U.K. equities edged lower on Wednesday as sterling continued to gain ground against the U.S. dollar, weighing on exporters, even as broader European markets advanced on optimism over potential political progress in France.
By 12:08 GMT, the FTSE 100 was down 0.4%, while GBP/USD rose 0.2% to 1.33. Elsewhere in Europe, Germany’s DAX inched up 0.1% and France’s CAC 40 rallied 2.3%.
British Land rallies, PageGroup slides
Shares of British Land Company (LSE:BLND) climbed after the property group posted an 8.4% increase in underlying profit to £155 million for the six months ending September 30, and reaffirmed its full-year targets. Earnings per share rose slightly to 15.4 pence from 15.3 pence a year earlier, supported by stronger portfolio values and rental growth during the first half of fiscal 2026.
Entain (LSE:ENT) also traded higher after reporting a 6% increase in net gaming revenue for the third quarter, with online operations leading the way. Retail revenue grew 3% at constant currency, while group revenue excluding the U.S. climbed 5%. The company reiterated its full-year underlying profit guidance of between £1.10 billion and £1.15 billion.
In contrast, PageGroup (LSE:PAGE) came under pressure after reporting a 6.7% decline in like-for-like net fees to £187.8 million in Q3. Stronger results in the U.S. and parts of Asia weren’t enough to offset softer European demand. Gross profit from permanent placements fell 6.4% to £133.1 million, while temporary placements slipped 7.5% to £54.7 million. PageGroup expects full-year 2025 EBIT to align with market estimates of £21.5 million.
Rathbones Group (LSE:RAT) gained slightly after reporting a 3.7% increase in funds under management and administration to £113 billion at the end of September, up from £109 billion in June.
Jupiter Fund Management (LSE:JUP) posted net inflows of £0.3 billion in the third quarter, its second consecutive quarter of positive flows. Assets under management grew 7% during the quarter to £50.4 billion, up 11% year-on-year.
Rank Group (LSE:RNK) had a strong start to fiscal year 2025/26, with like-for-like net gaming revenue climbing 9% to £210.2 million in Q1. Digital operations were the standout, rising 13% to £61.6 million, led by a 15% increase in the U.K. market.
Pets at Home Group (LSE:PETS) and CVS Group (LSE:CVSG) jumped more than 5% and 4% respectively after the Competition and Markets Authority proposed sweeping reforms to the veterinary industry.
Meanwhile, Capita (LSE:CPI) reached a £14 million settlement with the Information Commissioner’s Office over a March 2023 cyberattack, down from an initially proposed £45 million penalty.
U.K. news roundup: bonus rule changes, tax warnings and Royal Mail fine
British cloud company Nscale has struck a deal worth up to $14 billion with Microsoft (NASDAQ:MSFT), according to the Financial Times. The firm is also preparing for a potential IPO in late 2026.
In regulatory updates, the Prudential Regulation Authority and the Financial Conduct Authority announced that the bonus deferral period for senior bankers will be halved from eight to four years starting October 16. The FCA also unveiled plans to simplify capital rules for investment firms, eliminating outdated banking provisions and cutting legal text by 70%.
Waymo, a subsidiary of Alphabet Inc. (NASDAQ:GOOGL), revealed plans to launch its fully autonomous ride-hailing service in London in 2026.
Royal Mail was fined £21 million by the Ofcom regulator after failing to meet delivery targets for the 2024/25 financial year, with only 77% of First Class mail delivered on time versus a 93% goal.
U.K. Finance Minister Rachel Reeves indicated that her November 26 budget will include both tax increases and spending cuts as part of efforts to stabilize public finances.
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