Ftse 100 Nears Three: week high on oil boost; Ryanair under pressure (updated)
29/01/2024 10:12
(For a Reuters live blog on U.S., UK and European stock
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Oil stocks rise on Middle East tensions
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Fed, BoE policy decision out this week
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Ryanair dips after trimming profit forecast
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FTSE 100 up 0.2%, FTSE 250 off 0.6%
(Updated at 0940 GMT)
Jan 29 (Reuters) - The UK's blue-chip share index hit a
near three-week high on Monday, as energy stocks rose on
escalating tensions in the Middle East while a level of caution
persisted ahead of major central bank decisions and earnings
later this week.
The FTSE 100 .FTSE edged 0.2% higher to touch its highest
level since Jan. 11, as shares of oil majors BP BP.L and Shell
SHEL.L rose nearly 2%.
Crude prices LCOc1 CLc1 eased after surging earlier
following a drone attack on U.S. forces in Jordan added to
worries over supply disruption in the Middle East as Houthi
rebels stepped up their attacks on vessels in the Red Sea. O/R
The UK's domestically oriented FTSE 250 .FTMC dipped 0.6%.
Both the FTSE indexes notched their first weekly gain of the
year on Friday, aided by upbeat earnings reports as well as
hopes of more stimulus for China's economy.
Investors are awaiting rate decisions from the U.S. Federal
Reserve and the Bank of England (BoE) later this week. While
policymakers are widely expected to hold interest rates, traders
will closely watch for any commentary on the potential for rate
cuts.
The British public's expectations of a drop in inflation for
the 12 months ahead fell to 3.9% in November and 3.5% in
December from 4.2% in October, as per a survey that will help
the BoE decide whether to signal a move towards rate cuts.
Ryanair RYA.I slipped 2.9% after the airline operator
trimmed its profit forecast for the year ending March, after
some online travel agents stopped selling its flights in
December, forcing it to cut fares to fill seats.
Other airlines including British Airways owner IAG ICAG.L ,
Wizz Air WIZZ.L and EasyJet EZJ.L dipped in morning trade.
Schroders SDR.L fell 4.4% after Exane BNP Paribas
downgraded the asset manager's stock to "underperform", pointing
to pressures in its core business as flows remain anaemic and
cost pressures stay high.
Vape distributor Chill Brands Group CHLL.L slumped 28.2%
after the UK government looked to ban the sale of disposable
vapes to prevent their use by children. Vaping supplier Supreme
SUP.L fell 8.1%.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry
Jacob-Phillips and Shinjini Ganguli)
((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2787;))
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