UK's FTSE 100 ends marginally higher, notches monthly gains (updated)
31/07/2023 09:26
(For a Reuters live blog on U.S., UK and European stock
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Beverages down on Heineken's outlook
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Miners up on higher metal prices
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BoE rate decision due later in the week
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Both FTSE 100 and FTSE 250 up 0.1%
(Updated at 1600 GMT)
By Shashwat Chauhan and Khushi Singh
July 31 (Reuters) -
British stocks edged higher on Monday as firmer commodity
prices supported the energy and mining sectors, but
beverage-related shares fell on Dutch firm Heineken's dour
outlook.
The exporter-heavy FTSE 100 .FTSE closed up 0.1%, logging
a monthly gain of over 2% in July as risk sentiment flourished
after data earlier this month showed domestic inflation eased
more than expected.
Heavyweight energy stocks .FTNMX601010 gained 1.3% on
higher oil prices and after the UK government announced plans to
grant more than 100 new oil and gas licences in North Sea. O/R
Industrial metal miners .FTNMX551020 rose 0.9% as
prices of most base metals advanced. MET/L
UK's beverages index .FTNMX451010 fell 1.2% after
Heineken HEIN.AS , the world's second-largest brewer by volume,
cut its 2023 profit growth forecast.
The Bank of England is widely expected to raise rates by a
quarter-point to 5.25% on Thursday, though economists and
markets see a risk of a repeat of June's surprise half-point
hike.
"In our view, the BoE is in a more difficult place as
inflation is likely to stay higher for longer in the UK. A
number of UK specific factors (Brexit, open economy, tightness
of the labour market) bode negatively for UK inflation,"
Jefferies economist Mohit Kumar wrote in a note.
British Airways-owner ICAG ICAG.L was the biggest
gainer on the FTSE 100 index, up 3.6%, after two brokerages
raised their price target.
Telecom company BT Group BT.L slipped 1.7% after naming
Allison Kirkby, a board member and president and CEO of Sweden's
Telia Company TELIA.ST , as its next CEO.
The more domestically focussed FTSE 250 midcap index .FTMC
added 0.1%.
Dr Martens
DOCS.L advanced 4.4% on a report that activist investor
Sparta Capital has accumulated stock worth tens of millions of
pounds in the British bootmaker.
Marshalls MSLH.L slipped 2.8% after flagging that a
recovery in market conditions was unlikely in the second half of
the year.
(Reporting by Shashwat Chauhan and Khushi Singh in Bengaluru;
Editing by Varun H K, Sonia Cheema and Richard Chang)
((Shashwat.Chauhan@thomsonreuters.com;))
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