FTSE Today: Blue-chip index dips ahead of central bank decisions
London stocks dip as investors eye central bank decisions. Phoenix Group tumbles on cost provision.
London stocks edged lower on Monday as investors awaited key central bank decisions later this week. The FTSE 100 closed down 0.1%, at 7,722.55.
Phoenix Group dropped 4.5% after a report said it would set aside £70 million to comply with new consumer duty rules by cutting customer charges. The insurer, which manages £269 billion in assets, is expected to announce the provision on Friday.
Haleon, the consumer healthcare company spun off from GSK last year, also fell on Monday. The stock price dipped 2.3% after Pfizer, which still owns a significant stake in Haleon, announced plans to reduce its holding from 32% to 24%.
The FTSE 250 ended down 0.2%. Despite the broader market decline, Currys jumped 5.4% after raising profit guidance for the current financial year on the back of stronger-than-expected sales. The electronics retailer, which recently rejected a bid approach, expects full-year adjusted pretax profit to be at least £115 million, ahead of previous guidance.
Aston Martin rose 5.0% after Bank of America upgraded its rating to "buy" from "neutral," while a £57 million contract award lifted Chemring by 4.8%.
On the smaller AIM market, Faron Pharmaceuticals leapt 27% after a study showed positive results in a new treatment for myelodysplastic syndrome (MDS). Chief Executive Markku Jalkanen said the data was "remarkable" and suggests the company "may finally have a treatment for this underserved patient population."
The AIM All-Share closed down 0.2%.
Daily Risers and Fallers
Regional Reit 10.8%, Petra Diamonds 9.3%, Currys 6%, PPHE Hotel 6%, Aston Martin Lagonda 4.9%.
Marshalls -8.5%, Metro Bank -7.5%, Bytes Tech -7.5%, Gulf Marine Services -6.9%, Molten Ventures -6.9%.
Daily Recap
- EasyJet lands in Birmingham with new base, 16 routes & lower fares
- Focusrite shares tumble on weak content creation market
- Currys sales surprise boosts profits, shares rise
- Pantheon resources shares drop as interim loss widens
- Thungela shares jump despite 70% profit slump in 2023
- M&S and HSBC team up for loyalty super app
- FTX founder could face up to 50 years in prison for $8 billion fraud
- Global central banks set for busy week, BOJ in focus as rate hike looms
- Gold losing shine as interest rate jitters return ahead of Fed meeting
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