FTSE 100 edges lower as Entain drops on downgrade; LSEG climbs on raised outlook
London’s FTSE 100 dipped 0.1% to 10,463.84 in afternoon trade on Thursday, as strength in heavyweight miners was offset by sharp falls in gambling and retail stocks. Anglo American and Antofagasta led the blue-chip gainers, while London Stock Exchange Group advanced after lifting its full-year revenue outlook.
Following record first‑quarter revenue, LSEG said it now expects 2024 revenue growth to land in the upper half of its 6.5% to 7.5% guidance range. The group also guided to an improvement in constant-currency EBITDA margin of 80 to 100 basis points and said equity free cash flow is expected to be at least £2.7bn.
Entain came under pressure after Bank of America cut its rating to neutral from buy and reduced the price target to 700p from 870p. The bank cited rising competition from prediction markets and slowing UK growth, and said it sees downside risks at BetMGM, the company’s US joint venture with MGM Resorts, amid competition from US prediction markets.
It noted UK performance has been good so far but said growth may be peaking as new taxes take effect, adding that market share gains are unlikely in the near term. Bank of America also cut its 2025–28 earnings per share estimates by 5% to 15%, leaving them 2% to 14% below consensus.
Elsewhere, Fresnillo, Legal & General and Rightmove traded lower as they moved ex-dividend. Supermarket shares were weaker too: Sainsbury’s fell after cautioning that full-year profits could decline this year amid an uncertain outlook due to the impact of the war on Iran, and Tesco was also in the red.
In the year to 28 February 2026, retail underlying operating profit nudged down 1.1% to £1.0bn, in line with guidance, reflecting significant operating cost inflation and investment in value in a more competitive market, the retailer said. For the current financial year, total underlying operating profit of between £975m and £1.075bn is expected, as the duration and extent of impacts from the Middle East conflict are “very uncertain”.