Utilities stocks help drive FTSE 100 back to gains

London stocks recovered ground on Wednesday, driven by stronger utilities firms.

It came after the FTSE 100 slumped heavily in the previous session, slipping to an almost one-month low.

Housebuilders were again among the weakest performers, with Vistry the biggest faller on the top index.

London’s top flight finished 53.13 points, or 0.65%, higher to end the day at 8,243.74.

Elsewhere in Europe, the other main markets opened lower amid continued worries about the Chinese economy but improved as focus turned towards the US.

The Cac 40 ended 0.52% higher for the day and the Dax index was up 1%.

Stateside, the main markets ticked slightly higher amid a quiet day for earnings updates as traders looked towards Thursday’s key inflation data.

Chris Beauchamp, chief market analyst at IG, said: “A drift higher continues across stock markets as investors await the US inflation reading on Thursday, though oil prices have dived again.

“US and European indices have clawed their way higher for another day, though the FTSE 100 has endured a much more muted session.

“Notably tech stocks have avoided too much of a dramatic reaction to news of a possible anti-trust move on Alphabet, even if the search engine titan itself is down over 1%.”

Meanwhile, sterling fell against the dollar, which was strong ahead of the release of records from the Federal Reserve’s September decision to slash interest rates, with traders not expecting immediate further rate cutting.

The pound was down 0.2% at 1.307 US dollars and up 0.11% at 1.194 euros.

In company news, CMC Markets shares finished slightly lower despite the trading platform business recording a surge in revenue over the last six months, following a period of strong trading and a cost-cutting programme.

The firm said its net operating income is expected to have risen 45% to £180 million for the six months to September 30.

Shares were higher for much of the session but ultimately closed down 0.5% at 303.5p.

Revolution Beauty slid further in value after the cosmetics retailer revealed tumbling first half sales amid its continued overhaul process.

The group said net sales plunged by a fifth to £72 million in the six months to August 31 as it simplified its product offering and ramped up clearance promotions to shift old stock.

Shares in the business were down 11.7% at 15.8p.

Elsewhere, car retailer Motorpoint saw shares improve after it returned to profitability over the latest half-year.

Shares in the Debry-based business rose by 3.1% to 165p after it said consumer sentiment improved on the back of easing economic pressures and stable used car prices.

Meanwhile, the price of oil edged back for a second consecutive day amid a day bereft of major news in the Middle East.

A barrel of Brent crude oil was up by 0.8% to 77.86 dollars (£59.56) as markets were closing in London.

The biggest risers on the FTSE 100 were: Mondi, up 56.5p to 1,460p; Centrica, up 3.85p to 120.15p; Marks & Spencer, up 11p to 382.9p; Ashtead, up 126p to 5,850p; and Fresnillo, up 13p to 632p.

The biggest fallers on the FTSE 100 were: Vistry, down 19p to 944.5p; Persimmon, down 9p to 1,599p; Taylor Wimpey, down 0.75p to 159.85p; Next, down 42p to 9,864p; and National Grid, down 2.4p to 990.2p.