London stocks end near flat mark with eyes on geopolitical tensions, inflation data (updated)
19/11/2024 17:16
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FTSE 100 down 0.11%, FTSE 250 up 0.17%
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Diploma falls on FY revenue miss
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Mulberry Group posts wider first-half loss, shares fall
(Updates to market close)
Nov 19 (Reuters) -
London stocks closed nearly flat on Tuesday after a choppy
trading session, as investors avoided big bets ahead of a key
inflation report and monitored tensions between Russia and the
U.S. over Ukraine.
The export-focussed FTSE 100 .FTSE closed 0.11% lower,
while the midcap FTSE 250 index .FTMC pared early losses and
ended higher by 0.17% aided by utilities stocks - a defensive
sector. The midcaps index touched a three-month low during the
session.
Globally, safe-haven assets such as gold XAU= and the U.S.
dollar =USD traded higher after Russia updated its nuclear
doctrine by lowering its threshold for a nuclear retaliation as
Ukraine said it used long-range U.S.-made missiles for the first
time.
Personal goods index .FTNMX402040 led the declines
with a 2.7% fall, mostly affected by Burberry BRBY.L that slid
4.7%.
Mulberry Group MUL.L fell 11% after the luxury group
reported a wider first-half loss than a year earlier, and said
it was taking steps to streamline its operations and improve
margins under new CEO Andrea Baldo.
Imperial Brands IMB.L rose 3% after reporting
forecast-beating operating profit and said it expected another
strong performance next year. The stock was among the top
gainers on the FTSE 100.
Brokerage Goldman Sachs cut its forecast for the FTSE 100
for the next one year to 8,500 points from 8,800, while UBS
upgraded its outlook on UK equities to "overweight".
So far into the year, the FTSE 100 index has risen 4.7%, a
nudge above the pan-European STOXX 600 index's .STOXX 4.5%
rise.
Investors were squarely focussed on Wednesday's inflation
report after Bank of England Governor Andrew Bailey said
upcoming interest rate cuts should be more gradual following tax
changes in the recent government budget, which retailers have
flagged could feed price pressures.
A Reuters poll of economists suggest the BoE will keep
policy rates unchanged in December in light of renewed worries
over global inflation.
Among others, Diploma's DPLM.L shares fell 7.2% to
become the biggest loser on the blue chip index after the
technical products and services provider
missed
annual revenue estimates.
In contrast, Vesuvius's VSVS.L shares rose 9.3% to the
top of the midcap index after the steel and foundry specialist
launched a new 50 million pound ($63.18 million)
share buyback
.
(Reporting by Johann M Cherian and Nikhil Sharma in Bengaluru;
Editing by Shinjini Ganguli and David Gregorio)
((johann.mcherian@thomsonreuters.com;))
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