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Pin to quick picksRightmove Share News (RMV)

Share Price Information for Rightmove (RMV)

London Stock Exchange
Share Price is delayed by 15 minutes
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Share Price: 673.80
Bid: 673.20
Ask: 673.60
Change: 1.60 (0.24%)
Spread: 0.40 (0.059%)
Open: 671.00
High: 674.40
Low: 668.60
Prev. Close: 672.20
RMV Live PriceLast checked at -

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LONDON MARKET MIDDAY: Stocks rise, OECD offers "ray of sunshine"

Wed, 25th Sep 2024 12:04

(Alliance News) - Stock prices in London were higher at midday on Wednesday, following news that the UK has overtaken several G7 countries on economic growth forecasts.

The Organisation for Economic Co-operation & Development has placed the UK joint second in its economic growth forecasts for the rest of 2024.

The prediction of 1.1% growth for the whole of this year puts the UK alongside Canada and France but behind the US.

However, its prediction of 2.7% inflation for this year means the UK is still the country in the G7 with the fastest-rising prices.

Calling the growth forecast "a small ray of sunshine through the dark clouds", AJ Bell's Russ Mould said: "However, the prediction of 1.1% growth for 2024 is hardly indicative of a country powering ahead.

"Labour's plethora of speeches this week imply it could be a two-stage process to getting the economy moving.

"First, it needs to lay the foundations for growth by reducing what it says is the GDP22 billion black hole it inherited. Only then can we expect to see increased investment that should hopefully accelerate the economy."

Meanwhile, Quilter analyst Gregor Davidson said that "with the Labour party conference now into the equivalent of the Boxing Day come down, investors may be a little disappointed that more concrete plans appear to be the work of another day.

"Whilst Chancellor Rachel Reeves offered the strongest hint yet that she will adjust the fiscal rules which effectively govern the size of her spending budget, we will presumably have to wait until the autumn budget to see how this works in practice... with UK debt to GDP now at 100%, bond investors are unsurprisingly likely to be rather sensitive as to how the UK government calculates its own spending ability.

"Whilst effective investment is vital to renewing UK economic growth, how it is defined, shaped and ultimately paid for will remain crucial."

However, both sides of industry largely welcomed the UK prime minister's conference speech, with union leaders saying that workers "desperately" needed change.

TUC General Secretary Paul Nowak said unions "stand ready to work with him and his government to urgently repair and rebuild this country", while CBI Chief Executive Rain Newton-Smith said: "The 'shared struggle' to put the country back on the path to prosperity serves as a rallying call for a partnership between business and government that harnesses the innovation, investment, and optimism of industry to deliver lasting change."

The FTSE 100 index was up 19.07 points, 0.2%, at 8,301.83. The FTSE 250 was up 49.73 points, 0.2%, at 20,819.85, and the AIM All-Share was up 0.43 points, 0.1%, at 743.23.

Rightmove was among the FTSE 100 laggers, losing 1.0%.

REA Group said it was "disappointed" after property website Rightmove said it had rejected a third "unsolicited" offer, worth GBP6.1 billion.

However, Hargreaves Lansdown's Susannah Streeter commented: "Rightmove is playing hard to get and Rupert Murdoch's REA Group is going to have to up its game...With the UK government pledging to build 1.5 million new homes, interest rate cuts eyed and the property market springing into life again, Rightmove clearly sees significant growth opportunities ahead."

On the FTSE 250, IG Group edged up 0.4%.

The contracts-for-difference trading platform provider started the GBP75 million second tranche of GBP150 million share buyback programme begun in July.

Among smaller companies, Directa Plus plummeted 25%.

It said for first half of 2024 pretax loss widened to GBP2.5 million from GBP1.9 million. Revenue fell to EUR3.4 million from EUR4.6 million.

The graphene product manufacturer warned that full-year revenue will be "materially below market expectations" as it is experiencing "shorter term headwinds".

The Cboe UK 100 was up 0.3% at 830.628, the Cboe UK 250 was up 0.3% at 18,339.10, and the Cboe Small Companies was up 0.5% at 25,169.382.

In European equities the CAC 40 in Paris was down 0.3%, while the DAX 40 in Frankfurt was down 0.5%.

Over in Spain, producer prices declined by 1.3% in August from a year before, slowing from a fall of 1.6% in July and 3.2% in June. It was the mildest fall since March 2023.

Notably, the fall in energy prices moderated to 6.0% on-year in August from 7.1% in July and nearly 12% in June.

The pound was quoted at USD1.3375 at midday in London, down compared to USD1.3378 at the equities close on Tuesday. The euro stood at USD1.1187, up against USD1.1147. Against the yen, the dollar was trading at JPY144.20, up compared to JPY143.67.

Stocks in New York were called lower. The Dow Jones Industrial Average was called marginally lower, the S&P 500 index down 0.1%, and the Nasdaq Composite down 0.2%.

XTB's Hani Abuagla said that "weak consumer confidence data has sparked worries about the health of the US economy".

However: "US GDP data on Thursday is expected to show strong growth, which may support the dollar and push yields higher.

"Additionally, Fed Chair Powell's speech and the Core PCE price index on Friday will be closely watched for any hints about the pace of future rate cuts, with inflation figures potentially shaping upcoming monetary policy decisions."

Brent oil was quoted at USD74.69 a barrel at midday in London, down from USD74.85.

"Prices surged after China announced significant economic stimulus, including interest rate cuts and government funding," said CFI's George Khoury. "However, concerns lingered that more fiscal support would be needed to boost confidence in the Chinese economy. This uncertainty raised doubts about sustained demand growth, weighing on crude prices."

Gold was quoted at USD2,656.55 an ounce, up against USD2,646.07.

Still to come on Wednesday's economic calendar, from the US there is data on new home sales, building permits and crude oil.

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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