London's FTSE edges higher as Auto Trader Group fuels gains - Hindustan Times
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London's FTSE edges higher as Auto Trader Group fuels gains

Reuters |
May 30, 2024 02:09 PM IST

BRITAIN-STOCKS/ (UPDATE 1):UPDATE 1-London's FTSE edges higher as Auto Trader Group fuels gains

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London's FTSE edges higher as Auto Trader Group fuels gains
London's FTSE edges higher as Auto Trader Group fuels gains

FTSE 100 up 0.1%, FTSE 250 adds 0.3%

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Anglo American drops after BHP walks away from its $49 billion offer

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Dr Martens jumps after new CFO lays out cost saving plan

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Auto Trader Group soars after full-year profit beat

By Pranav Kashyap

May 30 - Britain's FTSE 100 rebounded after initial declines on Thursday as Auto Trader Group rose after a profit-beating update while energy shares capped some gains as oil prices eased.

The blue-chip FTSE 100 index nudged 0.1% higher, while the mid-cap FTSE 250 edged up 0.3%.

Investors are on guard as they wait for the personal consumption expenditures price index data, the U.S. Federal Reserve's preferred inflation gauge, due on Friday, for clues on the future monetary policy path.

"The UK market, over the last week, has broadly tracked what's been going on with the other markets," said Dean Turner, UBS wealth management's chief UK economist.

"Short-term noise and one CPI print that's good or bad can turn whole the narrative around central banks, and then the next month it will swing back again."

A speech by Bank of England Governor Andrew Bailey due later in the day will also be closely watched as the central bank will meet in three weeks to decide Britain's next monetary policy action.

"There’s a bit more uncertainty around the timing and full extent of any moves from the Bank of England this year," Turner added.

Industrial metal miners index was the bottom performer among FTSE 350 sectors as base metals slumped after a stronger U.S. dollar, while energy shares added to the selling pressure tracking lower oil prices.

Anglo American slid 1.1% after BHP Group walked away from its $49 billion takeover pursuit. BHP's London-listed shares slipped 1.1%

Severn Trent fell 2.1% as it traded without entitlement to its latest dividend payout.

Auto Trader Group soared 10.3% to a record high and was the top gainer on the FTSE 100 as the online car marketplace firm beat full-year profit estimates.

Boot maker Dr Martens led gains on the mid-cap index with a 6.0% jump after its new CFO laid out a cost-savings plan.

This article was generated from an automated news agency feed without modifications to text.

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