Lunchtime market roundup: Stocks mixed as 4imprint up; eyes on US data

Stock prices were mixed on Wednesday midday in London ahead of US services purchasing managers' index data as well as an ADP employment report, while mining stocks continued to shine amid higher industrial metal prices.

The FTSE 100 index was down 15.59 points, 0.1%, at 10,863.79. The FTSE 250 was up 151.04 points, 0.6%, at 24,610.34, and the AIM all-share was up 6.33 points, 0.8%, at 780.69.

The Cboe UK 100 was down 0.3% at 1,078.87, the Cboe UK 250 was up 0.8% at 21,395.90, and the Cboe small companies was up 0.3% at 18,792.23.

Fresh survey data showed the UK services sector returned to growth in July as business activity and demand improved.

According to S&P Global, the UK services PMI business activity index rose to 52.1 points in July from 48.8 in June, moving back above the 50-point threshold that separates growth from contraction. The reading was also above the flash estimate of 51.8.

New business increased for the first time since February, supported by stronger demand for technology services and tentative signs of a recovery in consumer spending.

Export orders continued to decline, although at the slowest pace in five months, with firms citing disruption linked to the Middle East conflict and strong international competition.

The UK composite PMI output index, combining manufacturing and services, rose to 52.2 points from 49.3 in June, also slightly above the flash estimate of 52.1. Earlier this week, data showed the UK manufacturing PMI eased to 51.9 in July from 52.5 in June.

The pound was quoted at USD1.3464 at midday Wednesday, up from USD1.3445 at the London equities close on Tuesday. Against the euro, sterling edged down to EUR1.1670 from EUR1.1674. The euro rose to USD1.1537 from USD1.1517, while the dollar strengthened slightly to JPY157.76 from JPY157.56.

In European equities, the CAC 40 in Paris was marginally lower, while the DAX 40 in Frankfurt also traded marginally lower.

Meanwhile, eurozone producer price inflation slowed in June as energy price pressures eased.

Eurostat said annual producer price inflation moderated to 4.6% in June from 5.9% in May, in line with market expectations. On a monthly basis, producer prices fell 0.3% after rising 0.2% in May.

Energy prices rose 8.8% on an annual basis, slowing from 14% growth in May, while monthly energy prices fell 1.5%, following a 1.0% decline previously.

Back in London, Next remained the standout performer on the FTSE 100, rising 6.3%.

The retailer raised annual profit guidance once again after second-quarter full-price sales significantly exceeded expectations, helped by strong overseas demand and better-than-expected trading in the UK.

Coca-Cola HBC climbed 4.2% after lifting its full-year targets following an improved first half.

Glencore added 2.9% after announcing a special dividend and share buyback programme alongside a swing back to interim profit.

Mining stocks continued to benefit from higher industrial metal prices, with Endeavour Mining up 2.6%.

At the other end of the index, HSBC fell 3.5%, the weakest blue-chip performer, after both Exane BNP Paribas and Citi downgraded their recommendations following the bank's interim results on Tuesday.

In the FTSE 250, 4imprint rose 9.0% after raising its full-year outlook on the back of improving new customer orders.

Seraphim Space Investment Trust gained 7.3% after deploying the first capital raised through its £137 million C-share fundraising announced on Tuesday.

Pan African Resources added 5.7%, extending gains after reaffirming its annual outlook a day earlier.

Avon Technologies advanced 4.3% after securing a new USD12 million order for respiratory protective equipment systems.

Among smaller companies, B90 Holdings climbed 10%.

The online gaming firm said first-half trading had been strong and now expects revenue to exceed market expectations.

It added that first-half Ebitda should be broadly comparable with the prior year despite continued investment in technology, with its iGaming business continuing to provide a profitable base.

In New York, stocks were called mixed. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 up 0.3%, while the Nasdaq Composite was seen opening 0.1% lower.

Attention later in the session turns to US labour market data, with the ADP employment report expected to show 70,000 jobs were added in July after 98,000 in June. Investors will also monitor the final US composite PMI and the ISM services PMI.

The yield on the US 10-year Treasury was quoted at 4.62%, narrowing from 4.64%. The yield on the US 30-year Treasury was quoted at 5.17%, narrowing from 5.20%.

Oil prices edged higher through the morning as traders weighed conflicting signals over negotiations aimed at reopening the Strait of Hormuz.

Brent crude rose to USD80.72 a barrel at midday Wednesday from USD80.60 late Tuesday after Yemen's Houthi militants threatened to escalate attacks on Saudi shipping in the northern Red Sea, reversing some of the previous session's decline.

The gains came despite reports that the US, Iran and Oman are close to an agreement that could restore shipping flows through the strategic waterway.

Gold was quoted at USD4,154.03 an ounce at midday, up from USD4,078.23 on Tuesday.

Still to come on Wednesday's economic calendar are US ADP employment figures, US composite PMI data, the ISM services PMI and US EIA crude oil inventories.

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