FTSE 100 bounces on energy boost, outpaces European peers in April (updated)
28/04/2023 10:13
(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
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FTSE indexes end April higher; outperform STOXX
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Numis logs best day on Deutsche Bank buyout deal
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Prudential gains from jump in new business profit
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NatWest weighs on FTSE 100 on lower Q1 deposits
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FTSE 100 adds 0.5%, FTSE 250 up 0.9%
(Adds comment; updates prices, details)
By Shristi Achar A and Johann M Cherian
April 28 (Reuters) - London's FTSE 100 ended Friday on
firmer ground, boosted by gains in energy stocks, but lender
Natwest held back further advances after reporting a steep drop
in first-quarter deposits.
The blue-chip index .FTSE ended up 0.5%, but was down for
the week, while the mid-cap FTSE 250 .FTMC closed 0.9% higher
and ended the week up by 0.8%
Both the FTSE indexes ended the month higher, outperforming
the broader European STOXX 600 index .STOXX .
The FTSE 100 rose 3.1% in April and the domestically-focused
FTSE 250 closed 2.6% higher, as investors returned to markets
following March's sharp selloff.
NatWest NWG.L reported a beat in quarterly earnings but
said that deposits fell by around 20 billion pounds ($25.15
billion), sending its shares down 3.7% to a more than one-month
low.
The broader banking sector .FTNMX301010 lost 0.8%.
"A drop in customer deposits, while nothing like on the
scale seen at other crisis-ridden banks, has helped put the wind
up investors in NatWest," said AJ Bell investment director Russ
Mould.
"NatWest has to work hard to earn the trust of the market
and updates like today’s do not help."
Oil and gas stocks .FTNMX601010 added 2.1% and were the
biggest boost to the commodity heavy FTSE 100.
Top sectoral gainers included defensives such as healthcare,
and energy stocks. Miners were among top losers this month as
the outlook for precious and base metals looked weak amid
recession woes.
Prudential PRU.L advanced 4.2% after posting a 30% jump in
new business profit aided by diversification of its services in
Asia and Africa.
Pearson PSON.L rose 3.8% after the education group said it
was on track to meet its annual guidance.
Numis Corp NUM.L surged 67.2% and clocked its best day
ever after Deutsche Bank DBKGn.DE said it would buy the
institutional stockbroker and corporate adviser for about 410
million pounds.
Meanwhile, British businesses were their most optimistic in
nearly a year in April, boosted by growing hopes about the
economy, according to a Lloyds Bank survey.
($1 = 0.7953 pounds)
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(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Sonia Cheema, Nivedita Bhattahacharjee and
Sharon Singleton)
((mailto:Shristi.AcharA@thomsonreuters.com;))