(RTTNews) - U.K.'s equity benchmark FTSE 100 drifted lower on Thursday, retreating after posting gains in the previous two sessions. JD Sports Fashion's sharp plunge after weak first-half sales report and disappointing second-term outlook weighed on the market.
Higher crude oil prices and fading hopes of any quick resolution to the U.S.-Iran crisis hurt as well. Brent crude futures moved above $94 a barrel today, rising nearly 3%.
U.S. President Donald Trump sharpened his rhetoric against Tehran, warning of economic consequences against any country that provided "any type of lifeline to Iran."
Trump escalated economic pressure on Iran, describing it as the 'most crushing economic operation' ever imposed on a country.
Asked about the Iran war, Trump reiterated that the U.S. has "complete control" of the Strait of Hormuz and that the talks could resume "maybe at some point."
Iran's Foreign Minister Abbas Araghchi said Trump's "doubling down on failed policies will only bring further defeat" to the U.S.
The FTSE 100 was down 36.63 points or 0.34% at 10,706.72 a few minutes before noon.
JD Sports Fashion shares tanked 14.2% after the retailer lowered its profit guidance for fiscal year 2027 after reporting a steeper decline in Q2 underlying sales.
The company said that its like-for-like sales decreased for the second quarter compared to the same period last year. Further the company cut its adjusted profit outlook for the second half of the year.
Quarterly total sales was £3.08 million, a decrease of 1.3% in organic sales and 3.1% in like-for-like sales.
Looking to the second half of the year, the sportswear retailer now expects profit before tax and adjusting items of £700 million to £800 million compared with the previous guidance of £750 million to £850 million.
Investec tumbled 4.6% and Legal & General dropped 3.7%. Coca-Cola HBC shed 2.6%.
Marks & Spencer, Antofagasta, Anglo American Plc, Prudential, Aviva, M&G, Imperial Brands, Sainsbury (J), Burberry Group, BT Group, Entain, Concatec Group, Barratt Redrow and Centrica lost 1%-2%.
Shares of recruiter Hays declined more than 3% after the company reported a full-year pre-tax loss due to restructuring charges and cutting its annual dividend.
Weir moved up 2.3%. Diageo gained 1.8%, while Severn Trent, BP and Experian climbed 1.5%, 1.3% and 1.1%, respectively.
Diploma, United Utilities, Babcock International, Games Workshop, The Sage Group, Smith & Nephew, Associated British Foods, Land Securities and GSK posted modest gains.
In economic news, the Confederation of British Industry's monthly industrial order-book balance improved sharply to -25 in August from -45 in July, marking the strongest monthly increase in more than five years and above expectations of -40.