Oil prices dip on fears of slowing demand, oversupply
Investing.com -- British stocks closed lower on Wednesday, while the wider European market was mixed and the pound continued to strengthen.
The blue-chip index FTSE 100 declined 0.2% and the British GBP/USD strengthened 0.13% against the dollar to 1.3545.
DAX index in Germany fell 0.5%, the CAC 40 in France gained 0.2%.
FTSE movers: AB Foods dives on Primark slump; Serica, Warpaint tumble, Wickes and Anglo rise
Associated British Foods PLC (LON:ABF) shares fell 13.2% after the company reported full-year trading results showing softer-than-expected Primark sales and weaker profitability in multiple business segments.
The UK-headquartered company’s results revealed that Primark’s overall sales growth for the full year is expected to be around 1%, with like-for-like sales in the second half projected to fall about 2% from last year.
This includes a 2.4% decline in the third quarter and a projected 2% decline in the fourth quarter, compared to analyst consensus expectations of a 1% decline for H2.
In the same trading session, several other UK stocks reported significant moves, with Serica Energy PLC (LON:SQZ) shares tumbling more than 11% after cutting its 2025 production guidance.
Wickes Group PLC (LON:WIX) shares declined 0.6% after the British home improvement retailer reported a 16.7% jump in adjusted profit before tax for the first half of 2025.
The company reported adjusted profit before tax of £27.3 million for the 26 weeks to June 28, up from £23.4 million in the same period last year. Total revenue increased 5.6% to £847.9 million, with like-for-like sales up 4.5% year-over-year.
Wickes maintained its full-year profit outlook, saying it remains "comfortable with current consensus expectations" for adjusted profit before tax of £48.2 million in 2025, despite anticipated cost increases in the second half.
In contrast, Warpaint London PLC (LON:W7L), the specialist supplier of color cosmetics, saw its shares fall 18.3% after lowering its full-year guidance despite reporting an 8% increase in revenue for the first half of 2025.
Anglo American PLC (LON:AAL) advanced 1.7%, following gains after a merger deal with Canada’s Teck Resources Ltd (TSX:TECKa), with Berenberg upgrading the miner’s stock rating to "hold" from "sell."
UK regulator proposes flexible contactless payment limits to boost innovation
The U.K.’s Financial Conduct Authority (FCA) launched a consultation that would allow card providers to set their own contactless payment limits, potentially enabling consumers to make larger purchases without entering a PIN.
The proposal aims to give payment firms flexibility to tailor contactless limits based on customer needs rather than adhering to a universal cap, which could drive innovation in the payment sector.