UK stocks saw a muted session on Tuesday, as investors braced for the upcoming US inflation reading. The FTSE 100 index dipped 0.1% to 7,934.79, weighed down by defence stocks like BAE Systems and Rheinmetall, which succumbed to profit-taking after a stellar run.
Bucking the trend, BP and Shell climbed 1.3% and 0.8%, respectively, as BP signalled higher upstream production in the first quarter. However, the oil major cautioned that lower prices could adversely impact its gas and low carbon energy segment by $200 million to $400 million, and its oil production and operations segment by $300 million to $600 million.
The FTSE 250 index shed 0.5% to 19,763.35, though kitchenware retailer ProCook surged 4.4% after forecasting full-year profit to marginally exceed market expectations, defying subdued economic conditions.
In contrast, Tasty shares plummeted 17% as the company unveiled a restructuring plan, including the closure of 20 underperforming sites, to combat challenging trading conditions. Tasty also secured a £750,000 loan from a high-net-worth investor to bolster its coffers and stabilize operations in 2024.
The AIM All-Share index advanced 0.3% to 750.98, reflecting the mixed sentiment across UK markets as participants awaited the US inflation data release.
Daily Risers and Fallers
Seraphim Sp 10.6%, Cab Payments 6.8%, Secure Trust 5.7%, Petrofac 4.9%, Fresnillo 4.0%.
TBC Bank Group -5.2%, Chemring -5.0%, BAE Systems -4.5%, Lancashire Holdings -4.1%, Vanquis Banking -4.0%.
Daily Recap
- Unite Group shares dip despite strong demand and rental growth outlook
- BP upbeat on production, cautious on prices
- Swiss National Bank rejects public digital currency
- Aviva finalises largest acquisition under CEO Blanc
- Axe falls at Ted Baker: 15 stores to shut, 245 jobs will be lost
- Yen wilts as US yield rally squeezes currency
- Gold steady near record highs, investors eye Fed minutes, inflation data
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