Miners, banks drag FTSE 100 lower; JD Sports scales new peak (updated)

Mid Penn Bancorp

14/09/2021 09:01

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    * UK employee numbers surge above pre-pandemic level
    * JD Sports hits record high on earnings surge
    * FTSE 100 down 0.6%, FTSE 250 off 0.1%

 (Adds comment, details; updates prices)
    By Devik Jain
    Sept 14 (Reuters) - London's FTSE 100 slipped on Tuesday,
dragged by heavyweight metals and banking stocks, while JD
Sports Fashion jumped to the top of the index after reporting
strong earnings.
    The blue-chip index  .FTSE  fell 0.6%, with miners
 .FTNMX551020  and banking stocks  .FTNMX301010  dropping 1.4%
and 2.4%, respectively.  MET/L 
    Miners Rio Tinto  RIO.L , Anglo American  AAL.L  and BHP
Group  BHPB.L  were under pressure after Barclays cut its price
targets on the stocks.
    The domestically focused mid-cap FTSE 250 index  .FTMC 
traded 0.1% lower.
    Official figures showed British employers added a record
241,000 staff to their payrolls last month, taking the total
number of payrolled employees to pre-pandemic levels.
 urn:newsml:reuters.com:*:nL8N2QG12M
    The strong jobs report also boosted the sterling, which in
turn weighed on the FTSE 100, an index dominated by large
dollar-earning companies.  GBP= 
    "The UK jobs market has been stuck into a blender and
whizzed up on high speed. Considering the incredible disruption
caused by the double whammy of COVID and Brexit, it is rather
incredible the situation is looking as healthy as it is," said
Danni Hewson, financial analyst at AJ Bell.
    Focus will now turn to Wednesday's inflation data, which is
expected to show prices rose in August and stoke fears of a
sooner-than expected change in the Bank of England's monetary
policy.
    "Rising inflation can only revive the Bank of England hawks,
after Governor Andrew Bailey hinted that the 'growth is
plateauing and the minimum criteria for a tighter UK policy is
now met'," said Ipek Ozkardeskaya, senior analyst, Swissquote
Bank.
    JD Sports Fashion  JD.L  gained 7.5% to hit a record high
after Britain's largest sportswear retailer reported record
earnings for the first half on robust demand for sneakers and
sportswear.  urn:newsml:reuters.com:*:nL4N2QG1DQ
    Portmeirion  PMGR.L  added 5.6% as the homewares retailer
plans to resume dividend payouts this year after reporting
record revenue.  urn:newsml:reuters.com:*:nL4N2QG1AO
    Ocado Group fell 2.6% after its joint venture, Ocado Retail,
posted a 10.6% fall in revenue in its latest quarter.
 urn:newsml:reuters.com:*:nL8N2QG135

 (Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V
and Saumyadeb Chakrabarty)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))
 
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