Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

London open: Stocks flat amid deluge of corporate news, ahead of US inflation

Published 10/11/2022, 08:59
Updated 10/11/2022, 09:13
London open: Stocks flat amid deluge of corporate news, ahead of US inflation
UK100
-
BARC
-
ALVG
-
CNA
-
AV
-
SMWH
-
BAES
-
SRP
-
WTB
-
SSE
-
DRX
-
MRON
-
FGP
-
NG
-
CPG
-
HLMA
-
ASOS
-
TGT
-
FTMC
-
DNLM
-
FCSS
-
THRL
-
DPH
-
AZN
-
N1WS34
-
DARK
-

At 0855 GMT, the FTSE 100 was flat at 7,295.99.

Oanda market analyst Craig Erlam said: "With neither the Fed nor the labour market fully delivering - and one could argue they never were likely to - today's inflation report becomes ever more important. Another hot reading could be the latest in a growing list of setbacks for investors, who have been all too keen to buy at discounted levels in the hope the data rewards them. So far it hasn't.

"That will turn at some point of course and this could be that moment. The million-dollar question is how fast will it fall. As this will ultimately determine the Fed's response. The best thing about a slower pace of tightening is that it allows time for the data to justify smaller rate hikes and an eventual end to the tightening process. Without it, the Fed will be in a very uncomfortable position of blindly weighing up inflation, recession and overtightening risks."

The US consumer price index for October is due at 1330 GMT.

In equity markets, B&M European Value Retail slid as the discount retailer reiterated its earnings guidance for the year and posted a rise in interim revenues but a drop in profit.

Auto Trader was also weaker as it reported a slight fall in half-year profits after booking a rise in costs associated with its takeover of car leasing website Autorama, but posted a 16% rise in revenues.

QinetiQ fell even as defence technology specialist lifted its full-year guidance after a spike in first-half revenues and profits.

On the upside, Centrica (LON:CNA) surged as the British Gas owner announced a share buyback programme and lifted guidance for full-year earnings.

ConvaTec was also higher after the medical products firm upgraded its full-year guidance, while Haleon and AstraZeneca (NASDAQ:AZN) also gained after updates.

WH Smith (LON:SMWH) rallied after the book and stationery retailer said it swung to an annual profit as a rebound in air and rail travel boosted revenues, with that momentum continuing into the new fiscal year.

Building materials distributor and DIY retailer Grafton rose after it announced another share buyback programme as it backed its expectations for full-year operating profit and posted a jump in revenue.

Aston Martin was boosted by an initiation at ‘overweight’ at Barclays (LON:BARC).

Market Movers

FTSE 100 (UKX) 7,295.99 0.00%

FTSE 250 (MCX) 18,570.46 -0.42%

techMARK (TASX) 4,314.45 -0.17%

FTSE 100 - Risers

Centrica (CNA) 83.88p 8.12%

Convatec Group (CTEC) 224.00p 5.76%

Compass Group (LON:CPG) 1,885.00p 1.34%

AstraZeneca (AZN) 10,976.00p 1.20%

National Grid (LON:NG.) 997.00p 1.05%

Haleon (HLN) 289.15p 1.01%

Reckitt Benckiser Group (RKT) 5,738.00p 0.99%

Aviva (LON:AV.) 430.30p 0.94%

SSE (LON:SSE) 1,626.50p 0.77%

BAE Systems (LON:BAES) (BA.) 805.80p 0.65%

FTSE 100 - Fallers

B&M European Value Retail S.A. (DI) (BME) 350.30p -6.36%

Auto Trader Group (AUTO) 535.40p -3.36%

Endeavour Mining (EDV) 1,599.00p -3.27%

Sainsbury (J) (SBRY) 211.60p -3.11%

Airtel Africa (AAF) 115.90p -3.01%

Rightmove (RMV) 508.40p -2.31%

Melrose Industries (LON:MRON) (MRO) 119.25p -1.93%

Dechra Pharmaceuticals (LON:DPH) 2,612.00p -1.88%

Halma (LON:HLMA) 2,173.00p -1.81%

Whitbread (LON:WTB) 2,490.00p -1.78%

FTSE 250 - Risers

Grafton Group Ut (CDI) (GFTU) 753.00p 3.59%

Drax Group (LON:DRX) 552.50p 2.79%

Bank of Georgia Group (BGEO) 2,480.00p 2.69%

IntegraFin Holding (IHP) 277.80p 2.43%

Tate & Lyle (TATE) 730.60p 2.32%

Serco Group (LON:SRP) 165.90p 2.28%

WH Smith (SMWH) 1,312.50p 1.98%

TBC Bank Group (TBCG) 2,205.00p 1.85%

Aston Martin Lagonda Global Holdings (AML) 145.25p 1.57%

Fidelity China Special Situations (LON:FCSS) 199.00p 1.53%

FTSE 250 - Fallers

Vietnam Enterprise Investments (DI) (VEIL) 520.00p -4.24%

FirstGroup (FGP (LON:FGP)) 92.50p -3.95%

Dunelm Group (LON:DNLM) 902.50p -3.94%

Softcat (SCT) 1,179.00p -3.83%

Marks & Spencer Group (MKS) 109.00p -3.63%

ASOS (LON:ASOS) (ASC) 646.00p -3.22%

Allianz (ETR:ALVG) Technology Trust (ATT) 211.00p -3.21%

Target (NYSE:TGT) Healthcare Reit Ltd (THRL (LON:THRL)) 84.20p -2.88%

Darktrace (LON:DARK) 353.00p -2.41%

Baltic Classifieds Group (BCG) 147.00p -2.39%

Read more on Sharecast.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.