Croda Int.6.6pf Share News (49GP)

LONDON (Alliance News) - Stocks in London ended mixed on Wednesday on subdued trading as investors awaited the US Federal Reserve's monetary policy announcement, while Indivior sank after cutting its annual guidance. At 1900 BST the Fed is widely expected to raise interest rates by 25 basis points, with traders paying close attention to the accompanying statement.The statement as well as Fed Chair Jerome Powell's subsequent press conference may shed light on whether the central bank intends to raise rates again this year.At the central bank's meeting in June, the Fed raised its benchmark interest rate to a range of 1.75% to 2.00%, in line with economists' forecasts. This was the second rate rise the Fed executed in 2018.As such, a triennial hike would take the federal funds rate to a range of 2.00% to 2.25%, much to the chagrin of US President Donald Trump. At the end of 2017, the federal funds rate stood at 1.25% to 1.50%. The Fed is scheduled to hold meetings in November and December, with CME Group's FedWatch tool currently indicating a 78.6% chance for another 25 basis point rate hike in December.The FTSE 100 index closed up 0.1%, or 3.93 points, at 7,511.49. The FTSE 250 ended down 0.1%, or 24.58 points, at 20,436.48, and the AIM All-Share closed up 0.4%, or 4.83 points, at 1,101.94.The Cboe UK 100 ended up 0.1% at 12,743.60, the Cboe 250 closed down 0.1% at 18,572.95, and the Cboe Small Companies ended 0.3% lower at 12,193.20.On the London Stock Exchange, TUI Group ended as the best blue chip performer up 3.2% ahead of the travel operator's trading update on Thursday.Croda International closed up 2.5% after the speciality chemicals company was raised to Neutral from Sell by Citigroup. Conversely, gold miners ended as the worst blue chip performers with the precious metal's price edging lower ahead amid a strengthening dollar ahead of an impending interest rate hike from the US central bank. Midcap peers Hochschild Mining and Centamin closed down 5.3% and 2.6% respectively. Gold was lower quoted at USD1,194.20 an ounce at the London equities close against USD1,200.90 late Wednesday.With the likelihood of a rate hike already priced in, investors will be on the look about for clues as to whether Fed officials will raise their expectations from the current three increases expected in 2019."Fed Chair Powell may make mention of tariffs and trade issues and their impact on the economy. If Powell is concerned about the economic impact of the import tariffs, then that may make him appear somewhat dovish and so we could see a bearish reaction in the dollar and a bullish move in gold. Conversely, if the Fed is more upbeat than expected then that should be good news for the dollar, and bad for gold," said Forex.com analyst Fawad Razaqzada.In the FTSE 250, PZ Cussons closed up 2.4% after the personal care products maker said it performed in line with expectations during the three months to the end of August, despite continued challenges faced by consumers across all of its markets. The company said its results were helped by a robust and innovative product pipeline and tight control of costs. On a regional basis, a good performance in Europe and Asia offset challenging trading conditions in Nigeria. In the UK Washing & Bathing division growth was helped by a consumer engagement programme. The company said it intends to continue to invest in the key brands of Imperial Leather, Carex and Original Source.At the other end of the midcap index, Indivior ended as the worst midcap performer down 16% after the opioid addiction treatment maker lowered its net revenue guidance for 2018 due to toughening market conditions.The company, which produces opioid addiction treatment drugs, expects net revenue for 2018 in the range of USD990 million to USD1.02 billion, down from the previous guidance of USD1.13 billion to USD1.17 billion.Net income is predicted to be between USD230 million to USD235 million, down from USD280 million to USD320 million.The net income guidance still represents a rise from USD58 million the year before, but the net revenue guidance reflects a drop from USD1.09 billion.AA closed down 14% after the roadside assistance provider reported a significant drop in interim profit, in line with expectations, due to the extreme weather conditions in the half and the UK's pothole "epidemic". In the six months ended July, pretax profit declined 65% to GBP28 million from GBP80 million. AA's revenue increased 1.9% to GBP480 million from GBP471 million. The profit decrease was largely due to the reduction in Roadside earnings. The combination of higher planned "strategic" operational expenses as well as additional "unplanned" costs from third party garaging due to the "exceptionally" higher number of breakdowns in the period drove the reduction.The pound was firm against the dollar quoted at USD1.3175 at the London equities close, compared to USD1.3155 at the close Wednesday. In domestic political news, Labour leader Jeremy Corbyn said his party was "ready to take charge" and deliver "a real alternative to the people of Britain - a radical plan to rebuild and transform our country".At the conclusion of his party's annual conference in Liverpool, Corbyn confirmed that Labour will vote against Prime Minister Theresa May's Chequers plan and keep the option of a second referendum on EU withdrawal "on the table".But he left no doubt that a general election is his preferred outcome, sending a message to the prime minister: "Brexit is about the future of our country and our vital interests. It is not about leadership squabbles or parliamentary posturing.""If you deliver a deal that includes a customs union and no hard border in Ireland, if you protect jobs, people's rights at work and environmental and consumer standards - then we will support that sensible deal. A deal that would be backed by most of the business world and trade unions too," Corbyn said. In Paris the CAC 40 ended up 0.6%, while the DAX 30 in Frankfurt ended up 0.1%. The euro was marginally lower at USD1.1750 at the European equities close, against USD1.1769 late Wednesday.Stocks in New York were higher at the London equities close. The DJIA was up 0.2%, the S&P 500 index up 0.3% and the Nasdaq Composite up 0.4%.On the US economic front, the Commerce Department released a report showing new home sales rebounded much more than expected in the month of August.The report said new home sales soared by 3.5% to an annual rate of 629,000 in August after slumping by 1.6% to a revised rate of 608,000 in July. Economists had expected new home sales to rise by 0.5%.Most of the major sectors are showing only modest moves on the day, although notable weakness is visible among gold and natural gas stocks.Brent oil was down quoted at USD81.52 a barrel at the London equities close from USD82.08 at the close Wednesday, edging lower from the fresh four-year highs reached in the previous session.Meanwhile, Trump warned countries to comply with US sanctions on Iran or face "severe consequences".Speaking during a UN Security Council meeting in New York, Trump took aim at the Iran nuclear deal, saying it has given a "regular cash lifeline" to Tehran and helped the country to "foment chaos."Europe, Russia and China deliberately set themselves up to clash with Trump earlier this week as they announced plans to create new payment channels to facilitate business with Iran.The US has already imposed one set of sanctions on Iran since withdrawing from the Iran nuclear deal and is set to implement tougher measures on the country's energy sector in November.The economic events calendar on Thursday has Italy producer prices at 0900 BST, eurozone consumer confidence data at 1000 BST, Germany inflation readings at 1300 BST and US second quarter GDP figures at 1330 BST. Bank of England Chief Economist Andy Haldane will be a panelist at the Institute for Government's 'In Conversation' event at 1245 BST. In addition, BoE Governor Mark Carney will appear at the policy panel discussion on 'Sustainable Finance' at the Third European Systemic Risk Board Annual Conference at 1500 BST. The UK corporate calendar has half year results from over-50s travel and insurance group Saga and online gambling company 888 Holdings. There are also trading statements from health and safety sensor maker Halma and pub and restaurant operator Mitchells & Butlers. In the afternoon, cruise line operator Carnival will deliver third quarter earnings.