UK Stock Market Sees Mixed Reactions Amid Tariff Concerns
UK stock indexes rose as investors focused on corporate news and awaited further tariff updates. The FTSE 100 and midcap index increased slightly. Pressures on copper prices and the announcement of tariffs by the U.S. affected mining and pharmaceutical stocks, while some companies benefited from strategic moves and market reforms.
The main stock indexes in the UK saw moderate gains on Wednesday as the market responded to a mix of corporate updates and looming tariff news. The blue-chip FTSE 100 and midcap indexes both climbed by 0.2% around 0915 GMT.
Tuesday's announcement from U.S. President Donald Trump about steep tariffs on copper imports, with further levies on semiconductors and pharmaceuticals, led copper prices to falter at the London Metal Exchange, causing sector declines. Precious metal miners Hochschild and Fresnillo dropped 3.7% and 1% respectively, while media stocks struggled generally. Notably, ad giant WPP plummeted 16.6% after cutting its profit guidance, while Future, ITV, and 4imprint faced smaller losses.
With investors wary of further tariff impacts, pharmaceutical stocks like AstraZeneca and GSK nudged downwards. Other significant market movements included low-cost airline Jet2's shares dropping almost 6% despite increased pre-tax profits, while British American Tobacco surged 3.4% following a Jefferies upgrade. Energy services firm Hunting rose 10.3% with a new share buyback initiative and Genuit Group gained 6.2% after a positive assessment by J.P. Morgan.
(With inputs from agencies.)
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