“The FTSE 100 started off the day in steady fashion despite the negative backdrop provided by weak quarterly numbers from the US tech sector
AJ Bell head of investment analysis Laith Khalaf said: “This is a reminder of the UK flagship index’s greater focus on the old world economy – something which has held it back a bit in the past but has been more of a virtue in 2022. Mining stocks were among the gainers this morning.
“The pressures on consumer-facing stocks are brought into sharp relief by the collapse of a rescue deal for online sofa seller Made.com, which has left the company teetering on the brink.”
UK’s blue-chip index edged lower on Wednesday as lacklustre quarterly earnings from ad firm WPP and consumer goods company Reckitt Benckiser outweighed market cheer over Rishi Sunak pledging to lead the country out of an economic crisis.
The FTSE 100 index was down 0.1% by 0747 GMT, while the midcap FTSE 250 rose 0.2%.
Shares of WPP dropped 3.6% to the bottom of FTSE 100 after the group tempered its expectations for operating margin growth, and Reckitt Benckiser slumped 3.2% despite providing a positive sales outlook.