London stocks were flat in early trade on Thursday as investors eyed the latest policy announcement from the Bank of England and waded through a deluge of corporate updates.
At 0835 GMT, the FTSE 100 was flat at 9,781.21.
Patrick Munnelly at Tickmill Group said: "The sentiment surrounding today's UK MPC meeting suggests a more balanced 50/50 split between a rate cut and a hold, diverging from the market's pricing, which leans towards a ~25/75 probability for a cut/hold. The argument for holding rates stems from the presence of four hawkish members (Mann, Pill, Greene, Lombardelli), who are highly unlikely to support a cut, particularly in light of the latest quarterly Inflation Attitudes survey.
"For a rate cut to occur, all five remaining members would need to align in favour. Among them, Taylor is the most likely to support a cut, based on recent comments. Dhingra is also expected to vote for a cut, largely due to her consistent stance. Ramsden could lean dovish, but Breeden and Bailey remain uncertain.
"On balance, it is anticipated that the Governor will opt for no change, acknowledging the hawks' concerns about inflation persistence. This decision may aim to maintain their support for potential Bank Rate reductions in 2026, when CPI is expected to decline from its current peak. However, the decision remains finely poised.
"Additionally, note that the Bank of England is revising its communication format. Each MPC member will now have a dedicated paragraph in the minutes to explain their individual stance, and the Monetary Policy Report (MPR) format is undergoing changes."
The BoE decision is due at midday.
In equity markets, IMI shot to the top of the FTSE 100 as it hailed an "excellent" third-quarter performance and said it was on track deliver its fourth consecutive year of mid-single digit organic revenue growth.
National Grid, BT Group and Auto Trader also advanced after half-year results, while Sainsbury's gained after saying it expects annual retail underlying operating profit of more than £1bn and was adding an extra £150m from the sale of its banking unit to share buybacks this year and in 2026/27.
The supermarket chain delivered a 0.2% rise in retail underlying profit to £504m for the 28 weeks to 13 September.
Watches of Switzerland rallied as it posted a jump in first-half revenue, hailing a particularly strong performance in the US.
Helios Towers and Tate & Lyle also racked up strong gains on the back of results.
On the downside, Hikma Pharmaceuticals tanked as it downgraded medium-term guidance for its injectables unit.
Smith & Nephew was also sharply lower after third-quarter underlying revenues missed expectations.
Diageo fell as the drinks maker cut its full-year sales and profit forecast amid weakness in Chinese white spirts and a slowdown in demand in North America.
Hiscox retreated even as it said group insurance contract written premiums rose 5.9% in the first nine months of the year.
Howden Joinery was down even as the trade kitchen supplier said it was on track to meet full-year profit expectations as it reported a rise in first-half sales despite a challenging market.
CRH and Vistry fell after third-quarter results and a trading update, respectively, while Ashmore tumbled as it traded without entitlement to the dividend.
Market Movers
FTSE 100 (UKX) 9,781.21 0.04%
FTSE 250 (MCX) 22,092.04 -0.01%
techMARK (TASX) 5,532.73 -0.45%
FTSE 100 - Risers
IMI (IMI) 2,508.00p 4.41%
Auto Trader Group (AUTO) 806.20p 4.16%
BT Group (BT.A) 185.00p 2.81%
Antofagasta (ANTO) 2,720.00p 2.53%
NATWEST GROUP (NWG) 603.00p 2.48%
Lloyds Banking Group (LLOY) 91.58p 2.26%
Fresnillo (FRES) 2,188.00p 1.96%
Marks & Spencer Group (MKS) 392.10p 1.84%
JD Sports Fashion (JD.) 86.14p 1.82%
National Grid (NG.) 1,172.00p 1.78%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,573.00p -11.18%
Smith & Nephew (SN.) 1,264.00p -9.29%
Games Workshop Group (GAW) 15,510.00p -4.26%
Metlen Energy & Metals (MTLN) 44.22p -4.17%
CRH (CDI) (CRH) 8,610.00p -3.56%
Diageo (DGE) 1,760.00p -2.09%
Hiscox Limited (DI) (HSX) 1,346.00p -2.04%
Unilever (ULVR) 4,587.00p -1.35%
Beazley (BEZ) 892.00p -1.33%
Ashtead Group (AHT) 4,886.00p -1.03%
FTSE 250 - Risers
Helios Towers (HTWS) 171.40p 10.58%
Watches of Switzerland Group (WOSG) 414.20p 6.21%
Tate & Lyle (TATE) 399.80p 5.77%
Dr. Martens (DOCS) 93.30p 4.83%
Hochschild Mining (HOC) 336.00p 4.80%
Ceres Power Holdings (CWR) 387.00p 4.09%
OSB Group (OSB) 545.00p 3.61%
Endeavour Mining (EDV) 3,092.00p 3.34%
RS Group (RS1) 562.00p 1.72%
Close Brothers Group (CBG) 427.60p 1.57%
FTSE 250 - Fallers
Ashmore Group (ASHM) 170.90p -8.80%
W.A.G Payment Solutions (EWG) 88.20p -5.36%
Howden Joinery Group (HWDN) 842.50p -3.27%
Patria Private Equity Trust (PPET) 590.00p -2.80%
Softcat (SCT) 1,539.00p -2.66%
ITV (ITV) 66.85p -2.41%
Caledonia Investments (CLDN) 376.50p -1.83%
IntegraFin Holding (IHP) 355.50p -1.80%
SDCL Efficiency Income Trust (SEIT) 60.70p -1.78%
Oxford Biomedica (OXB) 649.00p -1.67%