Copyright Reuters
Summary Companies FTSE 100 down 0.1%, FTSE 250 up 0.1% BP and Shell decline as oil drops SSE soars on 33 billion pounds investment plan Nov 12 (Reuters) - London's FTSE 100 index edged lower on Wednesday after closing at record high levels for two consecutive sessions, as losses in industrials and energy shares weighed on the market. The blue-chip index (.FTSE), opens new tab was down 0.1% at 9,886 points as of 1214 GMT, but still hovering near record levels and within striking distance of the 10,000 mark. The mid-cap index FTSE 250 (.FTMC), opens new tab gained 0.1%. Sign up here. Market sentiment improved earlier this week on hopes of a U.S. government shutdown resolution. Investors are now expecting that the U.S. House of Representatives might soon vote to end the shutdown that has suspended crucial economic data releases. This resolution would likely provide greater clarity for the Federal Reserve's upcoming interest rate decisions. In UK markets, industrial shares (.FTNMX502050), opens new tab declined 1.3%, with credit data specialist Experian (EXPN.L), opens new tab dropping 3.1% despite forecasting full-year revenue growth of 11%, the upper end of its outlook range. Pharmaceutical giant AstraZeneca (AZN.L), opens new tab was down 0.5%, retreating from the record high achieved in the previous session. The broader pharmaceutical and biotechnology sector (.FTNMX201030), opens new tab slipped 0.6%. Energy shares (.FTNMX601010), opens new tab weakened as oil prices dipped following Tuesday's surge, with oil majors BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab falling 0.8% and 0.3%, respectively. Homebuilders (.FTNMX402020), opens new tab declined 1.8%. Taylor Wimpey's (TW.L), opens new tab shares fell nearly 4% after reporting a softer autumn selling season as British buyers hesitated ahead of the budget announcement. Conversely, personal goods (.FTNMX402040), opens new tab led the gainers, rising 3.2%. Utilities (.FTUB6510), opens new tab advanced 2.4% as SSE (SSE.L), opens new tab surged 12.3% to a record high after unveiling a 33 billion pounds ($44.29 billion) five-year investment plan to upgrade the UK's regulated electricity networks and expand its renewable business. Looking ahead, market participants are awaiting Thursday's preliminary UK GDP figures for the third quarter, which will offer crucial insights into the nation's economic health before the government's budget announcement later this month. Among other stocks, Smithson Investment (SSON.L), opens new tab rose 6.7% after announcing plans to convert its assets into an open-ended fund, while Avon Technologies (AVON.L), opens new tab jumped 8.3% to a five-year high following an upbeat fiscal year outlook. ($1 = 0.7451 pounds) Reporting by Utkarsh Tushar Hathi in Bengaluru, Editing by Leroy Leo
