UK's FTSE 100 edges higher on gains in energy shares (updated)
24/07/2023 09:57
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Vodafone Group up after Q1 results
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Travel and leisure sector down on Ryanair's bearish
forecast
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Ocado shines after company settles litigation with
AutoStore
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Flash July PMI at 50.7 vs 52.8 in June
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FTSE 100 up 0.2%, FTSE 250 off 0.3%
(Updated at 1551 GMT)
By Khushi Singh and and Shashwat Chauhan
July 24 (Reuters) - The UK's FTSE 100 edged higher on
Monday supported by gains in energy stocks, while a jump in
software firm Ocado Group offset losses in travel stocks as
airlines lost ground after Ryanair flagged travel demand
concerns.
The exporter-heavy FTSE 100 .FTSE was up 0.2%, while the
more domestically-focused FTSE 250 midcap index .FTMC shed
0.3%.
Ocado Group OCDO.L jumped 14.3% after the online
supermarket group and Norwegian robotics firm AutoStore
AUTO.OL reached a deal to settle patent litigation claims.
The travel and leisure sector .FTNMX405010 lost 0.8% after
Ryanair RYA.I flagged caution around travel demand for the
rest of the year as the industry bellwether cut its passenger
growth forecast.
The airline was down 6.1% while peers Easyjet EZJ.L and
Wizz Air Holdings WIZZ.L were down 4.4% and 6.4%,
respectively.
Heavyweight energy stocks .FTNMX601010 gained 1.3%
tracking higher crude prices, while industrial metal miners
.FTNMX551020 rose 0.8% on an anticipated stimulus from China.
O/R MET/L
Meanwhile, a survey showed Britain's private sector is
growing at its weakest pace in six months in July as orders for
businesses stagnate in the face of rising interest rates and
still-high inflation.
"The good news from this otherwise somewhat depressing data
is that the evidence of disinflation in the UK continues to
gather," said Elizabeth Martins, senior economist at HSBC Global
Research, in a note.
"With the two most important data points sending divergent
messages - higher wages and lower inflation - it makes for a
tough decision for Bank of England."
Following this data, sterling and British government bond
yields fell as investors trimmed expectations for steep interest
rate hikes but still see the UK central bank hiking rates by 25
bps next week.
Vodafone Group VOD.L rose 4.1% after the company reported
an acceleration in first-quarter revenue growth and said it
appointed former SAP SAPG.DE CFO Luka Mucic as its new finance
chief.
Martin Sorrell's S4 Capital SFOR.L tumbled 21.2% after the
company cut its annual revenue and margin outlook.
(Reporting by Shashwat Chauhan and Khushi Singh in Bengaluru;
Editing by Dhanya Ann Thoppil, Sonia Cheema and Sharon
Singleton)
((Shashwat.Chauhan@thomsonreuters.com;))
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