Thursday, February 22, 2024 10:03am
London’s FTSE 100 index was relatively flat following a busy set of results for Lloyds, Rolls-Royce, Beasley and Indivior, a recent entrant from the London market.
The capital’s blue-chip index remained flat to slightly in the red, falling 0.08% to 7,662.31 as of 10am.
The FTSE 250, which is closer to the UK domestic market, rose about 0.27%, while Indivior shares rose 18%.
Shortly after 9:30 a.m., it became clear that business activity had picked up again in February and that Britain was already emerging from the shallow recession recorded in the second half of last year.
Private sector production rose to a nine-month high in February, according to the latest S&P Purchasing Managers’ Index (PMI), surprising economists who had expected a slight decline in activity.
The biggest corporate new pick this morning was Lloyds Banking Group, which reported an increase in annual profits on the back of rising interest rates, while setting aside £450m for the FCA motor finance investigation.
The company’s shares fell about 1.59% in early trading.
Beazley was the biggest riser on the FTSE 100 index, rising more than 9%. The insurer said shareholders were aiming to invest $300m (£236.7m) and would benefit from a strong 2023.
Shares in Rolls-Royce Holdings rose more than 6% after the company reported another strong financial result. The British engineering and defense giant said it also achieved record free cash flow as its new chief executive led an impressive turnaround.
Meanwhile, advertising giant WPP has reiterated its plans to invest £250m in proprietary technology to strengthen its AI and data position. The company’s share price was the biggest decliner in the FTSE 100, falling more than 3%.
The biggest gainer in the 250 index was opioid addiction drug maker Invidiol, which rose 19% as it negotiated talks with shareholders about plans to move its primary listing to the United States, another blow to the London Stock Exchange. announced that it would start.
Jupiter also rose more than 6% after the London asset manager surprised the market with better-than-expected annual results, with profits soaring to 105.2 million pounds, 15% above analysts’ expectations.
Hargreaves Lansdown fell the most on the 250 index after reporting that market growth and interest on cash had taken its assets under management to up to £142.2bn. The company’s shares were down more than 7.5% by 10 a.m.
The CEO of Hays, a global recruitment firm, also said he was “not satisfied” with the company’s performance as demand for permanent employment falls again amid an increasingly challenging economic environment. . The recruitment industry is often seen as a litmus test for the entire economy.
The capital also revealed another surprising profit, reporting record sales of $22.1 billion in the fourth quarter, beating analyst expectations, pointing to strong Asian trade and advances in artificial intelligence (AI). NVIDIA’s strong financial results also opened my eyes. The boom isn’t over yet.
Sentiment is expected to rise further after Japan’s Nikkei stock average closed at 39,098.68 yen, hitting a new high set in 1989, supported by strong earnings and optimism about technology. Ta.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “The Nikkei has found its mojo again, but it will take a long time for that to happen. The Nikkei 225 Stock Average has not broken a new high in the years since, hitting an all-time high in April.However, the recent ferocious rally in Japanese stocks has finally pushed the index to its all-time high, set 34 years ago. broke the record.
“A new wave of excitement about the outlook for the technology sector is pushing up the Nikkei average after Japanese companies posted record quarterly profits.A weaker yen has helped exporters such as Toyota, Honda and Sony; It created strong demand for cars, machinery and computer chips from around the world.”