StockMarketWire.com - UK stocks gave up the majority of their gains on Wednesday as global markets see-sawed ahead of a decision from the New York Federal Reserve Bank tonight. The Fed is expected to maintain US interest rates at their current levels after cutting them three times last year.

At 4.30pm the benchmark FTSE 100 index was up 9 points or 0.1% at 7,490.

Wealth manager Quilter rose 8.1% to 173.5p as it boosted its assets under management in 2019 thanks to positive market movements, during what was a tough year for fresh fund inflows.

Rival wealth group Brewin Dolphin gave back 0.1% to 369p having announced the retirement of chief executive David Nicol this coming June.

Budapest-based budget carrier Wizz Air was in demand, rising 3.6% to £42.60 as it upgraded its annual profit guidance having returned to the black in the third quarter of its financial year.

International Consolidated Airlines on the other hand drifted slightly lower to 592p as its British Airways unit suspended flights between the UK and China due to the coronavirus outbreak.

Junior miner Shanta Gold gained 3.3% to 11p as it upgraded the resource estimate at the Singida project in Tanzania by 27%.

Water utility United Utilities added 1.4% to £10.14 as it announced it would start paying dividends based on the UK consumer price index after it agreed to a new framework set by national regulator Ofwat.

Builders' merchant Travis Perkins advanced 1.3% to £15.91 after reporting 7.7% annual sales growth at DIY chain Wickes, which is set to be spun off to shareholders in the second quarter of 2020.

In the mining sector, iron ore play Fresnillo gained 0.5% to 615.8p as its its silver and gold production rose in the fourth quarter.

Auto dealer Pendragon gained 0.3% to 11.6p despite warning that its annual underlying profit would be around the bottom end of current expectations.

Telecom giant Vodafone fell 0.5% to 155.9p after it signed a non-binding agreement proposing a potential sale of its 55% shareholding in Egyptian assets to Saudi Telecom Company for $2.39bn.

Cyber-security firm Avast dropped 5.7% to 455p as it faced allegations that its trend analytics division Jumpshot had sold customer data to third-parties, breaching privacy rules. The company denied the allegations saying at no time had it sold 'personally identifiable information.'

Fashion retailer Ted Baker fell 7.5% to 251.9p as the market was left underwhelmed by news it had appointed current director Jennifer Roebuck to the newly-created role of chief customer officer.

The beaten-down retailer also said a search for a new permanent chief executive and chairman was 'well advanced'.

At the smaller-company end of the market, technology provider to the gambling and broadcast industries Quixant sank 13.7% to 177p after it warned on profits having missed revenue expectations.

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