UK Market Ends Slightly Up

(RTTNews) - On a day in which most of the markets across Europe remained closed for Labor Day holiday, the UK market, where trading was on, ended marginally up on Thursday, extending its gains to a 13th straight session.

Markets in Germany, France and Switzerland remained shut.

The FTSE 100 edged up 0.02%, with investors mostly reacting to quarterly earnings updates and the latest batch of economic data. Worries about global economic growth following weak data from the U.S. and China hurt as well.

St. James's Place climbed 6.8%. Polar Capital Technology Trust, Informa, EasyJet, Intercontinental Hotels Group, Howden Joinery, Anglo American Plc., Haleon, Persimmon, Prudential, Antofagasta and Scottish Mortgage gained 2.5 to 4.3%.

Whitbread surged 5.8%. The group said that its adjusted profit before tax for fiscal year ended February 2025 declined to 483 million pounds from last year's 561 million pounds reflecting the impact of AGP, cost inflation and lower interest income, partially offset by increased cost savings and excellent progress in Germany. Adjusted earnings per share declined to 193.4 pence from 205.5 pence per share in the previous year.

Endeavour Mining Plc, shares gained about 2.2%. For the three-month period to March 31, the company posted a net income of $173 million, or $0.71 per share, compared with a loss of $20 million, or $0.08 per share, registered for the same period last year.

Rolls-Royced Holdings gained 1.8% after the company reiterated its 2025 profit and cash flow guidance.

Lloyds Banking Group shares closed down 2.7%. The bank reported first quarter profit before tax of 1.5 billion pounds compared to 1.6 billion pounds, last year. Basic earnings per share was 1.7 pence, flat with prior year. Underlying profit declined to 1.53 billion pounds from 1.76 billion pounds.

Associated British Foods, Marks & Spencer, Pearson, Coca-Cola HBC, Centrica, GSK, Bunzl, AstraZeneca and National Grid lost 1 to 2.3%.

In economic news, UK manufacturing activity deteriorated for the seventh successive month in April amid adverse global market conditions along with inflationary pressures, final survey results from S&P Global showed.

The final manufacturing Purchasing Managers' Index rose slightly to 45.4 in April from a 17-month low of 44.9 in March. However, any reading below 50 indicates contraction in the sector. The reading was also above the flash score of 44.

On the price front, input price inflation accelerated to the highest since December 2022, linked to higher energy prices caused by global supply chain uncertainties, including prospective US tariffs. Consequently, selling price inflation rose to a 26-month high.

Meanwhile, data showed UK mortgage approvals decreased by 800 to 64,309 in March, the lowest level in eight months, despite home buyers rushing to complete the transactions ahead of the rise in stamp duty.