is powering on, with Nvidia's results demonstrating how the world is still entranced by the potential power of the technology, and willing to invest huge sums in trying to stay ahead of the game. However, the muted reaction to its stellar results demonstrates how investors have come to expect an awful lot from the chip giant. Management had primed the market to expect another stash of bumper results, but even though they exceeded expectations, the stock lifted just 0.2% in afterhours trading. This sets a high bar for other tech giants to follow and lays the groundwork for fresh cracks to appear in confidence.
"Nvidia is so far the big winner in this AI race, but there remain big concerns that the laggards will not manage to see returns landing at the same pace as the huge capex sums being poured into the technology."
In UK equity markets, engine maker RollsRoyce shot higher as it lifted its midterm targets and set out plans for a major share buyback, reporting a "strong" performance for 2025, underpinned by further progress in its transformation programme and continued endmarket growth.
The London Stock Exchange Group rallied as it unveiled plans to return 3bn to shareholders, alongside a rise in annual earnings, amid mounting pressure from activist investor Elliott Management.
Jupiter Fund Management surged after it announced a share buyback of up to 30m and a special dividend, as it reported better-than-expected full-year profits and the first calendar year of positive net inflows since 2017.
Howden Joinery gained as it announced a new 100m share buyback for 2026 and reported a rise in full-year profit and revenue.
On the downside, Hikma Pharmaceuticals tumbled after the generics drugmaker withdrew its medium-term guidance and adopted a cautious outlook for the current year.
Shares in grocer and technology group Ocado slid after it said it would be slashing around 1,000 jobs as part of a drive to save 150m in costs after setbacks to its automated warehouse programme rollout.
WPP was under the cosh as it said it was planning to save 500m in annual costs by 2028 as it looks to restore growth.
As part of the restructuring, the advertising firm will become a single company, streamlined into four operating units across four regions, all unified by its "pioneering agentic marketing platform", WPP Open.
News of the overhaul came alongside the company's preliminary results, which showed that headline operating profit fell to 1.32bn in the year to the end of December 2025 from 1.71bn the previous year. Revenue less pass-through costs declined 10.4% to 10.18bn.
Tate & Lyle fell as it said its third-quarter performance was in line with expectations but highlighted continued muted market demand.
Market Movers
FTSE 100 (UKX) 10,827.02 0.19%
FTSE 250 (MCX) 23,654.64 0.08%
techMARK (TASX) 6,047.43 0.07%
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 1,386.00p 5.80%
London Stock Exchange Group (LSEG) 8,200.00p 5.21%
St James's Place (STJ) 1,382.50p 2.94%
Pershing Square Holdings Ltd NPV (PSH) 4,298.00p 2.28%
Haleon (HLN) 386.50p 2.28%
3i Group (III) 3,284.00p 1.36%
ICG (ICG) 1,700.00p 1.13%
Smurfit Westrock (DI) (SWR) 3,369.00p 1.11%
Aviva (AV.) 668.40p 1.09%
Standard Chartered (STAN) 1,830.50p 0.99%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,374.00p -16.83%
Fresnillo (FRES) 4,148.00p -4.11%
Antofagasta (ANTO) 4,340.00p -2.58%
Anglo American (AAL) 3,749.00p -2.09%
Diageo (DGE) 1,611.50p -1.50%
Metlen Energy & Metals (MTLN) 37.10p -1.46%
Glencore (GLEN) 526.70p -1.46%
Rio Tinto (RIO) 7,354.00p -1.43%
Sainsbury (J) (SBRY) 354.20p -1.23%
Tesco (TSCO) 486.20p -1.22%
FTSE 250 - Risers
Jupiter Fund Management (JUP) 203.50p 8.24%
Howden Joinery Group (HWDN) 913.00p 6.66%
Ceres Power Holdings (CWR) 319.60p 4.99%
Drax Group (DRX) 917.00p 3.91%
Shawbrook Group (SHAW) 428.50p 2.51%
Travis Perkins (TPK) 705.00p 2.17%
Mony Group (MONY) 166.30p 1.65%
International Workplace Group (IWG) 225.80p 1.62%
Computacenter (CCC) 3,068.00p 1.59%
Templeton Emerging Markets Inv Trust (TEM) 286.00p 1.42%
FTSE 250 - Fallers
Ocado Group (OCDO) 213.40p -9.19%
WPP (WPP) 251.40p -7.71%
Genus (GNS) 3,050.00p -3.79%
Tate & Lyle (TATE) 385.00p -3.56%
Oxford Biomedica (OXB) 611.00p -3.32%
Wickes Group (WIX) 245.00p -2.97%
Derwent London (DLN) 1,788.00p -2.30%
BlackRock World Mining Trust (BRWM) 1,018.00p -2.12%
Baltic Classifieds Group (BCG) 178.80p -1.97%
Ashmore Group (ASHM) 239.60p -1.72%
13.38 (0.12%)
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