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Share Price: 258.80
Bid: 220.00
Ask: 284.60
Change: 0.00 (0.00%)
Spread: 64.60 (29.364%)
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Cyclical stocks lift UK equities off six-week lows; Wood Group rises

Tue, 22nd Aug 2023 17:13

Blue-chip FTSE 100 snaps seven-day losing streak

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Wood Group raises annual profit outlook, shares rise

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Precious metal miners lead gains

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FTSE 100 up 0.2%, FTSE 250 adds 0.7%

Aug 22 (Reuters) - Britain's blue-chip FTSE 100 index climbed off six-week lows on Tuesday, powered by gains in beaten-down cyclical sectors, while shares of John Wood Group advanced after the company raised its annual profit outlook.

The FTSE 100 was up 0.2% while the midcap FTSE 250 index gained 0.7%. Both indexes snapped seven-day losing streaks.

Precious metal miners jumped 2.8%, marking their best day since May 31, as the sector led gains.

Construction and materials, automobiles and parts and travel and leisure indexes also gained between 0.7% to 1.5% in the rally of cyclical sectors.

John Wood Group climbed 4.1% after the oilfield services and engineering firm raised its expectations for annual adjusted core profit.

"It is a relatively light data calendar this week, meaning that there are fewer risks to any rally for a few days, certainly until Friday when (U.S. Federal Reserve Chair Jerome) Powell is scheduled to speak at Jackson Hole," said Stuart Cole, chief macro economist at Equiti Capital.

"The market may simply be taking advantage of these calmer waters."

Meanwhile, shares of the defensive personal care and retail sectors slipped 0.4% and 0.8%, respectively, indicating investors' risk-on mood.

Industrial metal miners rose 1.8% as copper prices were buoyed by firm consumption data in China and more Chinese monetary support measures.

Investor focus will now shift to the Jackson Hole Symposium due later in the week, where major central bankers, including Powell, will share their views on the trajectory of global monetary policy.

Data on Tuesday showed sales growth at British supermarkets slowed in August due to a hit to demand from unseasonably wet weather. Shares of both Marks and Spencer and Sainsbury fell over 0.8%.

Britain's largest sportswear retailer JD Sports Fashion led declines on the FTSE 100 as the stock slumped 6.9% after a weak forecast from U.S. peer Dick's Sporting Goods' . (Reporting by Shreyashi Sanyal and Khushi Singh in Bengaluru; Editing by Eileen Soreng and Mark Potter)

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15 Aug 2023 16:00

UK supermarket Asda's like-for-like sales rise 9.6%

LONDON, Aug 15 (Reuters) - British supermarket group Asda reported stronger like-for-like sales in the second quarter, driven by higher demand for cheaper alternatives to branded grocery products amid a cost-of-living crisis, it said on Tuesday.

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15 Aug 2023 09:01

LONDON MARKET OPEN: Financials lead decline in FTSE 100; M&S jumps

(Alliance News) - Stock prices in London opened firmly in the red on Tuesday, following a mixed UK jobs print, and the latest stream of weak data from China.

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15 Aug 2023 08:57

TOP NEWS: UK grocery price inflation eases; Ocado loses market share

(Alliance News) - Grocery price inflation in the UK cooled by just over two percentage points to 12.7% in the four weeks that ended August 6, the second sharpest slowdown in price in 15 years, according to survey data from Kantar, with staples such as milk and vegetable oil seeing price cuts.

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15 Aug 2023 08:48

UK grocery inflation continues to cool, rain dampens demand - Kantar

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UK grocery inflation 12.7% in 4 weeks to Aug 6 -Kantar

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11 Aug 2023 15:17

Sainsbury's Bank agrees to sell mortgage portfolio for GBP464 million

(Alliance News) - J Sainsbury PLC on Friday said that Sainsbury's Bank PLC has agreed to sell its mortgage portfolio to The Co-operative Bank PLC for around GBP464 million.

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11 Aug 2023 15:17

Sainsbury's sells its mortgage book to the Co-operative Bank

(Sharecast News) - Grocery giant J Sainsbury announced on Friday that its financial subsidiary, Sainsbury's Bank, has sold its mortgage portfolio to the Co-operative Bank in a cash transaction worth £464m.

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11 Aug 2023 11:46

Tesco to swap cheaper product lines into convenience shops

(Alliance News) - Tesco PLC is to swap cheaper product lines into its convenience stores as shoppers battle the rising cost of living.

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10 Aug 2023 12:27

Aldi UK launches new round of price cuts

LONDON, Aug 10 (Reuters) - The British arm of German discount supermarket Aldi has reduced the prices of over 30 household grocery staples, it said on Thursday, adding to a body of evidence that a surge in UK food inflation is on the wane.

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3 Aug 2023 17:45

DIRECTOR DEALINGS: Sainsbury's division chair sells GBP440,200 shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Thursday and not separately reported by Alliance News:

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20 Jul 2023 12:07

UK's high food inflation not driven by weak competition - regulator

Report vindicates supermarkets' rejection of profiteering claims

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20 Jul 2023 10:06

UK food inflation not a result of weak competition -regulator

LONDON, July 20 (Reuters) - Britain's competition authority, the CMA, said on Thursday an initial review into grocery pricing found that high food inflation had not been driven by weak retail competition. (Reporting by Sarah Young, Editing by Paul Sandle)

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20 Jul 2023 07:34

UK supermarket Asda to launch new round of price cuts

LONDON, July 20 (Reuters) - British supermarket Asda will on Friday cut the prices of 226 own label products by an average of 9%, adding to a body of evidence that a surge in UK food inflation is on the wane, it said on Thursday.

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19 Jul 2023 19:30

UK supermarket Asda says fuel pricing strategy has not changed

Asda co-owner Mohsin Issa says group still fuel price leader

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19 Jul 2023 17:11

UK supermarket Asda says fuel pricing strategy has not changed

LONDON, July 19 (Reuters) - British supermarket group Asda's fuel pricing strategy has not changed since Mohsin and Zuber Issa took over the supermarket group in 2021, Mohsin Issa told lawmakers on Wednesday.

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18 Jul 2023 11:50

UK grocery inflation continues downward trajectory -Kantar

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UK grocery inflation was 14.9% in 4 weeks to July 9 -Kantar

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