London open: Stocks rise as inflation concerns ease

(Sharecast News) - London stocks rose in early trade on Thursday as concerns about inflation eased.
At 0910 BST, the FTSE 100 was up 0.6% at 7,182.12.

Oanda analyst Jeffrey Halley said: "On the inflationary front, markets have breathed a sigh of relief after China bucked the trend and posted slightly lower inflation data today.

"September month-on-month inflation fell to 0.0%, below forecast of 0.30%, while the year-over-year fell to 0.70% from 0.80%. There is a sting in the tail though as September PPI YoY rose to 10.70%, the highest since records began. That suggests that inflationary pressures will persist in the China value chain."

In equity markets, miners were the standout gainers as metals prices rallied, with Antofagasta, Anglo American, Rio and Glencore all higher.

Discoverie Group gained after saying its first-half performance was ahead of the group's expectations.

Dunelm was in the black after the homeware retailer reported a rise in first-quarter sales, but cautioned that supply-chain and inflationary pressures made the future outlook uncertain as it maintained full-year guidance.

Hays advanced as the recruiter posted a rise in first-quarter net fees, highlighting good growth in all regions.

On the downside, Qinetiq shares tumbled after the defence technology company warned that technical and supply chain issues on a large complex programme could lead to a one-off write down to its short-term guidance.

Ashmore was also in the red as it posted a 3% drop in first-quarter assets under management.

Elsewhere, Tesco and Close Brothers were both weaker as they traded without entitlement to the dividend.

Market Movers

FTSE 100 (UKX) 7,182.12 0.56%
FTSE 250 (MCX) 22,792.33 0.69%
techMARK (TASX) 4,564.12 -0.06%

FTSE 100 - Risers

Anglo American (AAL) 2,879.50p 3.43%
Glencore (GLEN) 382.95p 2.87%
Antofagasta (ANTO) 1,464.50p 2.27%
Intermediate Capital Group (ICP) 2,084.00p 2.01%
Whitbread (WTB) 3,296.00p 1.92%
Rio Tinto (RIO) 5,024.00p 1.91%
BHP Group (BHP) 1,953.20p 1.68%
Informa (INF) 568.60p 1.64%
Polymetal International (POLY) 1,340.50p 1.63%
Evraz (EVR) 599.40p 1.56%

FTSE 100 - Fallers

Tesco (TSCO) 267.10p -0.84%
Kingfisher (KGF) 327.80p -0.79%
Admiral Group (ADM) 2,984.00p -0.76%
AstraZeneca (AZN) 8,801.00p -0.61%
Barratt Developments (BDEV) 678.20p -0.59%
Rolls-Royce Holdings (RR.) 142.52p -0.56%
Pershing Square Holdings Ltd NPV (PSH) 2,765.00p -0.54%
DCC (CDI) (DCC) 6,062.00p -0.53%
Berkeley Group Holdings (The) (BKG) 4,256.00p -0.51%
Reckitt Benckiser Group (RKT) 5,436.00p -0.49%

FTSE 250 - Risers

Darktrace (DARK) 974.50p 7.74%
Discoverie Group (DSCV) 1,104.00p 5.14%
Baltic Classifieds Group (BCG) 208.00p 4.52%
Trustpilot Group (TRST) 377.00p 4.14%
Grainger (GRI) 308.80p 4.04%
Harbour Energy (HBR) 369.60p 3.36%
Hays (HAS) 167.40p 3.14%
Rathbone Brothers (RAT) 1,966.00p 2.93%
Bytes Technology Group (BYIT) 511.50p 2.88%
Pagegroup (PAGE) 681.00p 2.41%

FTSE 250 - Fallers

QinetiQ Group (QQ.) 297.80p -9.54%
Close Brothers Group (CBG) 1,502.00p -2.34%
Diversified Energy Company (DEC) 101.40p -1.36%
Vesuvius (VSVS) 464.00p -1.07%
Marks & Spencer Group (MKS) 180.85p -0.96%
Hill & Smith Holdings (HILS) 1,746.00p -0.80%
Direct Line Insurance Group (DLG) 280.00p -0.74%
Syncona Limited NPV (SYNC) 168.20p -0.71%
Primary Health Properties (PHP) 154.10p -0.64%
PureTech Health (PRTC) 352.75p -0.63%