London stocks recover as yields retreat; Auto Trader hits record high

Reuters

London stocks recover as yields retreat; Auto Trader hits record high

30Maio2024836 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 2-London stocks recover as yields retreat; Auto Trader hits record high</title></head><body>

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

FTSE 100 up 0.6%; FTSE 250 climbs 1.2%

Auto Trader soars after FY profit beat

BoE Governor Andrew Bailey's speech awaited

Updated at 1608 GMT

By Pranav Kashyap and Purvi Agarwal

May 30 (Reuters) -Britain's stocks rose on Thursday, with the FTSE 100 snapping a six-day losing streak as Auto Trader hit a record high after a profit-beating update, while declines in resources shares countered some gains.

The blue-chip FTSE 100 index .FTSE closed 0.6% higher, while the mid-cap FTSE 250 .FTMC jumped 1.2%, its best day in over three weeks.

Most major sectors ended the day higher, led by the personal goods sector .FTNMX402040, which rose 3.0%, followed by a 2.5% rise in real estate investment trusts .FTNMX351020.

Energy shares .FTNMX601010 dipped 0.3%, however, tracking a fall oil prices. O/R

"When you look at the last couple of days, (the indexes were) falling very sharply as yields rose. But this morning, the yield started to come back off those highs, and we have a slight recovery in the FTSE 100," said Axel Rudolph, senior market analyst at online trading platform IG.

The yield on the 2-year UK government bond GB2YT=RR pulled back from a three month high, and recorded its worst day since February 2023.

The benchmark FTSE 100 has retreated 2.8% from a record high hit in mid-May as stronger than expected economic data prompted traders to pare back bets on U.S. and UK interest rate cuts this year.

Investors are now on guard as they wait for U.S. personal consumption expenditures (PCE) data, the Federal Reserve's preferred inflation gauge, due on Friday, for clues on its future monetary policy path.

Bank of England Governor Andrew Bailey is also set to deliver a speech later on Thursday.

Auto Trader Group AUTOA.L soared 12.9%, leading gains on the FTSE 100 as the online car marketplace firm beat full-year profit estimates.

Online supermarket Ocado Group OCDO.L rebounded 6.5% after falling over 12% in the previous session when index provider LSEG said it could be moved to the mid cap FTSE 250 index.

"It is one of the most shorted stocks in the United Kingdom by hedge funds so they're buying back their short specifically before Ocado shares are out of the FTSE 100," Rudolph added.

Reporting by Pranav Kashyap and Purvi Agarwal in Bengaluru; Editing by Janane Venkatraman and Mark Potter

For related prices, Reuters users may click on - *
UK stock report .L
FTSE index: 0#.FTS6
techMARK 100 index: .FTT1X FTSE futures: 0#FFI:
Gilt futures: 0#FLG: Smallcap index: .FTSC
FTSE 250 index: .FTMC FTSE 350 index: .FTLC
Market digest: .AD.L Top 10 by vol: .AV.L
Top price gainers: .NG.L Top % gainers: .PG.L
Top price losers: .NL.L Top % losers: .PL.L

* For related news, click on - *
UK hot stocks: HOT and GB Wall Street: .N
Gilts report: GB/ Euro bond report GVD/EUR
Pan European stock report: .EU
Tokyo stocks: .T HK stocks: .HK
Sterling report: GBP/ Dollar report: USD/

* For company prices, click on - *
Company directory: UKEQ By sector: FTAX

* For pan-European market data, click on - *
European Equities speed guide................ EUR/EQUITY
FTSE Eurotop 300 index........................... .FTEU3
DJ STOXX index................................... .STOXX
Top 10 STOXX sectors........................ .PGL.STOXXS
Top 10 EUROSTOXX sectors................... .PGL.STOXXES
Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S
Top 25 European pct gainers.................... .PG.PEUR
Top 25 European pct losers..................... .PL.PEUR

</body></html>