London's FTSE 100 Oritur super oleum Surge, Focus de Inflatione Data

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telegraphum

Results

The UK’s FTSE 100 made slight gains on Monday, driven by increased crude prices lifting energy stocks, although investors’ wariness ahead of domestic inflation data and key central bank decisions tempered the rise.

Energy shares (FTNMX601010) advanced by 0.8%, in sync with the rise in crude prices, fueled by the perception of tightening supply, consequently lifting the resource-driven FTSE 100 index by 0.1% as of 0910 GMT.

Additionally, Reckitt Benckiser ( RKT.L) shares surged by 2.4%, further contributing to the benchmark index’s growth, following a significant decline of around 14% on Friday.

Investors will keep a close watch on the UK’s inflation data for February and the upcoming interest rate decision by the US Federal Reserve, both scheduled for Wednesday, just ahead of the Bank de Anglia‘s own rate announcement.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted, “The FTSE 100 saw a modest positive start, likely to persist throughout the week until we receive updates from the Fed and the Bank of England.”

She emphasized, “Investors are eager to gauge central bankers’ sentiments regarding potential interest rate adjustments, and any indications of a more hawkish stance due to rising inflation could introduce volatility later in the week.”

The central bank is widely anticipated to maintain current interest rates in the upcoming meeting, with attention focused on determining the timing of the first potential rate cut.

In the mid-cap FTSE 250 index (FTMC), there was a marginal 0.1% increase, with Currys (CURY.L) standing out as one of the top performers, surging by 3.5% after the electricals retailer upgraded its profit outlook due to recent stronger-than-expected sales.

Meanwhile, Bytes Technology (BYIT.L) saw a significant decline of 13% after the IT software services provider initiated an independent committee to investigate the former CEO’s resignation and undisclosed share transactions.

Haleon ( HLN.L) experienced a 1.7% drop following the announcement by U.S. drugmaker and major shareholder Pfizer of its intention to reduce its stake in the toothpaste maker to approximately 24%.

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