UK's FTSE 100 edges higher after US inflation data (updated)
11/12/2024 17:16
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Endeavour Mining climbs 5.9% to the top of FTSE 100
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Banking group Lloyds advances 2.4%
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FTSE 100 up 0.3%, FTSE 250 was flat
(Updated at market close)
Dec 11 (Reuters) - Britain's FTSE 100 index nudged
higher on Wednesday, led by precious metal miners, after the
U.S. inflation print came in line with expectations, boosting
the likelihood of a Federal Reserve rate cut next week.
The blue-chip FTSE 100 .FTSE was up 0.3%, while the midcap
FTSE 250 .FTMC was flat.
Global shares rose as closely watched U.S. consumer prices
increased as expected in November, keeping the Federal Reserve
on track to deliver a third consecutive interest rate cut next
week against the backdrop of a cooling labor market and rental
costs.
Precious metal miners .FTNMX551030 led the sectoral gains
for UK stocks, advancing 5.1%, tracking gains in gold prices
after the data.
Gold miner Endeavour Mining EDV.L climbed 5.9% to the top
of FTSE 100 while Pearson PSON.L rose 3.2% after J.P. Morgan
raised target price on stock to 1400p from 1170p.
Banking group Lloyds LLOY.L advanced 2.4% after British
lender Close Brothers CBRO.L was granted permission to appeal
a ruling that motor finance brokers must fully inform customers
about commissions on car loans.
Personal goods .FTNMX402040 also added 1.8%, while banks
.FTNMX301010 were up about 1%.
The pound weakened against the dollar GBP= , also boosting
export-oriented stocks in the FTSE 100.
Real estate investment trusts .FTNMX351020 companies led
the sectoral losses, dropping 1.4%, while utilities .FTUB6510
declined 1.1%.
Energy stocks .FTNMX601010 were down 1%, led by Shell
SHEL.L which dropped 1.2% to be a bottom performer in the
blue-chip index.
Meanwhile, the Bank of England is expected to keep interest
rates on hold next week, moving more slowly to cut borrowing
costs than central banks in Europe and the U.S.
Friday's gross domestic product estimate for October will be
a key economic indicator before the BoE's decision.
Among other stocks, Kainos Group KNOS.L was a top gainer
on the mid-cap index, soaring 4.5%, after the IT software
provider re-appointed Brendan Mooney as chief executive officer.
(Reporting by Nikhil Sharma and Sukriti Gupta; Editing by Vijay
Kishore)
((Nikhil.Sharma@thomsonreuters.com;))
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