Insurers, Spirax drag down UK's FTSE 100 index
London’s FTSE 100 fell for a second session on Tuesday, as shares in Spirax tumbled onthe valve maker’s disappointing outlook, while Legal & General led a selloff in insurers following multiple brokerage downgrades. The blue-chip FTSE 100 index fell 0.1% to 10,851.58 points by 1016 GMT. The midcap FTSE 250 fell 0.3% to 24,678.20 points. Spirax shares fell 6%, becoming the biggest decliner in the…
The FTSE 100 index of London's leading companies slipped for a second consecutive day on Tuesday, with shares of Spirax shedding 6% following a cautious outlook and two major brokerage firms cutting their ratings. Legal & General, an insurer, joined the sell-off after being downgraded to "sell" by UBS and Goldman Sachs, citing concerns over valuation, margins, and solvency.
The FTSE 250 also declined, slipping 0.3%. The broader FTSE 350 insurers index fell 2.6%, with Standard Life and Prudential facing pressure. Global equities suffered as oil prices surged amid a stalemate in U.S.-Iran peace talks and the closure of the Strait of Hormuz. British consumers showed mixed sentiment, with spending on food and pubs up 1.3% in July, driven by the World Cup and warm weather, but still cautious about large purchases.
However, retail sales overall grew by just 1.3% from July 2025, marking a slowdown from June's 1.9%. IWG, an office space provider, saw a 1.9% drop after Jefferies warned of cash flow issues, even as the company maintained its targets. InterContinental Hotels Group also declined 1.3%, as hotel revenue growth slowed in the second quarter due to weakening demand in the Middle East and strong performance in the U.S. and China.
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