FTSE 100 Live: Blue-chips edge higher, but financials hit by new AI sell-off

• FTSE 100 rises 22 points to 10,376

• LSEG boosted by study of activistic stake

• PZ Cussons surges, St James's Place and Barratt fall

The biggest fallers connected the FTSE 350 are each financial services names: St James's Place is down 11.25%, AJ Bell is down 5.85%, Quilter 5.3%, Rathbone's and IntegraFin 4%, portion Aberdeen Group down 3.7%, Man Group PLC 2.8%, CMC Markets 2.7%, Schroders and Jupiter Fund Management.

"Fresh casualties from AI advances are falling connected the concern landscape," says marketplace expert Susannah Streeter astatine Wealth Club.

"This time, wealthiness absorption companies person been caught successful the crossfire arsenic artificial quality services are unleashed."

She added: "The interest is that this is conscionable the extremity of the iceberg and caller efficiencies volition beryllium unleashed by AI to disrupt the fiscal proposal and concern manufacture and trim the fees which tin beryllium charged.

"As the AI cards are shuffled, the heap of imaginable losers is mounting up, and speculation astir which assemblage volition beryllium deed adjacent is rife."

The FTSE 100 is moving backmost up again aft losing momentum from its aboriginal surge.

BP is apical of the risers, helped by affirmative commentary from City analysts.

Joshua Stone astatine UBS says BP’s determination to suspend stock buybacks "was a omniscient 1 successful our view, and a indispensable measurement to assistance repair the equilibrium sheet. This comes amongst what we spot arsenic the aboriginal stages of a rotation wrong the assemblage distant from worth towards growth."

Holding the scale backmost are falls for Barratt Redrow and St James's Place.

SJP is down 10%, with falls for Quilter and AJ Bell, seemingly triggered by a sell-off of wealthiness managers stemming from AI fears.

A caller taxation readying instrumentality from Altruist is reported to beryllium the root of the fear, with the instrumentality said to beryllium capable to "produce afloat personalized taxation strategies...in minutes".

US wealthiness managers specified arsenic LPL Financial, Charles Schwab and Raymond James sinking 7-8%

Some much movers.

On the FTSE 250, Renishaw is up astir 4% aft reporting changeless currency income maturation accelerated to 20.5% successful its 2nd quarter, with commentary astir orderbook implying beardown intake.

Adjusted operating nett grew 11.4% to £57.5 million, broadly successful enactment with the statement forecast.

"We travel distant precise encouraged," says analyst Bruno Gjani astatine UBS.

"Although H1'26 nett appears underwhelming, this was driven by FX effects," helium adds, with currency swings causing a 360bps borderline drag.