Investing.com – British stocks higher on Wednesday amid ongoing tariff concerns and temporary relief for the United Kingdom (TADAWUL:4280) from the United States tariff hikes on steel and aluminium, while Discoverie Group PLC (LON:DSCV) among U.K. companies reporting today.

As of 1140 GMT, the blue-chip index FTSE 100 rose 0.1% and the British pound gained 0.03% against the dollar to over 1.35. 

Meanwhile, DAX index in Germany rose 0.8%, the CAC 40 in France gained 0.3%.  

Reeves rules out similar tax hikes to last year

U.K. Finance Minister Rachel Reeves ruled out the prospect of major tax hikes akin to those unveiled in the October 2022 budget, which totaled £40 billion ($54 billion).

Speaking at a press event in northwest England to announce funding for local transport infrastructure, Reeves stressed that she had “no plans to deliver a budget of that magnitude again.”

Shares of Antofagasta climb on J.P. Morgan’s positive view

Antofagasta PLC (LON:ANTO) saw its shares climb more than 3% on Wednesday after J.P. Morgan expressed optimism about the miner’s prospects, highlighting strong volume expansion and an expected turnaround in free cash flow.

The investment bank included Antofagasta in its Analyst Focus List and flagged it with a Positive Catalyst Watch in anticipation of its Q2 2025 earnings.

B&M shares drop over 5% on weak sales

B&M European Value Retail SA (LON:BMEB) shares dropped over 5% on Wednesday after the company posted annual results that largely met forecasts but highlighted sluggish like-for-like sales, underwhelming performance from Heron Foods, and lacked any insight into recent trading activity.

For the year ending March 30, the group reported total revenue of £5.6 billion, aligning with consensus estimates from Visible Alpha.

Paragon Banking reports strong H1 results

Paragon Banking Group PLC (LON:PAGPA) posted solid results for the first half, with underlying profit improving by 2.1% to £149.4 million and statutory pre-tax earnings jumping 26.7% to £140.1 million.

The bank’s underlying earnings per share rose by 9.6% to 54.7 pence, while return on tangible equity climbed to 17.8%, reflecting stronger profitability.

U.K. temporarily exempted from U.S. tariff hike

The United States has granted the United Kingdom a temporary exemption from its newly raised tariffs on steel and aluminium, as outlined in an executive order that took effect Wednesday.

Although the order raised duties from 25% to 50%, the U.K. will continue to face only the original 25% rate for the time being.

discoverIE surge on higher profit 

Shares of Discoverie Group PLC (LON:DSCV) rose over 11% on Wednesday after reporting a 6% rise in adjusted operating profit to £60.5 million, with adjusted earnings per share climbing 5% to 38.7 pence. 

Nonetheless, the electronics firm’s revenue slipped 3% to £422.9 million for the financial year ending March 31, citing broad-based inventory corrections across the sector.

The company proposed a full-year dividend of 12.5 pence per share, up 4% from last year’s 12 pence.

WH Smith travel sales rise, on track to meet FY targets

WH Smith PLC (LON:SMWH) reported solid growth in its global travel retail segment for the 13 weeks ending May 31, 2025, with travel revenue rising 7% year-over-year at constant exchange rates.

The company reaffirmed that it is progressing in line with its full-year forecasts, as detailed in its interim report released in April.

S4 Capital warns of slight revenue drop

S4 Capital PLC (LON:SFOR), the digital advertising firm headed by Martin Sorrell, said it now expects its annual like-for-like net revenue to decline slightly.

The company attributed the revision to continued caution from its technology clients, driven by a sluggish global economic outlook and the impact of new U.S. tariffs.

 Ninety One AUM rises 4% despite outflows

Ninety One PLC (LON:N91) posted a 4% rise in AUM to £130.8B for the year ending March 2025, helped by favorable markets and FX gains.

Despite full-year outflows of £4.9B, the firm saw net inflows return in the second half.

Profit before tax dropped 6% to £204.3M (NYSE:MMM), while adjusted EPS slipped 3% to 15.5p.

A final dividend of 6.8p was declared.