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(Alliance News) - Stock price action in London was muted early on Friday, with positive news on the US-China trade front failing to provide a boost to sentiment.
The FTSE 100 was 2.61 points lower at 7,342.06. The FTSE 250 was 14.09 points lower, or 0.1%, at 19,948.48, while the AIM All-Share was up 0.1% at 881.59.
The Cboe UK 100 index was down 0.1% at 12,437.54. The Cboe UK 250 was flat at 17,840.07, and the Cboe UK Small Companies was off 0.1% at 10,890.25.
In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were 0.1% higher, and marginally higher, respectively.
On the London Stock Exchange, energy firm SSE was up 1.7% after it announced the sale of its Energy Services business, which supplies energy to UK householders, to Ovo Group for an enterprise value of GBP500 million.
The deal comprises GBP400 million in cash, and GBP100 million of loan notes. SSE will use the proceeds to reduce debt, it said, and completion, subject to regulatory approvals, is expected late in 2019 or early 2020.
A sale process of Energy services was announced by SSE in May, and SSE had named Ovo as a potential buyer back in August. SSE had previously, in 2018, failed with an attempt to merge the unit with npower, owned by Germany's RWE.
International Consolidated Airlines was 0.8% lower. The British Airways owner has cancelled hundreds of flights ahead of a BA pilot strike on September 27. The dispute over pay involves members of the British Airline Pilots' Association.
Education publisher Pearson was up 2.1%, after UBS raised its rating on the stock to Buy from Neutral.
In the FTSE 250, pub chain JD Wetherspoon was down 0.2% as it said it continued to perform well in the 52 weeks to July 28, despite continued political problems in the UK.
Like-for-like sales growth in the period was 6.8%, with revenue rising 7.4% to GBP1.82 billion. Adjusted pretax profit fell 4.5%, however, to GBP102.5 million, with statutory pretax profit up 7.2% to GBP95.4 million.
Wetherspoon's is paying a final dividend of 8.0 pence per share, meaning a total for the year of 12.0p, unchanged from a year before.
In the six weeks to September 8, Wetherspoon's like-for-like sales grew 5.9% on a year before, and Chair Tim Martin expects "a reasonable outcome" in its new financial year, depending on sales performance.
IMI was down 5.6%, with German bank Berenberg beginning its coverage of the engineering company with a Sell rating.
Getting a boost from a broker rating change, drinks company Britvic was 1.9% higher, after Jefferies boosted its view on the stock to Buy from Hold.
On AIM, gaming firm GAN rose 13% as it ended a sales process. In March, GAN explored the possibility of a takeover, but despite "multiple bids from multiple parties" it has decided to press on with a US listing instead of a sale.
On the trading front, GAN "significantly" beat its own expectations for the eight months to August 31. For the six months to June, net revenue more than doubled to GBP11.3 million from GBP4.6 million.
The rise in revenue has helped GAN post a GBP777,000 pretax profit, after a GBP3.4 million loss a year before.
Looking ahead, GAN believes 2019 will be a year of "record" revenue and earnings, given current performance, and it expects the simulated gaming and real money internet gambling markets to continue growing, especially in the US, where the American football season has just begun.
On the trade front, US negotiators want to make "meaningful progress" in upcoming talks with China, Treasury Secretary Steven Mnuchin said Thursday, one day after conciliatory gestures by both sides boosted hopes of an eventual resolution.
Mnuchin said on CNBC he is "cautiously optimistic" about chances for a deal to resolve the conflict, while President Donald Trump hinted at a watering down of his position with the possibility of an interim deal.
Washington and Beijing will first hold talks at the deputy level to ensure senior officials who meet later can advance towards an agreement.
"We don't want a trip that's just a series of discussions. We want to make meaningful progress," Mnuchin said. However, he again warned Trump will only accept a good deal and is willing to raise tariffs if necessary.
Trump told reporters he preferred to seal a complete deal, but that he might be willing to consider an interim agreement. Trump's comment contradicted an earlier denial of such a possibility by the White House.
The Japanese Nikkei 225 index ended 1.1% higher Friday. In China, the Shanghai market is closed for the Mid-Autumn Day festival, while the Hang Seng index in Hong Kong is up 0.7% in late trade.
In the US on Thursday, Wall Street closed higher, with the Dow Jones Industrial Average up 0.2%, the S&P 500 up 0.3%, and the Nasdaq Composite up 0.3%.
UK Prime Minister Boris Johnson has been warned against breaking the law over Brexit by Speaker John Bercow, who vowed "creativity" in Parliament would scupper a no-deal exit.
The warning came as the EU's chief negotiator said there is "no reason to be optimistic" a new agreement can be brokered before the prime minister's deadline to ask for a delay. Michel Barnier told political leaders in the European Parliament on Thursday he was unable to say whether contacts with the UK government would result in a deal by mid-October.
The PM is legally bound to ask Brussels for an extension to Article 50 if he cannot get MPs to back a deal by October 19, after Parliament approved legislation designed to prevent a no deal.
Barnier's warning came after the PM was forced to deny lying to the Queen in order to secure his five-week suspension to Parliament as the Halloween departure deadline looms.
The pound was quoted at USD1.2409 Friday, higher than USD1.2334 at the close Thursday.
Later on Friday come US retail sales figures at 1330 BST.
