FTSE 100 Rises As Miners Bounce, JD Sports’ Top Winner
- JD Sports rises after the acquisition of Cosmos Sport
- UK retail sales, declining consumer confidence
- China Evergrande makes bond payment, easing pressure on miners
- FTSE 100 up 0.4%, FTSE 250 up 0.1%
October 22 (Reuters) – London’s FTSE 100 rose on Friday as mining shares rose on appeasement of concerns about the Chinese property market, although weak retail sales data showed the economy Britain was still reeling from inflation and pressures on the supply chain.
The blue chip FTSE 100 (.FTSE) gained 0.4% at 08:15 GMT, with mining stocks (.FTNMX551020) rising the index after developer China Evergrande Group (3333.HK) made a late bond payment, allaying some concerns about global financial markets. Publication date. Read more
JD Sports Fashion Plc (JD.L) was the first winner of the benchmark, up 2.7%, after the announcement of the acquisition of Cosmos Sport SA
UK retail sales fell 0.2% in September, according to official figures, while consumer confidence fell for a third consecutive month in October, adding to signs of weakness in the recovery after COVID-19. Read more
A recent statement by Bank of England chief economist Huw Pill that inflation could exceed “very uncomfortable” 5% added to the woes, raising fears of a rate hike amid an economic slowdown . Read more
The slowing recovery, supply chain concerns and rate hike fears recently limited gains on the FTSE 100, with the blue chip index losing nearly 0.3% this week against the rise in 0.5% of its European peers (.STOXX).
Mining stocks (.FTNMX551020) were the worst performing on the index, down 5.4% this week.
“Even if the cost pressure issues were to be resolved in the short term or at the end of winter, we would not expect the industrial metals sector to take a turn due to China’s slowdown, this which means less demand for materials, “said Thomas Mathews, market economist. to the economy of capital.
The domestically focused mid-cap index (.FTMC) rose 0.1%.
Money transfer company Wise Plc (WISEa.L) lost 4.7% after the company announced that co-founder Taavet Hinrikus would sell around 1.1% of its Class A shares through a bookbuilding process accelerated.
Financial market infrastructure provider London Stock Exchange Group PLC (LSEG.L) fell 4.2% on expectations of slower revenue growth in the fourth quarter. Read more
Holiday Inn owner IHG (IHG.L) reported strong growth in room revenue, but its shares fell 2.4% after analysts pointed to underperformance on data of the sector. Read more
Reporting by Bansari Mayur Kamdar; Editing by Anil D’Silva and Krishna Chandra Eluri
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