LONDON, July 2, 2026, 10:12 BST
- GB100 CFDs tied to the FTSE 100 rose 0.5% mid-morning after a quiet open in London. The FTSE 250 slipped 0.6% at 0834 BST.
- Early losses on the FTSE 250 were close to three times bigger than losses in the FTSE 100, going by a top-10 market-mover screen.
- Currys, Baltic Classifieds, Halma, and Capricorn are on the UK company docket ahead of the U.S. payrolls release at 1330 BST.
The FTSE 100 edged higher late Thursday morning, but the main story was away from the headline number. Trading Economics showed its FTSE 100 GB100 CFD at 10,528.33, up 0.48%. But Sharecast’s 0834 BST snapshot had the FTSE 100 (INDEXFTSE:UKX) off 0.07% at 10,470.93 and the FTSE 250 (INDEXFTSE:MCX) 0.58% lower at 23,194.67.
Early moves showed small caps got hit harder on guidance. Sharecast’s table said the 10 worst FTSE 250 names dropped an average 4.10%. That compares to a 1.46% average drop for the 10 worst FTSE 100 stocks. The biggest FTSE 100 gainers rose an average 1.76%. Food retail, luxury and exchange infrastructure names led on the upside.
| Early London tape | Move/level | Read-through |
|---|---|---|
| GB100 / FTSE 100-linked CFD | 10,528.33, +0.48% | Big caps pulled up by late morning |
| FTSE 100 at 0834 BST | 10,470.93, -0.07% | Flat at the open, no risk appetite |
| FTSE 250 at 0834 BST | 23,194.67, -0.58% | Mid-cap tape weak out of the gate |
| Top 10 FTSE 250 fallers | -4.10% avg. | Sellers punished names on poor news |
| Top 10 FTSE 100 fallers | -1.46% avg. | Losses lighter for blue chips |
FTSE 100 found support from its low tech weighting as chip-related names dropped across Europe. The STOXX 600 was up 0.2% at 0756 GMT while the European tech index lost 2%. “Markets are starting to get a bit nervous” about whether suppliers already reflect much of the AI spending story, said Daniel Coatsworth of AJ Bell. Reuters
AstraZeneca (LON:AZN) rose 1.95%, leading large-cap gainers. GSK (LON:GSK) was up 1.76%, BAE Systems (LON:BA) added 1.94%, Unilever (LON:ULVR) picked up 1.41% and British American Tobacco (LON:BATS) was up 1.85%. These gains helped balance out falls in Rio Tinto (LON:RIO), which slid 0.85%, along with Glencore (LON:GLEN) and HSBC Holdings (LON:HSBA), down 0.49%.
| Large-cap split | Move |
|---|---|
| AstraZeneca (LON:AZN) | up 1.95% |
| BAE Systems (LON:BA) | up 1.94% |
| British American Tobacco (LON:BATS) | up 1.85% |
| GSK (LON:GSK) | up 1.76% |
| Unilever (LON:ULVR) | up 1.41% |
| Rio Tinto (LON:RIO) | down 0.85% |
| HSBC Holdings (LON:HSBA) | down 0.49% |
Shares of Currys (LON:CURY) dropped early even after adjusted pretax profit jumped 18% to 191 million pounds, with revenue up 6% to 9.25 billion pounds. The company said trading at the start of the new year was “very solid”. But the main investor concern was chips. CEO Alex Baldock told BBC radio that AI and data centres are “eating up” silicon, which hits margins for sellers of electronics like phones, laptops and appliances. Reuters
Baltic Classifieds Group (LON:BCG) flagged the mid-cap risk. Shares dropped 8.5% to 183.60 pence after the company told markets to expect around 10% revenue growth for 2027, lagging the 14% consensus Panmure Liberum quoted. Pretax profit rose 15% and revenue was up 6.9% for the year ended April 30, but investors focused on the softer growth outlook. CEO Justinas Simkus said price adjustments should drive revenue growth back into double digits next year.
Halma (LON:HLMA) brought a steadier note to the FTSE 100. The safety equipment firm said it purchased Netherlands-based itemedical for 23 million euros and Sweden’s Naslund Medical for $45 million. The deals total 54 million pounds. Halma adds hospital data tech and cancer-treatment tools to its medical business.
Deal flow gave a lift to small and mid-cap shares. Genel Energy (LON:GENL) lined up a recommended cash buyout of Capricorn Energy (LON:CNE) in a deal that puts an around $360 million price tag on Capricorn, or 271 million pounds. The agreement allows Capricorn holders a permitted dividend of about $75 million if the deal closes. Capricorn shares moved up in London.
The UK picture looked choppier. According to the Bank of England’s Q2 credit survey, banks saw more demand for house-purchase and remortgage loans through to the end of May, but expect demand to dip through August. Demand for corporate loans slipped for small and mid-size businesses. Unsecured-loan defaults rose in Q2, with another increase likely in Q3.
UK business confidence dropped again. The ICAEW’s latest survey puts sentiment at its lowest since late 2022, with input prices jumping 4.1% in the last three months and 24% of companies concerned about late payments. “The sales numbers show a difficult second half of the year,” said Suren Thiru, ICAEW’s chief economist, even with the Iran deal in place. Reuters
Oil sent mixed signals to markets. Brent slipped 1.4% to $70.55 a barrel at the London open, taking some pressure off UK rate-sensitive stocks. Simon Williams, head of policy at RAC, said June turned out to be a “far better month for drivers” after diesel prices dropped by 16.6 pence per litre, the largest monthly decline since 2000. Shore Capital analyst James Hosie called Brent’s move to the low $70s an “over-correction” and expects a bounce back above $80 once the supply increase wears off. Sharecast
Markets are watching for the U.S. payrolls report at 1330 BST, which lands a day earlier than usual due to the Independence Day break. Kathleen Brooks, XTB’s research director, said market consensus calls for about 113,000 new jobs, with the unemployment rate at 4.3%. She called the June release “a test” to see if May’s stronger data was just a blip. Sharecast
