London open: FTSE nudges higher as investors eye Nvidia results
By Michele Maatouk
Date: Wednesday 28 May 2025
(Sharecast News) - London stocks nudged a touch higher in early trade on Wednesday following solid gains on Wall Street, as investors eyed results from Nvidia after the US close.
At 0825 BST, the FTSE 100 was up 0.1% at 8,785.72.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "In the US, it's Nvidia earnings day! The company is expected to post $43.2bn in Q1 sales, with net income above $20bn. Its recent Middle East deals should boost revenue forecasts for next quarter and help offset the impact of US export restrictions to China. In that context, AMD was upgraded yesterday to 'hold' at HSBC, thanks to its AI deal with Saudi Arabia.
"Anyway, strategists at BBVA think that strong earnings from Nvidia could fuel another leg of the US equity rally - noting that investors are still sitting on about $7 trillion in cash funds and options markets suggest that the stock price will move more than 7% on either direction depending on whether investors like what they see, or not."
In UK equity markets, Rentokil was the top performer on the FTSE 100 after agreeing to sell its Workwear business in France to H. I. G Capital for around €410m (£344m).
Defence stocks were among the gainers again amid expectations that NATO members will agree to raise defence spending at a summit next month, with BAE Systems and Rolls-Royce both up.
IT infrastructure group Softcat rallied as it raised its guidance for full-year profit growth after a stronger-than-expected third-quarter performance.
Bulmers cider maker C&C was also higher as it said it expects a limited impact from US tariffs, held annual guidance and reported a jump in profits for 2024/25, while Pets at Home rose after full-year results met consensus expectations.
On the downside, B&Q and Castorama owner Kingfisher fell as it reported a small increase in underlying sales in its first quarter as continued weakness across its French operations was offset by strong growth in the UK and Ireland.
Greggs was knocked lower by a downgrade to 'hold' from 'buy' at Shore Capital, which said that as investment reaches its peak, it sees little to stimulate the shares.
Market Movers
FTSE 100 (UKX) 8,785.72 0.09%
FTSE 250 (MCX) 20,951.39 0.06%
techMARK (TASX) 4,832.70 0.21%
FTSE 100 - Risers
Rentokil Initial (RTO) 358.30p 1.16%
BAE Systems (BA.) 1,921.50p 1.13%
Unite Group (UTG) 828.00p 0.98%
SEGRO (SGRO) 671.40p 0.96%
Hikma Pharmaceuticals (HIK) 2,132.00p 0.95%
Vodafone Group (VOD) 78.14p 0.83%
Rolls-Royce Holdings (RR.) 858.60p 0.82%
Intertek Group (ITRK) 4,820.00p 0.75%
Haleon (HLN) 416.30p 0.73%
British American Tobacco (BATS) 3,343.00p 0.72%
FTSE 100 - Fallers
Kingfisher (KGF) 288.80p -2.37%
Anglo American (AAL) 2,213.50p -0.98%
Smith & Nephew (SN.) 1,063.00p -0.89%
Rio Tinto (RIO) 4,460.50p -0.84%
Antofagasta (ANTO) 1,782.00p -0.83%
Glencore (GLEN) 272.15p -0.82%
Experian (EXPN) 3,712.00p -0.80%
3i Group (III) 4,106.00p -0.75%
Ashtead Group (AHT) 4,317.00p -0.71%
Mondi (MNDI) 1,193.50p -0.58%
FTSE 250 - Risers
Petershill Partners (PHLL) 219.00p 4.53%
Softcat (SCT) 1,843.00p 3.54%
Spirent Communications (SPT) 198.80p 3.11%
Indivior (INDV) 879.00p 2.15%
C&C Group (CDI) (CCR) 158.00p 2.07%
IntegraFin Holding (IHP) 328.50p 2.02%
NextEnergy Solar Fund Limited Red (NESF) 66.55p 1.91%
Pets at Home Group (PETS) 267.00p 1.75%
SDCL Energy Efficiency Income Trust (SEIT) 44.15p 1.73%
Diversified Energy Company (DEC) 1,070.00p 1.61%
FTSE 250 - Fallers
Dr. Martens (DOCS) 53.45p -4.64%
Moonpig Group (MOON) 240.00p -4.38%
Rank Group (RNK) 119.80p -4.31%
JPMorgan Emerging Markets Inv Trust (JMG) 106.40p -2.56%
Renishaw (RSW) 2,545.00p -2.49%
Watches of Switzerland Group (WOSG) 399.40p -2.35%
SSP Group (SSPG) 165.40p -2.30%
Greggs (GRG) 2,076.00p -1.98%
Volution Group (FAN) 607.00p -1.94%
Bodycote (BOY) 544.50p -1.63%
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