FTSE 100 Modestly Lower As Investors React To Earnings

(RTTNews) - The U.K. stock market's benchmark index FTSE 100 was down in negative territory around noon on Wednesday as investors digested quarterly earnings announcements from some big-name companies and looked ahead to the Federal Reserve's monetary policy announcement later in the day.

The FTSE 100 was down 30.69 points or 0.29% at 10,655.85 a few minutes past noon.

Pharma stock GSK dropped 6% despite beating third-quarter sales and profit expectations. The company reported third-quarter profit before tax of 1.935 billion pounds, compared with 2.456 billion pounds in the prior year. Earnings per share declined to 38.5 pence from 49.9 pence, a year ago. GSK reaffirmed its full-year 2026 guidance at constant exchange rates.

Consumer goods company Unilever drifted lower by 2.5% despite raising its volume growth forecast. The company reported a 6.7% increase in third-quarter turnover to €13.271 billion, while underlying sales growth reached 5.2%, driven by higher volumes and prices.

Unilever upgraded its full-year underlying sales growth guidance to the 4% to 6% range from its previous expectation of growth at the bottom end of the range, supported by around 3% underlying volume growth.

Informa, Pearson, Croda International, Compass Group, Sainsbury (J), Burberry Group, Haleon, Tesco, IAG, The Sage Group, 3i Group and Centrica shed 0.7%-1.6%.

Standard Chartered climbed 3.75% after reported higher quarterly earnings. In the third quarter, profit before taxation increased 27% to $2.25 billion from $1.77 billion last year. Profit attributable to ordinary shareholders rose 46% to $1.50 billion from prior year's $1.03 billion, while earnings per share climbed 55% to 67.0 cents from 43.2 cents a year ago.

The lender saw operating income reach $5.78 billion, up 13% from $5.11 billion last year. The growth was 14% at constant currency. Adjusted net interest income totaled $2.976 billion, 8% higher than last year, mainly with higher volumes.

Polar Capital Technology Trust gained nearly 2%. Intercontinental Hotels Group, Metlen Energy & Metals, Babcock International, Reckitt Benckiser, Computacenter, Aberdeen Group and Lion Finance gained 1%-1.5%.