The FTSE 100 finished marginally higher on Thursday, as strength among oil producers and precious-metals miners offset a sharp sell-off in JD Sports following another profit warning.
London’s blue-chip index added just 4.81 points to 10,748.16, while the FTSE 250 fell 0.6% to 24,508.66. The AIM All-Share gained 0.3% to 804.09.
JD Sports Fashion was the standout FTSE 100 faller, dropping 14% after cutting its full-year profit forecast. The retailer now expects pretax profit before adjusting items of £700 million to £800 million, compared with previous guidance of £750 million to £850 million.
Chief executive Regis Schultz described trading as “tough”, pointing to a highly promotional market, weakness in the footwear cycle and additional cost-of-living pressures on consumers.
Oil stocks provided some of the strongest support for the index as Brent crude climbed to $93.53 a barrel amid heightened tensions between the US and Iran. BP gained 2.4% and Shell advanced 0.6%.
Gold miners also continued their recent rally as gold climbed above $4,500 an ounce, helping Fresnillo rise 2.7% and Endeavour Mining gain 2.1%.
Meanwhile, concerns over government borrowing and interest rates returned to bond markets. The US 10-year Treasury yield increased to 4.70%, while the 30-year yield rose to 5.26%, partially reversing Wednesday’s decline following the US Treasury’s decision to increase purchases of longer-dated debt.
Among mid-caps, Trainline dropped another 9% as investors continued to assess the Competition & Markets Authority’s investigation into the presentation of mandatory booking fees.
Ashtead Technology fell 16% after warning that project delays linked to the Middle East conflict would leave full-year revenue and earnings below market expectations.
