FTSE 100 ends flat as lower metal prices offset retail gains
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 0.1%, FTSE 250 off 0.4%
UK businesses report more growth momentum in August
Ithaca Energy profit falls on lower production, natgas prices
JD Sports gains after Q2 sales rise
Updated at 1630 GMT
By Khushi Singh and Purvi Agarwal
Aug 22 (Reuters) -The UK's benchmark FTSE 100 ended little changed on Thursday, as lower metal prices weighed on sectoral heavyweights, while investors assessed softer U.S. business activity data ahead of the Jackson Hole economic symposium.
The blue chip FTSE 100 .FTSE was up 0.1%, while the mid-cap FTSE 250 index .FTMC was down 0.4%.
Industrial metal miners .FTNMX551020 led sectoral declines with a 1.5% slip, while precious metal miners .FTNMX551030 followed with a 1.1% drop.
Both copper and gold prices eased as the dollar ticked up, taking sector heavyweights Glencore GLEN.L, Anglo American AAL.L and Hochschild HOCM.L down between 1.8% and 2.7%.
On the contrary, retailers .FTNMX404010 led sectoral gains with a 1.4% jump, as JD Sports Fashion JD.L climbed 10.7% to the top of FTSE 100 after the company reported a 2.4% rise in second-quarter underlying sales.
On the data front, British business activity sped up this month and cost pressures were the weakest in over three years, signalling growth momentum going into the second half of 2024.
U.S. business activity fell to a 4-month low in August, bolstering the likelihood that inflation will stay on a downward trend over the coming months.
Focus now shifts to the eagerly anticipated Jackson Hole economic symposium, with Fed Chair Jerome Powell set to speak on Friday.
The policymaker is expected to acknowledge the case for a September rate cut amid dovish comments from other central bank officials and recent data adding to the narrative of cooling inflation in the United States.
Among individual stocks, shares of Hays HAYS.L rose 2.5%after annual profit came in line with analysts consensus and the recruiter firm said it would make further cost cuts.
Ithaca Energy ITH.L slipped 5.5%, after the North Sea oil and gas company reported a lower first-half net profit.
Reporting by Khushi Singh, Purvi Agarwal in Bengaluru; Editing by Rashmi Aich
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
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
