FX.co ★ FTSE 100 Subdued After General Election Call

UK stocks were subdued on Thursday following Prime Minister Rishi Sunak’s announcement of a general election set for July 4.

Investors also digested survey results indicating a noticeable slowdown in growth across British businesses this month.

The FTSE 100 benchmark index fell by 8 points to 8,362, extending losses after declining 0.6% on Wednesday.

Shares of National Grid plummeted 9% after the electricity and gas utility company revealed plans to raise approximately £7 billion ($8.9 billion) through a fully underwritten rights issue of 1.09 billion new shares.

Other notable decliners included Drax, which fell 8.7%, Pennon Group, which dropped nearly 7%, and United Utilities, which slid over 5%.

On the positive side, Wizz Air Holdings soared 5% as the low-cost airline returned to profitability in the FY24.

Hargreaves Lansdown saw a 12% surge after the investment platform turned down an unexpected takeover bid from a consortium of private equity buyers.

Despite reporting robust first-quarter results, shares of insurer Aviva dipped 1%.