FTSE 100 rises on travel and mining boost; Bunzl hits record high

Reuters

FTSE 100 rises on travel and mining boost; Bunzl hits record high

27. Aug. 2024 um 3:54 nachm. GMT

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FTSE 100 up 0.2%, FTSE 250 off 0.1%

UK retail sales fall for 3rd month

Bunzl lifts profit outlook on robust demand

Travel & Leisure stocks lead gains

Updated at 1540 GMT

By Khushi Singh and Ankika Biswas

Aug 27 (Reuters) -UK's benchmark FTSE 100 stock index ended higher on Tuesday, led by gains in travel and mining shares, while Bunzl hit a record high after the business supplies distributor forecast a strong annual profit.

The blue-chip FTSE 100 index .FTSE was up 0.2%, marking its fourth straight day of gains while the domestically-focused mid-cap FTSE 250 .FTMC was down 0.1%.

The travel and leisure .FTNMX405010 index was at a four-week high with a 1.3% surge as airline Easyjet EZJ.L and Wizz Air WIZZ.L gained 6.9% and 5.3% respectively, after European rival Ryanair RYA.I upgraded its summer air fare outlook.

Industrial metal miners .FTNMX551020 edged up 0.7% as buying triggered by expectations of an imminent interest rate cut in the United States, a weaker dollar and signs of improving demand in top consumer China boosted copper prices. MET/L

Bunzl BNZL.L jumped 8% to the top of the FTSE 100, after raising its annual adjusted operating profit forecast, helping the general industrials index .FTNMX502030 touch a record high.

On the flip side, the homebuilders index .FTNMX402020 was the biggest sectoral decliner with a 4.2% fall. Industry heavyweights Barratt Developments BDEV.L, Berkeley Group BKGH.L, Persimmon PSN.L and Taylor Wimpey TW.L were down between 3.1% and 6.6%.

On the data front, British retailers reported a third straight month of falling sales in August and they expect another decline in September, prompting them to lower their hiring and investment plans.

British shop prices also fell in annual terms this month for the first time since October 2021.

This comes on the heels of the Bank of England cutting interest rates from 16-year highs earlier this month, with investors expecting at least one more quarter-point cut by year-end, as per LSEG data.

Investors also kept an eye out for tensions in the Middle East, while awaiting a crucial inflation report from the United States, with a dry events calendar at home.

Reporting by Khushi Singh and Ankika Biswas in Bengaluru; Editing by Rashmi Aich; editing by Jonathan Oatis

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