Noon in London: Stocks muted as investors watch central bank speakers


London stocks were still little changed at midday Thursday as investors watched key speeches by central bank officials.

The FTSE 100 rose 0.1% to 7,635.08.

CMC Markets Analyst Michael Hewson said market participants were eagerly awaiting “the central banking holy trinity comments from Fed Chairman Jay Powell, ECB President Christine Lagarde and Bank of America Governor. England Andrew Bailey, all of whom are due to speak in Washington DC”.

“Lagarde’s comments will come under scrutiny after yesterday’s comments by Latvian member of the Board of Governors Martin Kazaks, who said a July rate hike was possible and that the tightening measures need not to wait for evidence of wage growth. These comments contrasted with the tone of Lagarde’s press conference at the ECB earlier this month, so it will be remarkable if she doesn’t push them away.”

In the stock markets, owner of BA AGIand low cost airlines Wiz and easyJet all increased following the well-received first quarter results of United Airlines across the pond.

Pest control group Rentokil Initial rallied after saying that 2022 had started well, with the strong momentum of the previous year continuing in the first quarter.

Manufacturer of clay bricks and concrete products ibstock also rose after it said its FY22 performance was expected to be “slightly better” than its previous expectations after a strong start to the year, driven by stronger clay brick sales volumes and margin performance. resilient.

On the other hand, gaming company Ranking group fell after slashing its full-year EBIT forecast, pointing to weaker performance in March and inflationary pressures.

Anglo-American slipped after saying first-quarter production fell 10% year-on-year, impacted by the Covid-related spike in absenteeism, heavy rainfall affecting operations in South Africa and Brazil, and safety and d other operational challenges in metallurgical coal and iron ore operations.

Miners in general were a drag, with Antofagasta also down after a Q1 production report, while glencore and Rio fell.

Russ Mould, Chief Investment Officer at A.Bellsaid: “It has been a poor start to the year operationally for the big mining companies and their latest updates have held back the FTSE 100. Hot on the heels of Rio Tinto’s disappointing update, Anglo American has signaled a difficult first quarter and leading to increased costs.

“Commodity producers have benefited from soaring prices over the past year, but their moment in the sun may be coming to an end. The key question now is whether commodity prices are close to their peak for this cycle, as a reduction in selling prices coupled with an increase in costs will weigh on profit margins.

“Anglo American shareholders can’t really complain about its latest trading update as they enjoyed a 24% price gain in the last 12 months, more than double the 10% gain, 4% of the FTSE 100. But the news might make them think about taking some of the profits.”

Somewhere else, Legal and general, glencore, BAE systems, Jupiter Fund Management and Financial foresight were all trading without dividend rights.

market movers

FTSE 100 (UKX) 7,635.08 0.08%
FTSE 250 (MCX) 21,235.64 0.72%
techMARK (TASX) 4,427.69 0.43%

FTSE 100 – Risers

Royal Mail (RMG) 363.00p 7.14%
International Consolidated Airlines Group SA (CDI) (IAG) 154.00p 6.93%
ITV (ITV) 76.56p 5.51%
Pearson (PSON) 799.80p 4.22%
Melrose Industries (MRO) 128.30p 3.43%
Kingfisher (KGF) 272.20p 3.30%
Mondi (MNDI) 1,519.50p 3.23%
Burberry Group (BRBY) 1,675.50p 3.01%
Rentokil Initial (RTO) 529.00p 2.76%
Rolls-Royce Holdings (RR.) 95.96p 2.72%

FTSE 100 – Slaughterhouses

Anglo-American (AAL) 3,677.00p -8.88%
Antofagasta (ANTO) 1,500.00p -8.31%
Glencore (GLEN) 493.15p -4.96%
Legal and General Group (LGEN) 264.90p -4.64%
BAE systems (BA.) 733.40p -4.08%
Rio Tinto (RIO) 5,677.00p -2.96%
National Network (NG.) 1,168.00p -1.06%
Tesco (TSCO) 264.60p -0.71%
Dechra Pharmaceuticals (DPH) 3,774.00p -0.63%
Imperial Marks (IMB) 1,668.50p -0.60%

FTSE 250 – Risers

Polymetal International (POLY) 265.00p 13.39%
Oxford Biomedica (OXB) 598.00p 9.72%
Ibstock (IBST) 179.30p 7.75%
Wizz Air Holdings (WIZZ) 3,234.00p 7.19%
easyJet (EZJ) 597.20p 5.85%
SSP Group (SSPG) 240.80p 5.34%
Dark Trace (DARK) 429.40p 4.43%
WH Smith (SMWH) 1,497.00p 4.32%
Marks & Spencer Group (MKS) 155.15p 4.02%
TUI AG Reg Shs (DI) (TUI) 246.30p 3.49%

FTSE 250 – Slaughterhouses

Rank Group (RNK) 118.00p -8.10%
Lancashire Holdings Limited (LRE) 388.20p -5.32%
AJ Bell (AJB) 277.80p -4.54%
Financial foresight (PFG) 256.40p -4.26%
Moonpig Group (MOON) 207.20p -3.18%
Abrn Private Equity Opportunities Trust (APEO) 497.00p -2.93%
Jupiter Fund Management (JUP) 203.60p -2.77%
888 Shares (888) 198.70p -2.60%
BlackRock World Mining Trust (BRWM) 765.00p -2.17%
Fidelity China Special Situations (FCSS) 239.00p -2.05%


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