London stock close lower as miners hit by slumping gold price
The biggest risers on the FTSE 100 were: Entain, up 26.8p to 790.8p; Airtel Africa, up 5.5p to 174.6p; Mondi, up 38p to 1,226.5p; Marks & Spencer, up 9.8p to 355.2p; and Beazley, up 18.5p to 893p.
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Reuters
2 hours ago
- Reuters
London stocks gain ahead of spending review, US data
June 11 (Reuters) - London's FTSE 100 edged up towards an all-time high on Wednesday, as investors awaited a domestic public spending review and crucial U.S. inflation data scheduled in the day. The benchmark FTSE 100 (.FTSE), opens new tab was up 0.1%, coming close to an intraday record high. The mid-cap FTSE 250 (.FTMC), opens new tab was up 0.4% as of 0913 GMT. All eyes on the day were on Finance Minister Rachel Reeves' speech, where she will divide up more than 2 trillion pounds ($2.7 trillion) of public spending aimed at stimulating the British economy. Homebuilders and household goods stocks (.FTNMX402020), opens new tab gained 2.8% to hit a more than seven month-high, with Vistry (VTYV.L), opens new tab up 9%, Crest Nicholson (CRST.L), opens new tab gaining 5.5% and Bellway (BWY.L), opens new tab advancing 3% ahead of the speech. Most sectors were higher in the market, though heavyweight energy shares (.FTNMX601010), opens new tab weighed down 0.6%. Investors also awaited a key U.S. inflation reading for any signs that President Donald Trump's erratic tariff policies had started to show their impact on the economy. Representatives from the U.S. and China late on Tuesday agreed on a framework to put their trade truce back on track and remove some export restrictions from both sides. The agreement, however, is pending approval from the countries' leaders. Any signs of the deal coming into effect will be taken in stride by markets that have been grappling with the uncertainty created by an ever-changing U.S. trade policy and its impact on global economic growth. Ibstock sank 12.8% to the bottom of the FTSE 250, after warning of a hit to its adjusted EBITDA outlook for 2025. Ricardo shares jumped 25% to their highest level since early January after Canada-based WSP Global ( opens new tab said it would acquire British environmental and engineering consulting firm for about 363.1 million pounds ($489.6 million) including debt. Quilter (QLT.L), opens new tab gained 5.6%, among the toppers on the FTSE 100, after UBS upgraded the wealth manager's stock to "buy" from "neutral".
The Independent
5 hours ago
- The Independent
Business news – live: FTSE 100 close to record high as stock markets open
The FTSE 100 closed just short of a new record high yesterday, but Wednesday brings a new set of factors which may sway investor sentiment, including Rachel Reeves detailing her spending review, which is expected to included £5bn in cuts. Final results are due from the likes of Revolution Beauty - under the microscope with Frasers recently - while overnight markets in Asia reacted by pushing higher after another day of trade talks in London between Washington and Beijing. Further reaction is expected to the news of the FCA giving the Pisces stock market for private companies the go-ahead, while speculation around the Bank of England preparing to lower interest rates once more next week also arose following lowered employment data and slowing salary growth.
The Independent
19 hours ago
- The Independent
Housebuilding and China trade hopes lift London stocks
Stocks in London ended higher on Tuesday, led by gains in housebuilders and amid signs of progress in US- China trade talks. The FTSE 100 index rose 20.80 points, 0.2%, to 8,853.08. It had earlier risen as high as 8,886.06. The FTSE 250 ended up 103.55 points, 0.5%, at 21,389.46, and the AIM All-Share climbed 2.43 points, 0.3%, to 766.32. In Paris, the Cac 40 rose 0.2%, while Frankfurt's Dax 40 ended 0.8% lower. In the UK, figures showed the unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast. The Office for National Statistics said the rate increased to 4.6% in the period from February to April, in line with FXStreet-cited consensus, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS. The ONS also said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses. However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet. Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%. 'Today's data was soft across the board. Wage growth slowed in April and was revised lower in March. 'Unemployment rose while vacancies fell. Tax data for May suggests further easing to come. 'This doesn't change our June (Bank of England) call for a hold, but solidifies the case for easing,' analysts at Barclays said. Barclays added that the data 'gives us increased confidence in our forecast that the (Monetary Policy Committee) will cut in August'. Rate cut optimism was reflected in a weaker pound. Sterling was quoted at 1.3509 dollars late on Tuesday afternoon in London, lower compared to 1.3556 dollars at the equities close on Monday. The euro stood at 1.1418 dollars, little changed against 1.1419 dollars. Against the yen, the dollar rose to 144.93 yen compared to 144.42 yen. The data also gave a lift to rate-sensitive housebuilders, who took further encouragement from an upbeat trading statement from Bellway and a rumoured government announcement. Bellway, up 7.9%, said it is on track for 'strong growth in volume output and profits' in its financial year, and it predicted average selling prices will be above previous guidance. The housebuilder said it saw 'robust' trading through the spring selling period. 'Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. 'We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26,' chief executive Jason Honeyman said. Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 homes in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes. The overall average selling price is now expected to be around £315,000, up from its previous guidance of £310,000 and a rise from £307,909 last year. It put the guidance hike to 'changes in product mix'. 'Bellway's update should be well-received as there was a degree of caution in the market around slower trading after the stamp duty changes,' analysts at Stifel commented. The statement supported the housebuilding sector. On the FTSE 100, Persimmon rose 6.0%, Barratt Redrow climbed 5.6% and Taylor Wimpey advanced 4.6%. In addition, the Financial Times reported that Chancellor Rachel Reeves has drawn up plans for a housing bank, to be announced as early as Wednesday's spending review, alongside a potential long-term funding settlement for affordable homes of up to £25 billion. The plans would enable Homes England, the Government's housing agency, to more easily deliver cheaper financing to housebuilders by redesignating it as a public financial institution, according to FT sources. Analysts at RBC Capital Markets said this would provide 'a welcome lift to the sector'. In New York, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 0.3% higher, and the Nasdaq Composite 0.2% to the good at the time of the closing bell in London. The yield on the US 10-year Treasury was quoted at 4.48%, narrowing from 4.49% on Monday. The yield on the US 30-year Treasury was quoted at 4.95%, narrowing from 4.96%. Negotiations between US and Chinese officials in London stretched into a second day, with Washington sending positive signals that the two superpowers might resolve a bitter trade war dragging on the global economy. The talks were 'going well,' US commerce secretary Howard Lutnick told Bloomberg Television, adding he expected Tuesday's discussions to last 'all day'. US President Donald Trump told reporters at the White House on Monday: 'We are doing well with China. China's not easy.' He added: 'I'm only getting good reports.' Back in London, Marks & Spencer rose 3.8% after it reopened its website to shoppers, having been forced to halt internet orders in April following a damaging cyber attack. The retail giant said shoppers are now able to buy a selection of its best-selling fashion ranges and new products for home delivery to England, Scotland and Wales. Rival Next, a perceived beneficiary from the outage at M&S, fell back 2.7%. On the FTSE 250, Hochschild Mining plunged 23% after the London-based gold and silver miner in Argentina, Brazil and Peru said it expects to significantly reduce production guidance at its Mara Rose site in Brazil amid ongoing delays to the project. Hochschild Mining said it has suffered 'contractor performance issues', alongside unexpectedly heavy rainfall in the past few months. According to Hochschild, filtering problems and limited access to metal ore have exacerbated the impact of delayed waste removal, an issue which was carried over from previous years. Hochschild is planning to suspend operations at Mara Rose's processing plant for about six weeks in order to carry out repairs, but it insists that mining 'will continue as planned'. The biggest risers on the FTSE 100 were Persimmon, up 77.50 pence at 1,380.0p, Barratt Redrow, up 25.30p at 475.3p, Taylor Wimpey, up 5.35p at 121.7p, Marks & Spencer, up 13.60p at 373.4p and Shell, up 90.5p, at 2,595.5p. The biggest fallers on the FTSE 100 were Standard Chartered, down 34.0p at 1,148.0p, Barclays, down 9.1p at 323.3p, Next, down 345.0p at 12,495.0p, BAE Systems, down 50.5p at 1,872.0p, and Fresnillo, down 34.0p at 1,340.0p. Brent oil rose to 67.82 dollars a barrel late in London on Tuesday afternoon, from 66.88 dollars late on Monday. Gold was quoted lower at 3,325.36 dollars an ounce against 3,329.84 dollars on Monday. Wednesday's global economic calendar sees a US inflation reading. The UK corporate calendar on Wednesday has full-year results from pub operator Fuller, Smith & Turner.
