FTSE 100 holds steady after record streak; Tesco gains
02/10/2025 11:04
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FTSE 100 flat, FTSE 250 up 0.1%
ICG jumps on performance fee forecast hike
Tesco shares rise after profit forecast upgrade
3i Group gains after report it may consider divesting assets
Oct 2 (Reuters) - London's FTSE 100 remained flat on Thursday, following two consecutive record-setting sessions, as weakness in industrial stocks offset gains in financials, while Tesco shares climbed after the supermarket giant lifted its annual profit outlook.
The blue-chip index was up 0.04% as of 0930 GMT.
Tesco TSCO.L rose 4.2% after raising its full-year profit forecast, buoyed by continued market share gains from rivals.
"Tesco's broad offer to customers at all price-points is helping it to drive sustained market share gains," said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
"However, the valuation feels broadly up with events, so today's upgrade is unlikely to spark too much excitement on the stock market."
In the financial sector, 3i Group III.L advanced 3.1% following a Bloomberg News report that the private equity firm is exploring potential divestments of its assets, including French information technology maintenance provider Evernex.
Asset manager ICG ICGIN.L topped the FTSE 100 gainers list, rising 4.5%, after announcing an expected one-off gain of 65 million to 75 million pounds ($87.72 million-101.22 million) in the first half of financial year 2026, stemming from changes to performance fee revenue recognition.
The gains in the stocks boosted the investment banking index .FTNMX302020 by 1.6%.
On the downside, the industrial support services sector .FTNMX502050 declined 3%, with credit data company Experian EXPN.L falling 6.6% to become the index's worst performer.
The decline followed an announcement from FICO FICO.N launching a direct-to-reseller licensing model for its credit score algorithm, potentially reducing reliance on credit bureaus such as Experian.
Healthcare stocks .FTNMX201030 eased 0.2% after surging 8.7% in the previous session.
The domestically focused midcap FTSE 250 .FTMC edged 0.1% higher.
Morgan Sindall MGNS.L jumped 11% to record high levels, providing the biggest boost to the midcap index after the construction company said financial year 2025 results will be "significantly" ahead of its expectations.
Investors are also monitoring developments regarding the U.S. government shutdown, which is likely to delay the release of crucial U.S. jobs data due later this week.
($1 = 0.7410 pounds)
(Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
((Ragini.Mathur@thomsonreuters.com;))
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