Stock prices were mixed in London at Thursday midday, while Ireland’s Central Statistics Office reported a much higher on-quarter economic growth compared to preliminary data published in April.
The S&P Global construction purchasing managers’ index improved to 47.9 points in May from 46.6 in April, demonstrating that the decline in activity has slowed. The May reading was better than the FXStreet-cited market consensus of 47.2 points.
S&P said house building was the weakest-performing segment in May, while the downturn in residential construction accelerated since April amid ongoing reported subdued demand conditions. Also, it said that business activity expectations for the year ahead edged up to the highest level since December.
Meanwhile, Ireland’s quarterly gross domestic product growth in the first quarter of 2025 was upgraded to 9.7% from a preliminary reading of 3.2% published in late April.
The new data included additional company survey data, the Central Statistics Office said.
Robert Purdue, head of Dealing at Ebury Ireland, said: ‘Today’s GDP estimates for the first quarter of the year show that the Irish economy kicked off 2025 to a racing start. Irish exports took the lion’s share of this growth as many businesses rushed to export goods to the US before President Trump’s tariff sanctions came into effect.
‘While the GDP rebound is an encouraging sign of the resilience of the Irish economy, it also demonstrates its heavy exposure to trade challenges, with exports playing a vital role in the health of the economy.’
The FTSE 100 index was up 26.09 points, 0.3%, at 8,827.38. The FTSE 250 was down 32.73 points, 0.2%, at 21,086.28, and the AIM All-Share was down 0.090 points at 754.26.
The Cboe UK 100 was up 0.3% at 878.61, the Cboe UK 250 was down 0.3% at 18,569.65, and the Cboe Small Companies was down 0.1% at 16,699.18.
‘In the UK, the FTSE 100 was flat at 8,800 as strength in miners and oil producers was offset by weakness in utilities,’ AJ Bell’s Russ Mould commented earlier on Thursday.
Fresnillo and Antofagasta led the index, up 3.5% and 2.6% respectively. National Grid was among the laggers, down 0.2%.
Vodafone was the second-worst performer, down 3.2%.
The Newbury, England-based telecommunications company launched a new digital travel platform centred on a travel eSIM, offering mobile data services across more than 200 destinations and 700 networks worldwide.
The launch comes as Vodafone aims to tap into growing demand for flexible travel connectivity, with global eSIM spending expected to more than double to nearly €7 billion by 2028.
On the FTSE 250, Dr Martens continued to lead, up 18%. Wizz Air remained at the bottom, down 28%.
Mitie Group was the second-worst performer, down 12%.
The Glasgow-based engineering, security, cleaning and hygiene services provider said it is suspending its share buyback programme after agreeing a £366 million takeover of Marlowe, which was up 8.0% on AIM.
The news came alongside results for the financial year to March 31, with Mitie’s pretax profit declining 7.0% to £145.4 million, although revenue increased 13% to £5.09 billion.
CMC Markets was the third-biggest lagger, down 11%.
The London-based trading platform said pretax profit rose 33% to £84.5 million in the financial year to March 31, while net operating income increased by 2.2% to £340.1 million.
However, Shore Capital analyst Vivek Raja noted that pretax profit was 6.3% below £90.2 million consensus and less than his own £92.1 million forecast, while operating expenses were above the £225 million guidance.
The final dividend was increased by 14% to 8.3 pence per share from 7.3p, taking the total payout up 37% to 11.4p.
Among smaller caps, Wise was up 10%.
The London-based global money transfer provider said it intends to transfer its primary equity listing to ‘a US stock exchange’ in a further blow to the London stock market.
‘While the FTSE 100’s share price performance might have beaten the main US indices this year, the broader UK stock market continues to take a succession of blows to the head from a reputational perspective,’ Mould commented. ‘Takeovers are coming thick and fast, IPOs remain scarce, and more companies are looking Stateside for their main stock listing in hope of a higher valuation.
‘Money transfer group Wise has the joined the queue for those deciding the UK is no longer the best place for their primary listing. Although subject to a shareholder vote, it seems unlikely Wise will receive widespread opposition if it means the shares could be worth more in the future.’
In other UK news, new car market returned to growth in May with a 1.6% increase in registrations, figures show.
Industry body the Society of Motor Manufacturers & Traders said 150,070 new cars were registered last month, up from 147,678 in May 2024. This represented the best May performance since 2021 and was only the second month of 2025 with year-on-year growth.
In European equities on Thursday, the CAC 40 in Paris was up 0.5%, while the DAX 40 in Frankfurt was up 0.4%.
‘European shares tread water ahead of the ECB’s interest rate decision,’ Mould commented. ‘The ECB is widely expected to cut the cost of borrowing. Investors will be more focused on any signals regarding the pace of any further potential cuts.
‘Inflation isn’t a problem, but sluggish economic growth is. That points to further monetary easing to encourage more borrowing and spending by consumers and businesses.’
TotalEnergies, down 0.1% in Paris, is in court there on Thursday over allegations of misleading climate claims, an unprecedented ‘greenwashing’ case against a fossil fuel firm in France.
The civil case stems from a March 2022 lawsuit by three environmental groups accusing the Courbevoie, France-based oil and gas firm of ‘misleading commercial practices’ for saying it could reach carbon neutrality while continuing oil and gas production.
Real wages in Germany, meanwhile, rose for the eighth consecutive time in the first quarter.
Employees were earning 1.2% more in the first quarter compared to the same period last year, the Federal Statistical Office on Thursday.
A nominal wage increase of 3.6% was offset by a 2.3% increase in consumer prices in the first three months of 2025, according to the statisticians, amounting to the weakest increase in nominal wages since the fourth quarter of 2022.
The pound was quoted higher at $1.3577 at midday on Thursday in London, compared to $1.3566 at the equities close on Wednesday. The euro stood at $1.1426, flat against $1.1425. Against the yen, the dollar was trading higher at JP¥143.15 compared to JP¥142.98.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.1%.
The yield on the US 10-year Treasury was quoted at 4.35%, narrowing from 4.38%. The yield on the US 30-year Treasury was quoted at 4.86%, narrowing from 4.90%.
Brent oil was quoted higher at $65.10 a barrel at midday in London on Thursday from $64.65 late Wednesday.
Gold was quoted higher at $3,390.61 an ounce against $3,374.32.
‘Gold prices held firm on Thursday, trading near the week’s high as investors weighed softer US economic data and persistent global uncertainty,’ Kudotrade’s Konstantinos Chrysikos commented. ‘The metal has benefited from safe-haven flows and rising bets on monetary easing.’
Chrysikos noted ‘market conviction that the Federal Reserve may deliver two rate cuts in 2025’ but that ‘Fed officials continue to signal caution’, adding: ‘Still, investors could remain cautious ahead of today’s jobless claims and Friday’s nonfarm payroll report.
‘A strong reading could challenge the current rate-cut narrative and weigh on gold, while any downside surprise may drive gold prices up.’
Still to come on Thursday’s economic calendar, as well as the ECB rate call in the afternoon there are multiple US releases including trade balance and initial jobless claims.
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