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UK Equity Market Faces Selling Pressure As IG Group And Wizz Air Shares Declines

Image Source: Bigc Studio / Shutterstock

The UK equity market experienced a day of selling pressure on Thursday, with shares in IG Group and Wizz Air plummeting following disappointing results, while Elementis saw a significant surge in response to reports of a potential bid for the chemicals maker.

As of 0824 GMT, the blue-chip FTSE 100 was down 0.2%, while the domestically focused FTSE 250 fell 0.3%. Both indexes had closed at their highest levels in over a week on Wednesday, buoyed by China-exposed stocks after officials announced measures to bolster confidence in the economy and markets.

IG Group saw a notable decline of 9.3%, the most significant drop since March 2023, after reporting a decrease in first-half earnings attributed to softer market conditions. Similarly, St. James’s Place, an FTSE 100-listed wealth manager, experienced a 7.5% decrease in share value due to slower net inflows in 2023 amid subdued risk appetite.

Wizz Air faced a 5.1% decline following the announcement of a larger third-quarter operating loss, driven by engine inspections grounding parts of its fleet and flight suspensions due to the Middle East conflict.

In contrast, Elementis witnessed an 8.2% surge in its share price after reports surfaced that KPS Capital Partners had explored a bid for the UK specialty chemicals maker. However, sources familiar with the matter indicated that KPS Capital Partners had paused its efforts for the time being.

These developments underscore the dynamic nature of the UK equity market, influenced by both domestic and international factors. Investors continue to monitor the impact of global events on individual companies and sectors, navigating through evolving market conditions.

Image Source: Bigc Studio / Shutterstock

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