FTSE 100 Index Edges Lower; Smith & Nephew Gains, Unilever Completes Ice Cream Demerger

The FTSE 100 has slipped 0.1% on Monday morning, tracking a subdued start across European markets. 

While the FTSE 100 is not too far off its highs, it is currently facing some resistance at a key level. 

The pan-European Stoxx 600 also edged 0.1% lower, while Germany’s DAX was flat. France’s CAC 40 declined 0.2%.

Unilever was among the biggest drags on the index, with shares down 4% after the completion of the demerger of its ice cream division. 

The newly listed Magnum Ice Cream Company is currently trading at 1,135.2p as investors assessed the separation of the long-standing business from the consumer goods group’s core portfolio.

Smith & Nephew provided a boost for the blue-chip benchmark, rising 1.4% after setting out new 2028 financial targets. 

The medical devices group said it aims to achieve marked acceleration in revenue growth and profitability over the medium term. It also issued updated expectations for 2025, noting that its trading profit margin is now forecast to be at least 19.5%, compared with previous guidance of 19%-20%.

Among other movers, Prudential gained 3.2%, while Melrose is up around 1.3%. Rolls-Royce and Vodafone also traded more than 1% higher in early dealings.

The biggest fallers included Unilever, along with Barratt Redrow, down 2.2% and housebuilder Persimmon, which slipped 1.9%.

U.S. index futures pointed to a mixed Wall Street open later in the day, with the S&P 500 and Nasdaq up 0.1% and 0.2% respectively, while the Dow Jones Industrial Average remained unchanged.