The UK stock market finished Thursday’s session with only modest index moves, but under the surface there were some sharp losers across the FTSE 100 and FTSE 250 as traders reacted to a “hawkish” US Federal Reserve rate cut, fresh short-seller pressure and a flurry of broker downgrades. [1]
At the London close on 11 December 2025, Hargreaves Lansdown data showed the FTSE 100 up around 0.1% at 9,667, while the FTSE 250 slipped roughly 0.05% to 21,820. Yet individual names told a more dramatic story: Entain topped the blue‑chip fallers’ board, while Ocado, Ceres Power, NCC Group and Zigup were among the mid‑cap index’s biggest casualties. [2]
Today’s biggest UK stock market losers at a glance
Based on end‑of‑day data from Hargreaves Lansdown, these were the standout laggards on Thursday: [3]
FTSE 100 – top fallers
- Entain (ENT) – down about 3.9% to 729.6p
- Informa (INF) – down about 1.8% to 913p
- Associated British Foods (ABF) – down about 1.7% to 2,093p
- Smith & Nephew (SN.) – down around 1.3%
- National Grid (NG.) – down roughly 1.2%
Other notable large‑cap decliners included Lloyds Banking Group, Severn Trent, RELX, Games Workshop, Sage and Halma, all off around 0.5–0.9%. [4]
FTSE 250 – top fallers
- Ocado Group (OCDO) – down about 6.2% to 219.95p
- Ceres Power (CWR) – down roughly 5.4% to 292.6p
- NCC Group (NCC) – down about 4.0% to 134.5p
- Zigup (ZIG) – down around 3.7%
- Sirius Real Estate (SRE) – down about 3.5%
Partners Group Private Equity, Investec, Gamma Communications, Serco, Future and Wizz Air also slid between 1.5% and 3%. [5]
Against a backdrop of a finely balanced Fed, weakening UK housing indicators and sector‑specific shocks, here’s what drove each of today’s biggest losers, plus what analysts and forecasters are saying.
Macro backdrop: “hawkish” Fed cut and UK housing worries keep markets cautious
London’s early trading tone was set by the US Federal Reserve, which delivered another 25‑basis‑point rate cut on Wednesday, taking the federal funds rate to a range of 3.5–3.75% , the sixth cut since late 2024. The decision was expected, but three dissenting votes and guidance that only one more cut is pencilled in for next year left markets reading the move as “hawkish”. [6]
Commentary from Hargreaves Lansdown noted that, while the Fed trimmed rates, it also signaled a long pause and announced around $40bn per month in Treasury purchases , a form of “QE‑light” that didn’t fully convince equity investors to stay risk‑on. [7]
On the domestic front, a fresh survey from the Royal Institution of Chartered Surveyors (RICS) showed new buyer inquiries in November at their weakest since late 2023 , with a net balance of –32% versus –24% in October. In London, the balance fell to –44%, with RICS pointing to the government’s recent budget and a future high‑value council tax surcharge as additional headwinds for high‑end property. [8]
Reuters’ morning “UK Stocks – Factors to Watch” note this highlighted soft housing backdrop alongside Associated British Foods’ ex‑dividend date and NCC Group’s full‑year results as key drivers for individual UK shares today. [9]
FTSE 100: Entain tops blue‑chip fallers after CFO departure
Entain (ENT): leadership changes under tax pressure
Entain was the worst performer in the FTSE 100, finishing almost 4% lower and topping the blue‑chip fallers’ table. [10]
The slide followed news that long‑serving chief financial officer and deputy CEO Rob Wood will step down next year after 13 years with the Ladbrokes owner. He will be replaced by Michael Snape , currently group CFO at Royal Mail parent International Distribution Services (IDS) , who led IDS’s recent de‑listing and sale to Czech billionaire Daniel Křetínský. [11]
Reuters noted that the change comes just weeks after Entain disclosed an estimated £200m tax hit following the UK government’s decision to raise taxes on online gaming and sports betting. Management reiterated that year‑to‑date trading is in line with market expectations for around £1.14bn in core profit for FY25 , but the combination of higher tax and top‑table turnover clearly unsettled investors. [12]
Sharecast’s London market report and Proactive’s FTSE 100 live blog both flagged Entain as one of the index’s biggest losers from the opening bell, underscoring that this was a news-driven move rather than a late-session wobble. [13]
Forward‑looking take:
Analysts will be watching early commentary from Snape and any updated medium‑term guidance closely in 2026. A credible plan to absorb higher gaming taxes while stabilizing online growth could gradually restore confidence, but the risk is that investors demand a clearer strategic reset before awarding Entain a premium valuation again.
Associated British Foods (ABF): ex‑dividend and a downgrade hit the shares
Associated British Foods , owner of Primark, ended down about 1.7% , making it the third-worst FTSE 100 performer. [14]
There were two key reasons:
- Ex‑dividend trading: ABF went ex‑dividend today for a final dividend of 42.3p per share , with payment due on 9 January 2026. [15]
- On ex‑div day, a share typically falls by roughly the amount of the dividend, all else equal. That mechanical move explains a significant part of today’s drop.
- Broker downgrade: Citigroup cuts its rating on ABF to “sell” and trimmed its price target to 1,830p from 1,840p, according to Alliance News’ broker wrap. [16]
The combination of dividend mechanics and a more bearish analyst stance left ABF firmly in the red despite no fresh trading update from the company.
Forward‑looking take:
Once today’s ex‑dividend effect washes through, investors will refocus on Primark’s trading over the key Christmas period and on any signs that the grocery and ingredients businesses are stabilizing margins. Much will hinge on whether 2026 brings the “lacklustre” UK growth some economists now anticipate, or a slightly firmer consumer backdrop. [17]
Informa (INF): profit‑taking after a strong run and buyback activity
Events and information group Informa shed roughly 1.8% , the second‑largest fall in the FTSE 100. [18]
There was no negative company‑specific news today, but several recent developments are relevant:
- MarketBeat reported this morning that Informa’s shares had recently traded above their 200‑day moving average , after a strong period of gains. [19]
- Informa yesterday confirmed it is continuing its share buyback program , with at least £350m committed for 2025 and new purchases of 164,000 shares at around 940p on 8 December. [20]
- Earlier in the week, Simply Wall St highlighted that Informa’s revenue trends may not fully explain its valuation, suggesting some optimism is already priced in. [21]
Given that backdrop, today’s pullback looks largely like profit‑taking in a stock that has outperformed in recent months and is actively shrinking its share account via buybacks.
Other FTSE 100 losers: banks, utilities and defensives ease back
The rest of the blue‑chip fallers’ list was populated by defensive and domestic names :
- National Grid, Severn Trent, United Utilities and Admiral all slipped around 0.5–1%, modest falls that may reflect rate‑sensitive investors digesting the Fed’s still‑hawkish stance and the possibility that bond yields remain relatively high. [22]
- Lloyds Banking Group and NatWest gave back a small portion of recent gains, as UK housing data pointed to sharp drops in buyer inquiries and agreed sales, especially in London. [23]
For now, these moves look more like rotation and macro jitters than stock‑specific blow‑ups.
FTSE 250: Ocado and Ceres Power lead mid-cap sell-off
Ocado (OCDO): price target cut overshadows $350m Kroger payout
Online grocery technology group Ocado was the biggest FTSE 250 loser , closing down just over 6% . [24]
Alliance News’ broker round‑up revealed that Bernstein cut its price target on Ocado from 170p to 100p and slapped an “underperform” rating on the shares – a notably bearish stance that weighed heavily on sentiment. [25]
That downgrade comes only days after Reuters reported that Ocado will receive a $350m one-off payment from US partner Kroger as the American supermarket group closes three robotic warehouses, cancels a planned facility in Charlotte and reshapes its e-commerce strategy. Ocado reiterated that turning cash‑flow positive in 2026 remains its top priority. [26]
Despite the near‑term cash boost, Bernstein’s call underlines worries that Ocado’s long‑term growth narrative has become more fragile and that its valuation still assumes a very optimistic roll‑out of its fulfilment‑center technology.
Forward‑looking take:
The key question heading into 2026 is whether Ocado can prove that its technology platform is scalable and profitable beyond a handful of marquee partners. Markets will pollise any new customer wins, margin trajectory and evidence that the 2026 cash‑flow target is realistic.
Ceres Power (CWR): short‑seller Grizzly Research attacks the business model
Clean‑energy technology developer Ceres Power fell about 5.4% at the close — but that understates the drama. Intraday, the shares plunged as much as 15% , briefly making Ceres the worst performer in the FTSE 250. [27]
The trigger was a short‑seller report from Grizzly Research , which disclosed a short position and published a highly critical note on Ceres’ commercial outlook:
- Investing.com reported that Ceres shares dropped more than 15% after Grizzly announced its position and argued that the company is “hiding a flawed business model with abysmally small revenue potential behind a façade of big‑name announcements and lofty projections.” [28]
- Reuters, via TradingView, noted that Ceres was at the bottom of the FTSE mid‑cap index , highlighting how concentrated today’s selling was. [29]
The sell‑off comes after a meteoric run for Ceres: various recent reports pointed out that the stock had risen around 40–60% in the past few months as investors warmed to its solid‑oxide fuel‑cell technology and partnerships in the hydrogen and data‑center markets. [30]
Forward‑looking take:
Analysts had generally rated Ceres a “buy” with price targets well above today’s levels, but the Grizzly report is likely to trigger a re‑examination of assumptions about commercialization timelines, revenue growth and capital needs. Any detailed response from Ceres — for example, via an RNS rebuttal or updated guidance — will be crucial for determining whether this is a short‑term de‑rating or the start of a longer‑lasting reset in expectations.
NCC Group (NCC): transformation story meets cautious guidance
Cyber‑security and software escrow specialist NCC Group closed down roughly 4% , placing it firmly among the day’s mid‑cap laggards. [31]
The stock reacted to full‑year results for the year to 30 September 2025:
- Group revenue fell 2.6% to £293.9m , as growth in the Escode division was more than offset by a 4% decline in cyber‑security revenues. [32]
- NCC swung from a £17.8m pre-tax loss last year to a £20.6m profit , largely thanks to the sale of its Fox Crypto business.
- Adjusted EBITDA slipped to £40.6m from £42.1m, indicating underlying profitability is still under pressure. [33]
- The company raised its final dividend to 3.15p, bringing the full‑year payout to 6.15p, and said it expects only “marginal” revenue growth in the year to September 2026, with EBITDA forecast to grow faster than sales. [34]
NCC is exploring strategic options for its Escode unit, including a potential sale, and has previously said that a disposal could pave the way for a pure‑play cyber security services group with scope to return capital to shareholders. Even so, today’s numbers and cautious outlook investors reminded that the turnaround is still in its early stages and dependent on successful execution.
Zigup (ZIG): drop driven by ex‑dividend mechanics
Mobility and vehicle leasing group Zigup fell around 3.7% , putting it among the FTSE 250’s top five fallers. [35]
Here the explanation is largely mechanical:
- Zigup’s interim dividend of 8.8p per share goes ex‑dividend today, with payment due on 9 January 2026. [36]
The share price typically adjusts downwards by approximately the dividend amount on the ex‑dividend date. In other words, much of today’s fall reflects cash being handed back to shareholders , rather than a deterioration in the underlying business.
Wizz Air, Travis Perkins, Investec and others: pressure from downgrades and macro gloom
Several other FTSE 250 names were dragged lower by analyst downgrades and broader economic concerns:
- Wizz Air (WIZZ) declined around 1.5% . Bank of America cut the stock to “underperform” from neutral and slashed its price target to 960p from 1,210p, according to today’s broker wrap. [37]
- Separately, a Which? investigation into cabin bag charges said easyJet, Ryanair and Wizz Air “deserve to be called out” over opaque luggage pricing, potentially fuelling further scrutiny of low‑cost carriers’ fee models. [38]
- Travis Perkins (TPK) slipped around 1.6% . Deutsche Bank downgraded the UK building materials supplier from “buy” to “sell” and cut its price target to 530p from 650p, citing:
- Steadily declining volumes in its Merchanting business since 2022
- About 40% inflation in building materials costs since 2021
- Roughly 20% higher construction labor costs versus only a 4% rise in post‑tax disposable income
- A view that any recovery in repair, maintenance and improvement demand is likely to be “gradual and fragile”. [39]
- Investec (INVP) slid about 2.3% . The stock is highly sensitive to UK economic prospects; a recent Morgan Stanley note cited by Investing.com projected “lackluster growth” for the UK in 2026 , expecting the Bank of England to cut rates as momentum slows. That sort of outlook tends to weigh on financial groups like Investec. [40]
Taken together, these moves show how broker sentiment and macro narratives are heavily influencing mid‑cap price action, even when there’s no new trading update from the companies themselves.
How today’s losers fit into the wider UK market outlook
A few themes stand out from Thursday’s biggest declines:
- Stock‑specific shocks dominate the biggest falls
- Entain’s CFO exit, Ceres Power’s short‑seller attack and Ocado’s price‑target cut all triggered single‑stock air pockets that far exceeded the modest moves in the indices. [41]
- Ex‑dividend dates are amplifying volatility
- ABF and Zigup both traded ex‑dividend, making their drops look worse on the day even though part of the move simply reflects scheduled cash returns to investors. [42]
- Short‑seller and broker influence is strong in high‑beta names
- Ceres Power, Ocado, Wizz Air and Travis Perkins are all stocks where valuation depends heavily on future growth assumptions . When a short‑seller questions those assumptions, or a major broker cuts ratings and targets, the price reaction can be swift and severe. [43]
- Macro uncertainty remains a persistent headwind
- The Fed’s hawkish cut, ongoing UK housing weakness and concerns about 2026 growth are keeping a lid on risk appetite, even for companies with otherwise decent operational news, such as NCC’s return to profit or Informa’s buyback‑fuelled capital return program. [44]
For investors and market‑watchers, the key lessons from today are:
- Differentiate structural issues from technical moves. Some declines (Ceres, Ocado, Travis Perkins) reflect genuine debate about long‑term earnings power, while others (ABF, Zigup) are largely mechanical.
- Expect elevated single‑stock volatility as markets navigate the end‑game of the global rate‑cutting cycle and reassess growth expectations for 2026.
- Look beyond index levels. With the FTSE 100 roughly flat and the FTSE 250 barely down, you might assume it was a quiet day — but underneath, there were double-digit intraday swings in some of the market’s most speculative growth stories.
References
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