Lunchtime market roundup: Stocks down; McCormick seeks London listing

Stocks in London were mostly lower on Thursday midday as the price of Brent oil continued to trade near USD100 a barrel; meanwhile Maryland-based condiment firm McCormick said it will seek a secondary share listing in London.

The FTSE 100 index was down 5.63 points, 0.1%, at 10,711.34. The FTSE 250 was down 74.54 points, 0.3%, at 23,852.09, and the AIM all-share was down 0.19 points at 774.89.

The Cboe UK 100 was down 0.1% at 1,064.88, the Cboe UK 250 was down 0.2% at 20,770.92, and the Cboe small companies was up 0.1% at 18,551.55.

Rising costs and weak demand continued to squeeze UK manufacturers' margins, the Confederation of British Industry reported after its latest quarterly survey.

The CBI's industrial trends survey found total new orders fell at the fastest pace since 2020, with a weighted balance of minus 24%, worsening from minus 22% in April. The decline reflected weaker domestic orders, down to minus 29% from minus 23%, and export

orders, which fell to minus 16% from minus 13%.

Business sentiment continued to deteriorate, with optimism about the general business situation falling to minus 36% and export prospects weakening to minus 23%.

Ben Jones, senior lead economist at the CBI, said: "We're seeing manufacturers being squeezed from both sides. Costs continue to climb while weak demand limits their ability to raise prices – leaving firms to absorb the pressure through shrinking margins, weaker investment and further cuts to employment."

In European equities on Thursday, the CAC 40 in Paris was up 0.9%, while the DAX 40 in Frankfurt was down 0.6%.

Also, the EU has slapped Alphabet's Google with two fines worth EUR890 million in a move that risks raising tensions with the US.

The EU fined it EUR460 million for illegally favouring the company's own services over rivals in search results. The second fine worth EUR430 million was because Google did not allow app developers to show consumers offers, free of charge, outside of its Google Play Store, the European Commission said.

Brent oil was quoted at USD98.22 a barrel at midday in London on Thursday from USD93.74 late Wednesday. The latest price surge followed Houthi rebels claiming to have struck two Saudi oil tankers in the Red Sea.

Meanwhile, Jordan and Kuwait both reported intercepting strikes. "The armed forces' retaliatory attacks will continue as long as the US attacks on the country's infrastructure and coastal areas continue," Iran's army spokesperson Mohammad Akraminia said, according to state TV.

On the FTSE 100, BP rose 3.0% while Shell rose 1.8%. Defence stocks also benefited, with BAE up 2.6% and Babcock up 2.1%.

3i led the FTSE 100, up 7.0%.

The London-based private equity firm said discount retailer Action, its main investment, delivered operating earnings before interest, tax, depreciation and amortisation of EUR609 million in the first quarter ended June 30, up 18% from EUR516 million. Net sales at Action rose 14% to EUR4.34 billion from EUR3.82 billion.

Unilever fell 1.8%.

Maryland-based condiment firm McCormick said it will seek a secondary share listing in London after agreeing to merge with Unilever's food business in a £33.8 billion deal.

The move will mark a welcome boost for London's equity markets, which have recently witnessed a dearth of listings and a raft of international takeovers to take firms private.

McCormick said it will retain its main listing on the New York Stock Exchange but hopes the secondary listing will boost capital flows and improve liquidity for shareholders.

On the FTSE 250, easyJet was 5.7% higher, the best performer, after falling on Wednesday.

The EU is preparing a review of airline ownership rules to prevent foreign investors from gaining effective control of carriers, Reuters reported on Wednesday, citing an EU official.

The official said the move could complicate US offers for easyJet.

The anonymous official told Reuters that the review would "protect strategic autonomy" to ensure control of regional carriers remains within the bloc.

"This ​is to ensure that foreign investors don't have full control," the official added. "We need to make sure we have sufficient headroom when it comes to control."

EasyJet's board backed a £5.7 billion takeover proposal from asset manager Apollo earlier this month.

The cash bid from Apollo is worth 715 pence per share and trumps a plan from Castlelake worth 690p per share.

On Thursday, the airline company said headline pretax profit fell 70% on-year to £85 million in its third quarter. Fuel costs increased to £732 million from £627 million. Group revenue rose 2.2% to £2.98 billion, but passenger revenue contracted 1.0% to £1.74 billion, with the passenger count slightly down at 25.8 million.

The company, which is now entering its "busy summer period", also announced that Chief Operating Officer David Morgan, having "significantly improved easyJet's operational performance", has chosen to step down. Chief Commercial Officer Sophie Dekkers will succeed him.

CVS Group and Mitchells & Butlers were the joint third-worst performer on the FTSE 250, both down 4.6%.

Mitchells, the restaurant and pub operator, said in the third quarter to July 18, like-for-like sales were flat. Drink sales increased 2.6% while food sales fell 2.4%.

Pubs and other drink-led brands have "generally performed well", with a boost from the football World Cup. However, "exceptional heat" has hurt food-led businesses, particularly Toby Carvery and Miller & Carter.

Meanwhile, CVS Group, a Norfolk, England-based provider of veterinary services, said revenue rose 5.9% to £712.8 million in the financial year ended June 30 from £673.2 million a year prior. Revenue from Australia jumped 52% to £79.1 million from £52.1 million.

CVS Group added that the economic backdrop in the UK "remains challenging with low consumer confidence impacting footfall in companion animal practices." It said however that its expansion in Australia was progressing well.

On AIM, Scancell dropped 17%.

The pharmaceutical company announced its agreement to acquire Neuphoria Therapeutics via a merger, and said the combined company will be listed on Nasdaq.

It also announced a proposed placing to raise approximately £9.0 million at 9 pence per share, and a retail offer of up to 25.0 million shares to raise up to £2.3 million.

Scancell has also secured commitments from new and existing shareholders for a private placement of USD39.1 million, and said it expects to secure up to USD89 million of financing through a combination of equity and debt.

Small-cap Videndum fell 38%.

The branded content creation hardware products and software solutions provider said it now expects adjusted Ebitda between £15 million and £18 million, citing "ongoing challenging trading conditions," although it expects to report in-line revenue and "modestly ahead" adjusted Ebitda for its first half.

The pound was quoted lower at USD1.3365 midday Thursday, compared to USD1.3377 Wednesday. Against the euro, sterling fell to EUR1.1713 from EUR1.1717 a day prior. The euro stood at USD1.1404, lower against USD1.1410. Against the yen, the dollar was trading higher at JPY163.36 compared to JPY163.12.

Stocks in New York were called lower. The Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq Composite were called down 0.4%.

The yield on the US 10-year Treasury was quoted at 4.67%, widening from 4.65%. The yield on the US 30-year Treasury was quoted at 5.16%, widening from 5.14%.

Gold was quoted lower at USD4,092.86 an ounce against USD4,157.48.

Still to come on Thursday's economic calendar, the ECB rate decision is followed by US weekly jobless data and Canadian retail sales.

Copyright 2026 Alliance News Ltd. All Rights Reserved.