London open: FTSE edges down as investors mull events in France, South Korea
London stocks edged lower in early trade on Wednesday following mixed performances in the US and Asia, as investors mulled events in France and South Korea.
At 0830 GMT, the FTSE 100 was down 0.2% at 8,341.89.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Political risk has been put back on the agenda after South Korea was plunged into chaos by the declaration, then subsequent lifting of martial law.
"Deep uncertainty looms for France too. The looming vote of no-confidence in the minority government of Michel Barnier threatens fresh political upheaval in a key EU member state. The internationally focused FTSE 100 has opened flat, with optimism washing around Wall Street offsetting concerns about political instability in Asia and Europe.
"Friday's key monthly jobs report is being eyed amid hopes it may show a US labour market which is buoyant but not hot enough to derail a gradual easing of interest rates in the world's largest economy."
On the UK macro front, the S&P Global services PMI for November is due out at 0930 GMT. Investors will also be eyeing the US ADP report at 1315 GMT and the ISM services PMI at 1500 GMT.
In equity markets, Legal & General jumped to the top of the FTSE 100 as it maintained profit guidance for the full year and hinted at more returns for shareholders than previously announced.
The company said it expects to return to shareholders a proportion of the capital not deployed on strain this year which "would be incremental to the capital return intentions indicated at the capital markets event in June".
Coca-Cola HBC shot higher after an upgrade to 'outperform' at BNPP Exane, while Victrex was the biggest riser on the FTSE 250 after an upgrade to 'buy' at Jefferies.
Rio Tinto was a little weaker as it forecast higher consolidated mined copper production for the 2025 financial year driven by higher output from its Oyu Tolgoi operation in Mongolia and also faced calls from hedge fund Palliser to scrap its dual listing structure.
Rio also said it was selling a 30% stake in its Winu copper-gold project in Australia to Japan's Sumitomo Metal Mining Co. for $399m.
Zigup slumped as it posted a drop in interim profit and revenue, while Me Group dropped even as it reported continued growth in the second half and said it expects FY 2024 to be another year of record profitability.
Bunzl was knocked lower by a downgrade to 'hold' at HSBC.
Market Movers
FTSE 100 (UKX) 8,341.89 -0.21%
FTSE 250 (MCX) 20,901.14 0.04%
techMARK (TASX) 4,700.62 -0.50%
FTSE 100 - Risers
Legal & General Group (LGEN) 229.00p 2.74%
International Consolidated Airlines Group SA (CDI) (IAG) 271.40p 2.65%
Coca-Cola HBC AG (CDI) (CCH) 2,868.00p 1.77%
Spirax Group (SPX) 7,510.00p 1.76%
Standard Chartered (STAN) 978.80p 1.35%
CRH (CDI) (CRH) 8,128.00p 1.09%
Centrica (CNA) 131.35p 1.04%
Flutter Entertainment (DI) (FLTR) 22,320.00p 0.86%
Entain (ENT) 810.60p 0.70%
Sage Group (SGE) 1,308.00p 0.65%
FTSE 100 - Fallers
AstraZeneca (AZN) 10,600.00p -1.76%
National Grid (NG.) 977.80p -1.23%
Severn Trent (SVT) 2,695.00p -1.17%
Schroders (SDR) 306.00p -0.97%
Reckitt Benckiser Group (RKT) 4,775.00p -0.95%
GSK (GSK) 1,355.50p -0.91%
Unilever (ULVR) 4,653.00p -0.87%
Bunzl (BNZL) 3,570.00p -0.83%
Smith & Nephew (SN.) 987.20p -0.80%
SSE (SSE) 1,734.00p -0.80%
FTSE 250 - Risers
Victrex plc (VCT) 1,038.00p 3.39%
SSP Group (SSPG) 182.20p 2.53%
PZ Cussons (PZC) 83.90p 2.32%
Moonpig Group (MOON) 261.50p 2.15%
TBC Bank Group (TBCG) 3,115.00p 2.13%
Rathbones Group (RAT) 1,708.00p 2.03%
Petershill Partners (PHLL) 253.50p 2.01%
Marshalls (MSLH) 320.50p 1.91%
IP Group (IPO) 48.00p 1.80%
Foresight Group Holdings Limited NPV (FSG) 403.00p 1.77%
FTSE 250 - Fallers
Zigup (ZIG) 362.00p -5.48%
Me Group International (MEGP) 215.00p -4.66%
Discoverie Group (DSCV) 700.00p -4.63%
Auction Technology Group (ATG) 549.00p -2.49%
Spirent Communications (SPT) 173.70p -2.42%
NCC Group (NCC) 154.40p -2.40%
Bloomsbury Publishing (BMY) 658.00p -2.37%
Jupiter Fund Management (JUP) 83.00p -2.24%
Kier Group (KIE) 142.80p -2.19%
Baillie Gifford Japan Trust (BGFD) 726.00p -1.76%
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