London open: Stocks nudge lower ahead of key US, UK data; GSK tumbles

(Sharecast News) - London stocks nudged lower in early trade on Thursday as investors eyed the release of a key US inflation reading and the latest UK GDP data at the end of the week. At 0950 BST, the FTSE 100 was down 0.1% at 8,221.48

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: "The FTSE 100 is off to a weak start, just about holding off from extending Wednesday's losses. This follows a relatively choppy trading session in the US, ahead of President Joe Biden and Donald Trump's closely watched debate in Atlanta later today.

"There's also news of a marked slowdown in China's industrial profits for May, adding fuel to concerns over a protracted slowdown in this important economy."

In equity markets, DS Smith jumped to the top of the FTSE 100 after Brazilian pulp maker Suzano said it had ended talks to buy International Paper. DS Smith agreed to be bought by International Paper in April for $7.2bn.

According to Reuters, a deal between Suzano and IP would have depended on IP abandoning its DS Smith bid. Mondi also gained.

Bunzl advanced as it upgraded its profit guidance for the year, citing improved margin performance and successful acquisitions.

Luxury timepiece seller Watches of Switzerland was in the black as it held current-year guidance and said it was "cautiously optimistic" after annual profits fell amid a wind-back of discretionary spending.

Moonpig shares sparked after the online greeting card retailer posted a jump in annual sales and profits.

Serco pushed higher as it upgraded its full-year profit guidance following "good" progress in the first half.

On the downside, GSK tumbled after the US Centers for Disease Control and Prevention (CDC) said late on Wednesday that it was narrowing its usage recommendation for all respiratory syncytial virus (RSV) vaccines and did not recommend their use for the under-60s.

Market Movers

FTSE 100 (UKX) 8,221.48 -0.05% FTSE 250 (MCX) 20,324.89 0.13% techMARK (TASX) 4,751.17 -0.08%

FTSE 100 - Risers

Smith (DS) (SMDS) 390.60p 6.03% Mondi (MNDI) 1,532.00p 3.65% Admiral Group (ADM) 2,662.00p 2.50% Airtel Africa (AAF) 119.20p 2.14% Bunzl (BNZL) 3,088.00p 1.65% JD Sports Fashion (JD.) 127.45p 1.39% BAE Systems (BA.) 1,342.50p 1.09% Intertek Group (ITRK) 4,742.00p 1.07% Imperial Brands (IMB) 2,044.00p 1.04% WPP (WPP) 746.80p 1.00%

FTSE 100 - Fallers

GSK (GSK) 1,530.50p -4.31% 3i Group (III) 2,988.00p -3.27% Associated British Foods (ABF) 2,442.00p -3.25% Burberry Group (BRBY) 930.60p -3.24% British American Tobacco (BATS) 2,459.00p -2.07% Anglo American (AAL) 2,482.00p -1.80% Entain (ENT) 635.60p -1.79% B&M European Value Retail S.A. (DI) (BME) 445.10p -1.68% Severn Trent (SVT) 2,409.00p -1.35% Centrica (CNA) 136.05p -1.23%

FTSE 250 - Risers

Watches of Switzerland Group (WOSG) 443.00p 10.92% Moonpig Group (MOON) 173.40p 9.19% Serco Group (SRP) 184.70p 6.89% Morgan Advanced Materials (MGAM) 322.50p 2.54% Foresight Group Holdings Limited NPV (FSG) 461.00p 2.44% Direct Line Insurance Group (DLG) 206.20p 2.38% Tyman (TYMN) 357.00p 1.85% Indivior (INDV) 1,320.00p 1.85% Domino's Pizza Group (DOM) 313.20p 1.62% Rotork (ROR) 339.80p 1.49%

FTSE 250 - Fallers

Baltic Classifieds Group (BCG) 227.00p -4.62% Currys (CURY) 72.70p -4.40% Urban Logistics Reit (SHED) 118.20p -4.37% SDCL Energy Efficiency Income Trust (SEIT) 67.20p -2.75% Hochschild Mining (HOC) 170.40p -2.74% Energean (ENOG) 984.00p -2.67% Drax Group (DRX) 495.60p -2.44% Sirius Real Estate Ltd. (SRE) 93.90p -2.39% TR Property Inv Trust (TRY) 311.00p -2.20% Endeavour Mining (EDV) 1,652.00p -1.78%