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Stock prices in London were mostly lower at Monday midday, with SDCL Efficiency Income Trust falling sharply while Thruvision surged; meanwhile investors are increasingly looking toward Wednesday’s US Federal Reserve interest rate decision, with a cut expected. AJ Bell’s Dan Coatsworth commented: ‘On the economics front, the big event of the week is the US interest rate decision on Wednesday where the market is pricing in an 87% chance of a quarter percentage point cut. ‘Markets may not rally if we get a 25 basis-point cut, given how investors are already expecting it to happen. Instead, markets are only likely to move in a large way up or down if we don’t get a cut or if the cut is much bigger than expected.’ The FTSE 100 index was up 1.91 points at 9,668.92. The FTSE 250 was down 51.91 points, 0.2%, at 22,012.04, and the AIM All-Share was down 0.47 points, 0.1%, at 750.83. The Cboe UK 100 was up 0.2% at 969.95, the Cboe UK 250 was down 0.2% at 19, 115.10, and the Cboe Small Companies was down 0.2% at 17,655.81. ‘The FTSE 100 held firm as strength among industrials, basic materials and healthcare was offset by weakness in consumer stocks and real estate,’ Coatsworth said. Prudential stayed at the top of the FTSE 100, rising 2.7%. This followed the insurer’s announcement on Friday that ICICI Prudential Asset Management Co Ltd has filed the red herring prospectus with the Registrar of Companies, Delhi and Haryana at Delhi, for an initial public offering comprising an offer for sale of up to 9.9% of the share capital in IPAMC by Prudential Corp Holdings Ltd. On the FTSE 250, SDCL Efficiency Income Trust dropped 18%. The London-based investment trust focused on energy efficiency and decarbonisation said its net asset value fell 3.3% to 87.6 pence as at September 30 from 90.6p at March 31, reflecting more cautious valuation assumptions amid market volatility. Pretax profit plunged to £1.7 million in the six months to September 30, and investment income dropped to £7.3 million. SDCL said gearing at 71.9% of NAV as at September 30 is above the investment policy limit, and that disposals are underway to reduce leverage. In smaller caps, Thruvision rose 38%. The walk-through security technology provider has received a notice of intent to award, from an existing customer, for its SpotCHECK people-screening solution at a large US Pacific Northwest airport to support aviation worker screening. Saga rose 8.1%, after UK hedge fund Kernow said the cruise operator’s shares could increase by more than 400%. Frontier IP lost 18%. The company, involved in the commercialisation of intellectual property, reported a pretax loss of £6.3 million for the year ended June 30, widened from £1.3 million the year before. Revenue decreases to £325,000 from £358,000. ‘In the round, portfolio companies made good commercial and technical progress. Five companies raised funds during the year...But the move towards exits was hampered by the exceptionally difficult conditions in the private and public markets,’ said Chair Julia King. ‘This is, of course, a disappointment and I can assure you, our shareholders, that generating a realisation remains a key focus for the chief executive and board of directors in the coming year.’ In European equities on Monday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was up 0.2%. The pound was quoted lower at $1.3319 at midday on Monday in London, compared to $1.3326 at the equities close on Friday. The euro stood at $1.1651, higher against $1.1635. Against the yen, the dollar was trading at JP¥155.53, up a bit compared to JP¥155.42. Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 1.00 points, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.2%. The yield on the US 10-year Treasury was quoted at 4.15%, widening from 4.14%. The yield on the US 30-year Treasury was quoted at 4.81%, widening from 4.80%. Brent oil was quoted at $63.11 a barrel at midday in London on Monday, down from $63.60 late Friday. Gold was quoted higher at $4,213.18 an ounce against $4,208.77. Still to come on Monday’s economic calendar, there are comments from UK Bank of England Deputy Governor Clare Lombardelli and the US consumer inflation expectations. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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