FTSE rises after dust settles on inflation stir

Anna Wise, PA Business Reporter
·3 min read

European markets were in fine mood on Thursday after a worse-than-expected UK inflation reading caused a stir among investors in the top global indices the day before.

Trading was more subdued in the US, but Europe’s markets recovered and gains among oil stocks helped offset losses from insurance giants on the FTSE 100.

The index was trading higher by 26.1 points, or 0.35%, at 7,541.85 by the end of the day.

Michael Hewson, chief market analyst at CMC Markets UK, said: “It’s been a disjointed session for European markets today.

“We’ve seen a modest drift higher largely due to the recovery of US markets off their intraday lows from yesterday, which has helped add some support for prices.

“The FTSE 100 has been helped by a resilient oil and gas sector, with a rebound in oil prices helping to underpin the broader index, led by BP and Shell.”

But a host of companies going ex-dividend – trading without the value of their next dividend payment – dragged down the index, Mr Hewson added.

Abrdn, Aviva, M&G and HSBC were among the companies that started trading ex-dividend on London’s top stock exchange.

Elsewhere in Europe, The German Dax also lifted after sliding on Wednesday, and finished the day up 0.5%. The French Dax gained the same amount.

The US’s top indices were trading higher than the previous day. A slowdown in jobless claims coupled with a modest rebound in manufacturing seen in the Philadelphia Fed business survey helped lift the sombre mood.

The S&P 500 was up 0.2% when European markets closed, while the Dow Jones had dropped 0.1%.

In company news, there was a moderate rebound in the share price of AO World despite bosses reporting the company had fallen to an annual loss.

The online electricals retailer posted a £37 million pre-tax loss for the year to March 31, a substantial drop from a £20 million profit the previous year. Shares in the company have tumbled more than 80% in the past year following several profit warnings.

But investors were placated by the retailer’s promise to shake up business in the year ahead and focus on returning to profit growth. Shares were up 2p to 42.16p when markets closed.

Online furniture retailer Made.com saw its shares tread water after confirming it was considering a potential equity capital raise.

The announcement came after Sky News reported on Wednesday that the business could raise up to £50 million in a sale of shares to boost finances.

The firm has seen its market cap plunge by around 95% since it first listed on the London Stock Exchange. Shares closed up just 0.02p at 9.9p.

In gambling news, Mecca Bingo owner Rank Group warned that inflation could affect consumer demand in the coming months and hit the firm’s profitability.

The casino and bingo hall company told shareholders it is braced for a “tougher autumn”, despite swinging to a pre-tax profit of £74.3 million for the year to June 30 and bouncing back from previous losses.

Shares in the company dipped slightly on Wednesday and finished the day down 3p at 85p.

The biggest risers on the FTSE 100 were Antofagasta, up 29.5p to 1,169.5p, BP, up 11.1p to 442p, Prudential, up 23.4p to 973p, Glencore, up 11.55p to 498.25p, and Fresnillo, up 16.4p to 729.8p.

The biggest fallers were Aviva, down 19.4p to 439.4p, Legal & General, down 11.7p to 270.6p, Hikma, down 50p to 1,441p, JD Sports, down 4p to 124.6p, and Abrdn, down 4p to 161.85p.

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Michael Porter Jr.'s younger brother, Coban, sentenced to 6 years in prison for fatal DUI crash

    Former University of Denver basketball player Coban Porter, the younger brother of Denver Nuggets star Michael Porter Jr., was sentenced Friday to six years in prison for killing a 42-year-old woman in a drunken driving crash last year. Denver District Court Judge Ericka Englert told Porter, “Do what you can to use this opportunity to educate others” about the dangers of driving drunk. “All I can really say is, ‘I’m sorry,’” Porter said in court.

  • Canucks' Rick Tocchet among new coaches making an impact in leading teams to NHL playoffs

    Rick Tocchet barely had a chance to get accustomed to the Pacific time zone when the newly hired Canucks coach wondered what exactly he had just gotten himself into in late January 2023. Four days and two games into his tenure, Tocchet recalled the feeling of dread he experienced standing on a Vancouver street corner at 3 a.m. after the team returned home from Seattle following a 6-1 loss, in which the coach referred to the Canucks being “soft.” “I felt like I got hit by a bus,” Tocchet told The Associated Press this week.

  • Families of Nottingham stab victims glad date has been set for killer’s sentence appeal

    The families of three people stabbed to death in Nottingham say they are glad a date has been set to review the sentence handed to killer, Valdo Calocane.

  • Court records allege 25-year-old accused of causing deadly wrong-way crash on I-80 was drunk

    Court documents provide new details in the deadly car crash on Interstate 80 on Apr. 13 that killed two people and injured two others.

  • T-wolves take NBA's best defense into series vs. Suns, but can it stop Durant-Booker-Beal trio?

    MINNEAPOLIS (AP) — Defense has been far more of an afterthought than an asset over the checkered history of the Minnesota Timberwolves, who have the second-fewest wins in the NBA since their entry 35 years ago and have advanced out of the first round of the playoffs only once. This has been quite the season of transformation for the Timberwolves, an improvement that started over the summer with Rudy Gobert. The success of their defense is rooted in his 7-foot-2 presence, too. “There’s a differen

  • World leaders call on Iran and Israel to avoid allowing conflict to worsen

    A senior army commander confirmed Friday that Iran’s air defense systems fired at "a suspicious object" over the Iranian city of Isfahan in response to an apparent Israeli drone attack. World leaders are calling on Iran and Israel to try to avoid escalating tensions.

  • Reported stabbing at Yukon High School was false report, police and district say

    Reported stabbing at Yukon High School was false report, police and district say

  • Iowa woman sentenced to prison for hitting, killing 74-year-old man on Christmas Eve

    An Iowa woman will spend decades in prison for crash that killed a 74-year-old man on Christmas Eve.

  • S&P 500 losing streak, Big Tech, earnings: Top Takeaways

    April has been a funky month for the major market indices (^DJI, ^IXIC, ^GSPC). Entering into 2024's second quarter, the S&P 500 has had a hard time acclimating as it extends its losing streak to its sixth consecutive day of losses. The S&P 500 closed below 5,000 at Friday's close. Yahoo Finance Markets Reporter Josh Schafer highlights what investors should gleam from the market as Big Tech stocks appear weighed down heading into their earnings season. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.

  • Finally, someone used Pareto’s economic theories to find the best Mario Kart 8 racer

    Who hasn’t spent sleepless nights pondering what would happen if we applied the theories of Vilfredo Pareto, the early 20th-century Italian economist, to Mario, the Mushroom Kingdom’s Italian high-jump champion and part-time elephant cosplayer? Data scientist Antoine Mayerowitz, PhD, tackled that age-old question.

  • Tories were told Mark Menzies claims ‘constituted fraud’, says whistleblower

    Lancashire police have said they are ‘reviewing the available information’ after receiving a complaint about the Fylde MP.

  • Police contact ex-footballer Joey Barton over social media posts

    Cheshire Constabulary confirmed they had received ‘reports of offences under the Communications Act’.

  • Coyotes' move to Salt Lake City elicits opposing responses in 2 cities

    PHOENIX (AP) — NHL Commissioner Gary Bettman sat next to the former Arizona Coyotes owner in a downtown Phoenix hotel meeting room, trying to put a positive spin on the funeral for a franchise. Late Friday afternoon, Bettman will sit next to the new Coyotes owner in Salt Lake City to bask in the excitement of the league's newest city and a fan base that had been itching for another team to join the NBA's Utah Jazz. One day, two drastically different news conferences for the same hockey team. "If

  • Juventus rescues late point in draw with Cagliari in Serie A

    GENOA, Italy (AP) — Cagliari scored two first-half penalties but gave up a late own goal for Juventus to draw 2-2 in a thrilling Serie A game on Friday. Gianluca Gaetano opened the scoring for the home side after half an hour and Yerry Mina got a second with an almost identical spot kick six minutes later. Juventus had a first-half goal from Dušan Vlahović disallowed after a video review but the Serbian forward got one back in the 61st minute with a swerving free kick. Just when it looked like C

  • S&P/TSX composite closes up nearly 100 points, U.S. stock markets mixed

    TORONTO — Canada's main stock index closed up nearly 100 points Friday, helped by strength in energy and financial stocks, while U.S. markets were mixed. Markets diverged as investors pulled away from risk-on bets like tech stocks and favoured dividend and low-volatility stocks, said Ian Chong, portfolio manager at First Avenue Investment Counsel. "That risk-off is largely driven by geopolitical risks flaring up again." Israel's strike on Iran overnight raised tensions, which eased Friday but st

  • Warren 8-year-old in critical after shooting himself with unsecured weapon

    Warren police say an 8-year-old child is in critical condition after shooting himself in the face with what may have been an unsecured gun.

  • Earnings Calendar, Analyst Estimates And Stocks To Watch

    When searching for the best stocks to buy and watch, look for companies with strong earnings growth – and check the earnings calendar to see when they report. Be sure to also see our latest list of stocks  just added to — or removed from — IBD's top screens.

  • Haiti's death toll rises as international support lags, UN report says

    More than 2,500 people were killed or injured in gang violence in Haiti from January through March, up 53% from the last three months of 2023, the United Nations Integrated Office in Haiti (BINUH) said on Friday. At least 590 were killed during police operations, BINUH said in a report. Several were apparently not involved in gang violence, some had impaired mobility, and at least 141 were killed by vigilante justice groups.

  • Individual investors are Super Retail Group Limited's (ASX:SUL) biggest owners and were hit after market cap dropped AU$176m

    Key Insights Super Retail Group's significant individual investors ownership suggests that the key decisions are...

  • Iowa lawmakers approve bill just in time to increase compensation for Boy Scout abuse victims

    Iowa men who were victims of child sexual molestation while they were in the Boy Scouts of America could get higher legal compensation under a bill approved Friday by lawmakers and expected to be signed by the governor, just before the deadline to do so will expire. The retroactive measure, which would waive the statute of limitations for victims filing a civil claim as part of the Boy Scouts of America bankruptcy settlement, would take effect after Gov. Kim Reynolds signs it. The Boy Scouts filed for bankruptcy protection in 2020 as it faced hundreds of lawsuits filed by men alleging they had been sexually abused as children by their Scout leaders and volunteers.