FTSE Close: Equities downbeat after US report dims rate cut hopes

Stocks slip as rate cut hopes fade; CMC Markets jumps 18% on job cuts, higher outlook; housebuilders struggle on mortgage worries.

Mark Rogers

Mark Rogers

London shares retreated Monday on lingering growth concerns after Friday’s robust US jobs data pushed back expectations for Federal Reserve interest rate cuts. The FTSE 100 slipped 2.68 points closing at 7,612.86, while the midcap FTSE 250 shed 154.09 points, or 0.8%, to 19,018.55 as investors fretted over dimming global outlook.

Housebuilders struggled after last week’s Bank of England decision raised mortgage rate concerns. Persimmon fell 2.5% and Barratt Developments shed 1.6%.

CMC Markets jumped 18% after announcing plans to cut 200 jobs and forecasting higher profits. The online trading platform expects annual cost savings of £21 million starting in 2025.

In small caps, Superdry sank 14% after takeover talks heated up, with investment fund First Seagull revealing a 5.3% stake last week. Rcapital and Gordon Brothers are reportedly in talks about a bid to take Superdry private.

Revolution Beauty climbed 3.8% early morning after former CEO Adam Minto agreed to pay £2.9 million over six years to settle a dispute related to 2022 trading suspensions.

FTSE All-Share Gainers

CMC Markets 18%, Helios Towers 4%, Gore Street En. 4%, Seraphim Sp 4%, Auction Technology Group 4%, Ocado 4%, Taylor Maritim 3%, Glaxosmithkline 3%, Watches Switz 3%, Luceco 3%.

FTSE All-Share Fallers

Superdry -15%, Synthomer -6%, Digital 9 -6%, JD Sports -5%, Dfs Furn -5%, Zotefoams -5%, Marstons -5%, Regional Reit -5%, Harbour Energy -5%, Ithaca Energy -4%.

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