FTSE 100 jumps over 1% on Entain boost; Burberry and Hostmore tumble (updated)
09/09/2024 17:22
(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 1.1%, FTSE 250 adds 0.8%
*
Entain tops FTSE 100 after upbeat online revenue forecast
*
Burberry tumbles after Barclays downgrades to
"underweight"
*
Personal goods shares hit near 15-year lows
*
HSBC weighs commercial, investment bank merger to shed
costs
(Updated at 1550 GMT)
By Khushi Singh and Purvi Agarwal
Sept 9 (Reuters) - London's benchmark FTSE 100 climbed
over 1% amid broader gains led by travel and leisure stocks
after an upbeat forecast from gambling group Entain, while
investors awaited labour market data later in the week.
The blue-chip FTSE 100 .FTSE ended up 1.1%, registering
biggest one-day gains in a month. The mid-cap FTSE 250 .FTMC
advanced 0.8%, its best day in three weeks.
The travel and leisure stocks .FTNMX405010 rose 1.9%, its
highest in six weeks after Entain ENT.L said its online
revenue growth in the second half of this financial year was
ahead of its expectations. The gambling group was the top gainer
on the FTSE 100 with a 5.3% rise.
Bloomberg News reported HSBC HSBA.L was mulling the
combination of its Commercial and Investment banking divisions
to eliminate overlapping roles at the lender and cut costs. HSBC
shares added 1.9%, while the broader banks .FTNMX301010 index
was up 1.7%. HSBC declined to comment.
Most major sub-sectors traded higher, with chemicals
.FTNMX552010 and automobiles and parts .FTNMX401010
advancing 1.9% and 1.7% higher, respectively.
However, luxury retailer Burberry BRBY.L slipped 4.9% to
its lowest price since November 2009, after Barclays downgraded
the stock to "underweight" from "equal weight". The broader
personal goods .FTNMX402040 index was the top sectoral
decliner, down 3.1% as it hit lowest levels in near 15 years.
British restaurant operator Hostmore MOREH.L plunged over
90.8% after it dropped plans to buy pub chain TGI Fridays.
Meanwhile, a survey of recruiters showed that Britain's
labour market cooled noticeably last month, which could bolster
the case for interest rate cuts from the Bank of England.
Investors are focused on labour market data and gross
domestic product figures for the country due this week for more
clues on the Bank of England's stance.
The British central bank is widely expected to hold rates at
its meeting later this month, while the European Central Bank is
expected to cut at its meeting this week.
(Reporting by Khushi Singh, Purvi Agarwal in Bengaluru; Editing
by Mrigank Dhaniwala and Alison Williams)
((Purvi.Agarwal@thomsonreuters.com))
((
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 ))