UK stocks under pressure as earnings disappoint

Meanwhile, Elementis jumped 8.2% after Reuters reported KPS Capital Partners recently explored a bid for the UK specialty chemicals maker but has since paused its work, according to sources familiar with the matter.

The UK equity market came under selling pressure on Thursday, with shares in IG Group and Wizz Air tumbling after underwhelming results, while Elementis jumped on report of a potential bid for the chemicals maker.

The blue-chip FTSE 100 was down 0.2%, as of 0824 GMT, while the domestically focussed FTSE 250 fell 0.3%. Both the indexes closed on Wednesday at their highest levels in more than a week, bolstered by China-exposed stocks after officials announced support measures to restore confidence in the economy and markets.

IG Group tumbled 9.3%, by the most since March 2023, after the online trading platform reported a drop in first-half earnings due to softer market conditions. Shares of St. James's Place fell 7.5% after net inflows at the FTSE 100-listed wealth manager slowed in 2023 as risk appetite remained subdued.

Wizz Air fell 5.1% after the budget airline reported a bigger third-quarter operating loss, as it grapples with the effects of engine inspections that have grounded parts of its fleet and the suspension of flights due to the Middle East conflict. Meanwhile, Elementis jumped 8.2% after Reuters reported KPS Capital Partners recently explored a bid for the UK specialty chemicals maker but has since paused its work, according to sources familiar with the matter.