The FTSE 100 suffered its longest losing streak since February as hopes fade over the first interest rate cuts.
It fell 0.3 percent, or 21.64 points, to 8,317.59, a fourth straight day of losses and plunged into the red for the second week in a row, shortly after topping 8,400 for the first time. The FTSE 250 rose 0.7 per cent, or 139.63 points, to 20,770.93.6.
Wednesday’s inflation figures disappointed the City. While policymakers welcomed the sharp drop to 2.3 percent as a sign that inflation was back on track, it was higher than forecasts of 2.1 percent and hurt the outlook for early rate cuts. of interest.
Russ Mould, chief investment officer at AJ Bell, said: “The sooner interest rates are cut, the better.”
“Not only should this make consumers feel a little safer, it should also put businesses in a stronger position to increase investment. “It could improve investor confidence and lead to greater risk-taking.”
Downtrend: The FTSE 100 fell 0.3 per cent, or 21.64 points, to 8,317.59, a fourth consecutive day of losses
Meanwhile, AJ Bell fell after founder Andy Bell sold almost £30m (7.5m at 375p each), but still has an 18.7 per cent stake.
A day earlier, shares had been boosted after half-year results showed a 47 per cent rise in profits to £61m and a rise in customers.
The valuation also rose after a £4.7bn bid for rival Hargreaves Lansdown was rejected.
After the Bell sale, it gave up some gains, falling 4.6 per cent, or 18.5p, to 384.5p. Quality assurance firm Intertek reported a good start to 2024. Revenue rose 7.5 per cent to £1.1 billion in the first four months. That included a 6.2 per cent rise in sales of its consumer products and lifted them 1.4 per cent, or 71 pence, to 5,025 pence.
GSK was acquitted by a jury in Chicago in the first case to go to trial over the now-scrapped heartburn drug Zantac, but fell 0.2 per cent, or 3.5 pence, to 1,774.5 pence.
Rolls-Royce has chosen London-listed Balfour Beatty as a construction partner to expand its Derby submarine site, lifting Balfour up 1.4 per cent, or 5.2 pence, to 373 pence.
Ukrainian miner Ferrexpo has expanded its partnership with one of Europe’s largest steel producers, supplying iron ore pellets to Germany’s Salzgitter.
The two have been working together since 2016. Ferrexpo rose 5.8 per cent, or 2.6p, to 47.5p. Educational software provider Tribal has settled a dispute with a Singapore university over a contract that ended more than a year ago.
The London-listed company said it did not admit liability but paid £3.1m, far less than the £10.6m the institution wanted. Tribals gained 3.5 per cent, or 2p, to 59p.
A Genedrive test which aims to identify babies most at risk of hearing loss if given certain antibiotics has won orders worth more than £100,000 across five Manchester hospitals. The shares soared 10.5 per cent, or 0.18p, to 1.85p.
Pensionbee – down 1.7 per cent, or 2.5p, to 146.5p – is awaiting regulatory approval for a deal to work with a large US institution. The company, which helps people consolidate their pensions into a single fund, added that within the next decade its US business could be the same size as its UK operations.