Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Upbeat Melrose earnings lift FTSE 100; energy stocks gain

Stock MarketsSep 02, 2021 17:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall/File Photo/File Photo

By Devik Jain

(Reuters) -The FTSE 100 rose on Thursday on an upbeat earnings report from Melrose Industries and as higher oil prices lifted energy stocks, although ex-dividend trading and losses in heavyweight Unilever (LON:ULVR) capped gains.

The blue-chip index closed up 0.2%, with engineering firm Melrose surging 7.2% to a more-than-four-month high after swinging to a first-half profit, helped by a recovery in its aerospace division.

On the other hand, global miner BHP Group slid 5.6% to the bottom of index, while motor insurer Admiral Group (LON:ADML) slipped 1.9% as they traded ex-dividend.

The FTSE 100 has risen more than 10% so far this year, boosted by strong corporate earnings and hopes of a strong vaccine-led economic recovery, but a global resurgence in coronavirus cases and fears of a tapering in global monetary policy have rekindled concerns about the pace of growth.

Focus on Friday will be on the U.S. monthly jobs report, which could set the stage for the Federal Reserve's policy meeting later this month.

"The market is waiting for this non-farm payrolls (data) that has potentially big market moving implications for the Federal Reserve," said Neil Wilson, chief market analyst at Markets.com.

"With the Fed looking at the employment market more and more as its guide rather than inflation ... you're getting to the point now where, because of the potential imminent taper, each jobs report becomes more and more important."

The domestically focussed mid-cap index was down 0.1%, after notching a record closing high on Wednesday.

Unilever Plc fell 2.1% as JP Morgan downgraded the Dove soap maker's stock to "underweight" from "neutral".

CMC Markets sank 27.4% to the bottom of the index after the online trading platform slashed its annual earnings outlook.

EnQuest fell 6.1% after the North Sea-focused oil producer forecast annual production at the lower end of its earlier outlook range.

Upbeat Melrose earnings lift FTSE 100; energy stocks gain
 

Related Articles

Biogen Earnings, Revenue beat in Q3
Biogen Earnings, Revenue beat in Q3 By Investing.com - Oct 20, 2021

Investing.com - Biogen (NASDAQ:BIIB) reported on Wednesday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. Biogen announced earnings...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email