FTSE 100 muted as banks offset gains in miners; tariff worries linger (updated)
24/02/2026 18:07
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FTSE 100 down 0.04% and FTSE 250 down 0.1%
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Anthropic's AI tools boost UK tech stocks
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Convatec raises revenue growth target, boosting stock
(Updates to market close)
By Tharuniyaa Lakshmi
Feb 24 (Reuters) - Britain's FTSE 100 was little changed
on Tuesday, as gains in miners and utilities were offset by
losses in financials, while investors assessed U.S. President
Donald Trump's shifting trade stance.
The blue-chip index .FTSE closed flat, while the
domestically focused mid-cap FTSE 250 .FTMC slipped 0.1%.
Industrial metal miners .FTNMX551020 were the biggest
boosts to the FTSE 100, with Rio Tinto RIO.L and Glencore
GLEN.L rising more than 1% each as the copper price hit its
highest in over a week.
British technology stocks .FTUB1010 rose 0.6% after
artificial intelligence firm Anthropic announced new ways for
customers to integrate its tools into their workflows. Most U.S.
tech stocks also advanced.
Despite the modest rebound, underlying AI jitters persisted,
said Ipek Ozkardeskaya, senior analyst at Swissquote Bank,
adding that investors remained fragile.
Banks .FTNMX301010 fell 0.5%, tracking declines in global
financials. Standard Chartered STAN.L dipped 1.4% despite
reporting a rise in full-year pretax profit, announcing a $1.5
billion share buyback and a 65% jump in its annual dividend.
The U.S. began collecting a temporary new 10% global import
tariff, though the Trump administration is working to lift the
rate to 15%, amid confusion over trade policy after the Supreme
Court last week ruled against Trump's previous tariff hikes.
Britain negotiated a reciprocal 10% tariff rate with
Washington last year, and trade minister Peter Kyle said he was
confident that agreement would remain in place.
Separately, Bank of England Governor Andrew Bailey pointed
to the possibility of a March rate cut but warned that services
inflation remained high.
Among individual movers, Convatec CTEC.L jumped 10.3% to
the top of the FTSE 100 after the medical equipment maker raised
its medium-term organic revenue target on the back of a
strengthening product pipeline.
Croda CRDA.L climbed 7.6% after the speciality chemicals
maker forecast strong 2028 profit margins as it continues
streamlining its operations following last year's subdued demand
in some regions linked to U.S. tariffs.
(Reporting by Tharuniyaa Lakshmi in Bengaluru. Editing by Vijay
Kishore and Mark Potter)
((tharuniyaa@thomsonreuters.com))