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Market News

12 Jun 2019 | 16:37

Lower US inflation lifts rate cut hopes, FTSE regains some ground

Softer US inflation was seen as opening the door to rate cuts from the US Federal Reserve and helped lift global stocks off their lows for the day.

By the close the FTSE 100 was down 0.4% at 7,367.62 having earlier traded more than 0.8% lower.

On Wall Street the S&P 500 index was down 0.2% at 2,879.55 by 4.30pm UK time as investors also weighed the latest salvos in the trade war between the US and China.

LARGE AND MID CAP RISERS AND FALLERS

British American Tobacco fell 4.2% as it guided for revenue growth in its new category business, which includes vaping, at 'around the middle' of a 30-50% range.

Consumer goods company Reckitt Benckiser gained 4% on revealing that it had appointed Pepsi executive Laxman Narasimhan as its new chief executive to succeed Rakesh Kapoor.

Online retailer Boohoo gained 1.7% as it booked a 39% jump in first-quarter revenue and leaving its full-year guidance unchanged.

Auto dealer Pendragon slumped 20.9% on warning that it expected to post an underlying loss for the year, owing to lax demand, high stock levels and rising costs.

Sirius Minerals, which is building a potash project in Yorkshire, dipped 0.6% on news that it had inked a supply agreement with the Indian Farmers Fertilisers Cooperative.

Technology component manufacturer Senior fell 1% while announcing that it had opened a new aerospace manufacturing facility in Malaysia.

SMALL CAP RISERS AND FALLERS

Pawnbroker Ramsdens added 2.9% after higher jewellery sales helped it eke out a 2.9% rise in annual profit.

Voucher company Park fell 0.7% on the back of a 10% fall in annual profit, driven by lower sales in its consumer business.

Industrial and commercial equipment supplier HC Slingsby slumped 13% on announcing that its earnings had been pressured by lower sales growth in April and May, pinned on Brexit uncertainty.

Story provided by StockMarketWire.com
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