Source: Sharecast
The FTSE 100 closed down 0.1% at 10,650.33, while Brent crude was down 0.8% at $105.81 a barrel and West Texas Intermediate was 0.2% higher at $93.94.
Thanks to its minimal exposure to the tech sector, the top-flight index had spent most of the session in the black, shrugging off a tech-fuelled selloff in Asia which saw South Korea’s Kospi and Japan’s Nikkei slide nearly 6% and 2% respectively, as semiconductor stocks sold off heavily. However, by the time the close rolled around, sentiment had shifted.
Patrick Munnelly at Tickmill Group said: "UK equities suffered a sharp late-session rollover as an aggressive late afternoon pullback wiped out a 110-point intraday rally to leave the benchmark flat on the session.
"While bank upgrades, lower yields, and reassuring fiscal headlines initially drove the FTSE 100 to multi-week highs, broader caution reasserted itself into the market close."
Figures from Worldpanel by Numerator showed that grocery inflation ticked higher in the four weeks to 4 October, as shoppers sought autumn staples,
Like-for-like grocery inflation increased to 2.5%, from 2.3% in the previous four-week period, with prices rising fastest in markets such as water and squash, skincare and skin cleansing. Prices fell fastest in butters and spreads, chocolate and cheese.
Fraser McKevitt, head of retail and consumer insight at Worldpanel by Numerator, said: "With the Autumn Budget fast approaching, the cost of living continues to weigh heavily on the minds of shoppers. And the cost of filling up a car is only adding to the pressure on household budgets. More than half tell us they’re very or extremely worried about petrol prices, and almost one in three say it’s already taking a real toll on their finances. Until the Chancellor sets out his plans, we expect that caution to carry on showing up at the till, with shoppers leaning more heavily on promotions to keep their grocery spend under control.
"With spending on promotions in the last month up by more than a quarter of a billion pounds compared with last year, special offers remain a key tool for shoppers looking to keep their grocery bills in check, or to make pricier items and larger packs more affordable."
Separate data showed that retail sales growth eased in September as consumers remained cautious ahead of expected rises in household bills and taxes.
The latest BRC-KPMG retail sales monitor showed that total retail sales rose 1.3% year-on-year last month, down from 2.3% growth in September 2025 and coming in below 12-month average growth of 1.5%.
Investors were also digesting results from banking behemoths JPMorgan, Citigroup, Wells Fargo and Goldman Sachs.
In UK equity markets, Entain rallied after BetMGM - its joint venture with MGM Resorts - hailed a strong third-quarter performance and reaffirmed its guidance for the full year.
Melrose advanced it said its GKN Aerospace unit had reached a $125m settlement with authorities in California relating to a chemical incident in May and that it continues to expect a phased return to full capacity at the site during the fourth quarter.
BP rose after a third-quarter trading statement, while NatWest was higher after Barclays upgraded the shares to 'overweight' from ‘equalweight’ and lifted the price target to 850p from 740p.
Premier Inn owner Whitbread gained after it reported a fall in first-half profit as it took a hit from costs associated with its strategic review and ‘Accelerating Growth Plan’, but backed its outlook for the year.
On the downside, London Stock Exchange Group tumbled as it confirmed it is in talks with Permira about the potential purchase of credit specialist Octus for around $3.5bn.
Michael Page edged lower even as the recruiter backed its full-year expectations and said it returned to growth in the third quarter thanks to strong performances from the Americas and Asia Pacific.
Bytes Technology and Transact owner IntegraFin fell after results and a trading update, respectively.
Market Movers
FTSE 100 (UKX) 10,650.33 -0.06%
FTSE 250 (MCX) 24,339.19 0.05%
techMARK (TASX) 6,156.39 -0.30%
FTSE 100 - Risers
WPP (WPP) 394.40p 4.09%
BP (BP.) 610.00p 3.65%
Autotrader Group (AUTO) 513.20p 3.61%
Melrose Industries (MRO) 465.40p 3.47%
Croda International (CRDA) 3,517.00p 2.93%
JD Sports Fashion (JD.) 87.92p 2.59%
Ithaca Energy (ITH) 294.20p 2.44%
Diageo (DGE) 1,712.50p 2.36%
NATWEST GROUP (NWG) 667.20p 2.33%
Admiral Group (ADM) 3,750.00p 2.18%
FTSE 100 - Fallers
Antofagasta (ANTO) 3,588.00p -5.58%
London Stock Exchange Group (LSEG) 8,350.00p -4.68%
Balfour Beatty (BBY) 849.00p -3.63%
Rolls-Royce Holdings (RR.) 1,345.60p -3.58%
IMI (IMI) 3,026.00p -2.70%
Babcock International Group (BAB) 887.20p -2.53%
Rio Tinto (RIO) 6,997.00p -2.06%
Abrdn (ABDN) 239.60p -1.88%
Halma (HLMA) 3,468.00p -1.87%
IG Group Holdings (IGG) 958.50p -1.84%
FTSE 250 - Risers
Rank Group (RNK) 74.00p 4.82%
Diversified Energy Company (DI) (DEC) 1,116.00p 4.69%
Entain (ENT) 448.10p 4.31%
Rosebank Industries NPV (ROSE) 322.00p 3.87%
Young & Co's Brewery 'A' Shares (YNGA) 1,034.00p 3.82%
Trainline (TRN) 210.40p 3.14%
Kainos Group (KNOS) 1,276.00p 2.57%
Applied Nutrition (APN) 288.50p 2.49%
Rightmove (RMV) 504.20p 2.48%
Trustpilot Group (TRST) 251.80p 2.44%
FTSE 250 - Fallers
Bytes Technology Group (BYIT) 439.00p -5.02%
Raspberry PI Holdings (RPI) 612.00p -4.90%
IntegraFin Holding (IHP) 368.50p -4.04%
Oxford Biomedica (OXB) 514.00p -3.93%
Morgan Sindall Group (MGNS) 3,954.00p -3.70%
Pacific Horizon Inv Trust (PHI) 1,068.00p -3.26%
Hochschild Mining (HOC) 506.50p -3.25%
Chemring Group (CHG) 499.80p -3.23%
Oxford Nanopore Technologies (ONT) 211.00p -2.76%
Edinburgh Worldwide Inv Trust (EWI) 273.00p -2.67%