AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)
Markets Print 2022-01-20

FTSE 100 jumps on mining, consumer staples

• Burberry expects annual profit to beat expectations • Pearson raises full-year operating profit forecasts...
Published January 20, 2022

LONDON: London’s FTSE 100 ended higher on Wednesday, aided by gains in miners and consumer staples, with strong profit forecasts from luxury brand Burberry and education group Pearson providing a further fillip to sentiment.

After falling as much as 0.5%%, the blue-chip FTSE 100 index reversed course to end 0.4% higher, with major miners and consumer companies such as Diageo and Unilever among top gainers.

British consumer price inflation rose more than expected to 5.4% in December, official data showed, adding pressure on the Bank of England (BoE) to raise interest rates again next month.

“The view that the current high readings are transitory is starting to sound a bit hollow,” said Alan Custis, managing director at Lazard Asset Management. “We would expect inflation to peak nearer 7% in 2022, which will keep the pressure on the BoE to continue increasing interest rates.”

Signs of inflationary pressures and labour market strength drove investors to ramp up rate hike bets, pushing the UK’s benchmark bond yield to its highest since March 2019, while shorter-duration yield touched October 2018 highs.

Meanwhile, BoE Governor Andrew Bailey said that he was concerned inflation pressures might prove longer-lasting than previously forecast, citing surging energy costs and signs that cost pressures are feeding into wage demands.

Burberry gained 6.3% after the luxury brand said its annual profit would beat market expectations as the company’s full-price sales accelerated in the third quarter.

Pearson gained 4.4% after it raised its forecast for full-year adjusted operating profit in a boost to management efforts to restructure the business.

Meanwhile, Unilever PLC gained 4.5% after the Dove soap maker said on Wednesday it would not increase its 50-billion-pound ($68 billion) proposal to buy GSK’s consumer healthcare business.

The domestically focussed mid-cap index was 0.0 flat, with WH Smith Plc jumping 7.1% on expectations of a resumption in the recovery of its travel markets even as the retailer said it was experiencing a “small impact” from the Omicron coronavirus variant.

Comments

Comments are closed.