The FTSE 100 was virtually flat on Wednesday, halting a six-session winning streak. Sage was among the biggest decliners, falling nearly 4% after a cautious outlook from US software peer Intuit reignited worries about how artificial intelligence might affect the sector. Energy stocks also dragged on the index, with BP down 1.3% and Shell 0.4%, while AstraZeneca and GSK both retreated.
Oil prices remained volatile amid signs of rising crude shipments from the Persian Gulf, as investors monitored talks between Iran and Oman over a possible resumption of shipping through the Strait of Hormuz. Entain and Persimmon stayed under pressure after FTSE Russell signalled they would be dropped from the FTSE 100 in its latest index review.
Separately, Ofgem announced a 4% increase in the UK energy price cap from October. Investors are also looking ahead to Nvidia’s results for further insight into the strength of AI-related demand.
