U.K. equities edged upward on Wednesday, supported by corporate earnings updates, while the British pound firmed slightly against the dollar. The FTSE 100 was up 0.3% as of 12:20 GMT, and sterling rose 0.1% to 1.33. Elsewhere in Europe, Germany’s DAX inched up 0.06%, and France’s CAC 40 advanced 0.3%.
Major Movers: Glencore and Tullow Slip, Hiscox Surges
Glencore (LSE:GLEN) shares declined 4.4% after the commodities giant posted a 14% drop in adjusted EBITDA to $5.43 billion for the first half, missing forecasts of $5.56 billion. The decline was linked to weaker coal prices and lower copper output. The company also recorded a deeper-than-expected net loss, driven by a significant writedown on its Colombian coal assets.
Tullow Oil (LSE:TLW) saw an even steeper fall, plunging 16.6%, after reporting a $61 million first-half loss, a major miss compared to expectations for a $76 million profit. The company also lowered its free cash flow forecast as operational difficulties continued at Ghana’s Jubilee field. First-half revenue came in at $524 million, around 13% under analyst projections.
On a more positive note, Hiscox (LSE:HSX) rallied 10.2% following the expansion of its share repurchase plan by an additional $100 million, bringing the total to $275 million. The insurer also reported an increase in gross written premiums, rising to $2.94 billion from $2.78 billion in the same period last year.
Legal & General (LSE:LGEN) slipped 3.1% after revealing a Solvency II ratio of 217%, falling short of the consensus estimate by three points. The figure excluded a six-point hit tied to temporary issues with its U.S. operations.
Wealth management firm Quilter (LSE:QLT) reported £4.5 billion ($6 billion) in net inflows, beating expectations. The firm said it would assess its capital strategy after finalizing an ongoing internal advice review.
Ibstock (LSE:IBST) posted a 9% rise in revenue to £193 million, supported by higher clay division volumes. However, adjusted EBITDA fell by £5.8 million to £36 million due to weaker pricing and less favorable product mix. The company said it had seen a “promising start” to the second half.
Coca-Cola Europacific Partners (LSE:CCEP) dropped 8.6% after the beverage company cut its full-year revenue forecast to 3–4%, down from its earlier 4% guidance. The downward revision reflected a slump in Indonesian volumes, which saw double-digit declines.
4imprint Group (LSE:FOUR) fell 6.4% after reporting a slight 1% dip in first-half revenue to $659.4 million amid a tough market environment. Nonetheless, the company improved its operating margin to 10.7% from 10.5% last year.
Finally, International Airlines Group (LSE:ICAG) slid 1.9% after UBS downgraded the stock from “neutral” to “sell.” Although the airline group delivered a strong first half, the bank flagged concerns around transatlantic travel demand, the UK’s economic backdrop, and uncertainty about the group’s loyalty program.
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