Last checked at 
(Alliance News) - Stock prices in London were higher at midday on Wednesday, amid hopes that a potential meeting between Donald Trump and Xi Jinping his week can reduce trade policy tensions.
However, the US president early on Wednesday said Xi is "VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!" on his Truth Social platform. His latest remarks came hours after his tolls on aluminium and steel were doubled from 25% to 50%, although the UK has for now been exempted from that increase.
"All eyes are on China given it is currently the biggest loser from Trump's new trade policy, and it looks like we're still some way off from a deal between the two countries...A potential stalemate situation means uncertainty prevails on the markets and asset prices remain volatile," AJ Bell's Russ Mould commented.
The FTSE 100 index was up 19.49 points, 0.2%, at 8,806.51. The FTSE 250 was up 80.68 points, 0.4%, at 21,098.46, and the AIM All-Share was up 1.93 points, 0.3%, at 755.44.
The Cboe UK 100 was up 0.2% at 876.52, the Cboe UK 250 was up 0.4% at 18,615.97, and the Cboe Small Companies was up 0.2% at 16,685.31.
"Markets remain in a holding pattern pending an update on trade negotiations between the Trump administration and various foreign governments," Mould said, noting that "strength in basic materials, industrials and real estate was offset by weakness in energy and consumer cyclicals" on the FTSE 100.
Large-cap winners included Antofagasta, up 2.7%; Melrose Industrial, up 2.8%; and Spirax, up 2.5%. Haleon led the laggers, down 1.8%, while Marks & Spencer lost 1.8%.
On the FTSE 250, WH Smith climbed 3.7%.
The Swindon, England-based retail chain reported growth across all markets of its travel business during the third-quarter, ahead of the disposal of its high street division. This included total travel revenue growing 5% year-on-year, and 7% on a constant currency basis. Like-for-like sales were up 5% on-year.
WH Smith added that it is on track to deliver full-year revenue in line with expectations.
Mould said the new update "presents a picture of what the slimmed-down company looks like going forward".
"It's a starting point for investors to better understand the shape and potential of the business, and to get a feel for growth rates over the long term from what is essentially now a travel-hub company with a few shops in hospitals on the side," he commented. "With that in mind, there is a sense that investors might be expecting more from WH Smith than it is currently delivering...Overall, WH Smith needs to step up a gear and prove it was worth flogging the cash cow that was the UK arm."
B&M European Value Retail lost 8.6%.
The Luxembourg-based retailer said pretax profit fell 13% to GBP431 million in the year ended March 29. Revenue rose 1.6% to GBP5.57 billion from GBP5.48 billion, or by 3.7% on a comparable 52-week basis, primarily driven by the contribution from new stores and positive like-for-like performance in France.
However, Mould commented: "The discount retailer blamed challenging market conditions [for its "poor year"], yet its value-led business model should have thrived in a period where consumers were watching their pennies...The imminent arrival of a new CEO cannot come soon enough.
"Investors will be looking for the new boss to do a thorough review of the business, work out what's gone wrong, do a 'kitchen sink' job and outline a plan to get back on top...The lack of commentary on current trading is unhelpful, leaving investors guessing as to whether the recent sunny weather has driven an improvement in footfall and sales. However, it does allude to ongoing cost pressures, meaning the company needs to make hay while the sun shines."
On AIM, Shuka Minerals jumped 71%.
The Africa-focused mine operator and developer has received interim authorisation for its proposed takeover of Leopard Exploration & Mining, which owns the Kabwe zinc mine in central Zambia.
At the other end, 4Global lost 44%.
The sporting events-focused data provider intends to delist from AIM and re-register as a private limited company, saying its fundraising efforts "have not been realised".
Also, for the financial year ended March 31, 4Global said it expects revenue of GBP4.5 million and adjusted earnings before interest, tax, depreciation and amortisation of GBP500,000, down from GBP6.4 million and GBP1.6 million respectively.
In European equities on Wednesday, the CAC 40 in Paris was up 0.7%, while the DAX 40 in Frankfurt was up 0.6%.
The pound was quoted higher at USD1.3520 at midday on Wednesday in London, compared to USD1.3499 at the equities close on Tuesday. The euro stood lower at USD1.1375, against USD1.1385. Against the yen, the dollar was trading at JPY144.22, higher compared to JPY143.24.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.1%.
The yield on the US 10-year Treasury was quoted at 4.45%, narrowing from 4.46%. The yield on the US 30-year Treasury was unchanged at 4.97%.
Brent oil was quoted lower at USD65.60 a barrel at midday in London on Wednesday from USD65.73 late Tuesday.
Gold was quoted higher at USD3,354.10 an ounce against USD3,349.93.
Still to come on Wednesday's economic calendar, the US has the composite and ISM services PMI readings. Also, the Bank of Canada releases its interest rate decision.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2025 Alliance News Ltd. All Rights Reserved.
