Thursday Feb 29 2024 11:54
3 min
UK shares edged higher on Thursday, driven by a slew of positive earnings reports, though gains were tempered by anticipation of crucial PCE inflation data from the U.S.
As of 11:05 GMT, the UK’s benchmark FTSE 100 index had climbed by 0.2%, while the midcap FTSE 250 had advanced by 0.4%.
Haleon, the manufacturer of Sensodyne toothpaste, saw its shares surge by 7.7% following its announcement of an anticipated revenue increase in 2024, buoyed by strong demand for its consumer goods.
Hedge fund Man Group saw a 3.3% uptick in its stock price after it reported a 17% increase in assets under management.
Similarly, Drax Group, Britain's top renewable energy producer, enjoyed a 7.2% rise in its share price after revealing a 66% surge in annual profits and an increase in its dividend payout.
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The FTSE 350 Industrial Metals and Mining index, which includes heavyweights on the resource-laden FTSE 100 such as commodity behemoths Glencore and Rio Tinto, gained 0.8% due to a rise in base metal prices, despite facing an 8.4% decline over the month.
Recent robust domestic economic indicators and reduced expectations for early interest rate reductions have somewhat subdued investor enthusiasm. The FTSE 250 is on track for a 1.5% monthly decline, whereas the more globally-oriented FTSE 100 is set to achieve a slight 0.1% increase for February.
Attention in the markets is now turning towards upcoming inflation data from the U.S. and Europe, which are expected to provide potential insights into the direction of central banks’ monetary policies around the world.
Limiting the upward momentum, the London Stock Exchange Group's (LSEG) stock fell by 2.6% after its reported yearly earnings came in largely in line with forecasts. Meanwhile, Barclays saw a 3.7% decrease in its share price as it traded ex-dividend.
When considering shares, indices, foreign exchange (forex), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
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