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Share Price: 496.95
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UK's FTSE 100 falls as energy stocks slip; Unilever weighs

Tue, 30th May 2023 17:05

Unilever CFO to retire, shares fall

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Rolls-Royce, BAE Systems down after India files graft case

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FTSE 100 hits lowest level since March 29

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FTSE 100 down 1.4%, FTSE 250 adds 0.1%

May 30 (Reuters) - UK's FTSE 100 hit a two-month low on Tuesday, with energy shares leading declines as oil prices slipped, while Unilever dropped after the consumer goods firm announced its chief financial officer would be stepping down.

Unilever slipped 3.0% after the Dove soap maker said its CFO Graeme Pitkethly would leave the company by the end of May 2024.

The internationally-focused FTSE 100 slipped 1.4%, weighed down by energy majors Shell and BP, which fell 3.0% and 2.2% respectively.

The broader oil and gas sector lost 2.7% as oil prices skidded on concerns about the U.S. debt ceiling pact cooling the market's risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.

"A deal may have been struck on the debt ceiling, but it's not fully calmed nervousness on financial markets," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

The bipartisan deal to raise the $31.4 trillion U.S. debt ceiling faces its first test in Congress on Tuesday.

A stronger pound also weighed on the exporter-heavy index.

Rolls-Royce dipped 3.1% after India filed a graft case on Monday against the engine maker and BAE Systems for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers.

BAE Systems was down 0.8%.

The mid-cap FTSE 250 gained 0.1%, as London-listed shares of RHI Magnesita NV jumped 23.6% after the refractory products supplier received an offer to buy 20% of its stock.

UK equities have recently come under pressure on worries over more rate hikes as inflation remains stubbornly elevated. Analysts are concerned that the economy could enter a period of stagflation which would not bode well for company earnings.

Official figures showed Britain's highest inflation in four decades failed to boost company profits last year, with the exception of oil and gas extractors. (Reporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and David Evans)

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LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

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30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
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Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
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Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
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Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
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Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

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29 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

(Alliance News) - Stock prices in London closed mutedly lower on Monday, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

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26 Jan 2024 23:06

Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

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26 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks up as Fed's preferred inflation read cools

(Alliance News) - Stock prices in London closed up on Friday, as investors predicted and responded positively to a cooling inflation read in the US.

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26 Jan 2024 13:16

Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

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26 Jan 2024 12:11

LONDON MARKET MIDDAY: China growth measures and LVMH lift mood

(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

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26 Jan 2024 10:03

Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

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26 Jan 2024 08:48

LONDON MARKET OPEN: Oil majors boost FTSE; LVMH lifts Burberry

(Alliance News) - The FTSE 100 looked set to end the week on a high note in early Friday trading, buoyed by strong US economic data and rising oil prices.

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25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

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23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

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23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

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