FTSE 100 Starts the Year in Red Dragged by Financial Stocks
January 02 2024 - 12:29PM
Dow Jones News
The FTSE 100 index closed Tuesday down 0.15% at 7721 points,
slipping from its seven-month high and in line with global peers.
The blue-chip index's first day of trading in 2024 was mainly
dragged by financial stocks, while nearly all stocks closed in
negative terrain, with miner Fresnillo being the worst performer as
shares closed down 3.9%. Shares of Diploma, supplier of specialized
technical products and services, was down 3.7%, while St. James's
Place shares slipped 3.6%. Pharmaceutical heavyweights GSK and
AstraZeneca led a short group of risers, with shares up 2.0% and
1.8%, respectively.
COMPANIES NEWS:
Airtel Africa CEO Olusegun Ogunsanya to Retire July, Sunil
Taldar Named Replacement
Airtel Africa said that Chief Executive Officer Olusegun
Ogunsanya will retire from his role on July 1 and be replaced by
Sunil Taldar.
MARKET TALK:
European Stocks Gain Despite Downbeat PMI Data; US Set to
Slip
1114 GMT - European stocks mostly rise despite downbeat economic
data, though Wall Street looks set to edge lower. The Stoxx Europe
600 and CAC 40 gain 0.1% and the DAX advances 0.4%, but the FTSE
100 trades flat. The Eurozone manufacturing PMI from HCOB and
S&P Global rose to 44.4 in December, from 44.2 in November,
still below the 50 level indicating growth. Meanwhile, the
seasonally adjusted S&P Global U.K. Manufacturing PMI fell to
46.2 from 47.2 beforehand, showing manufacturing output contracting
faster in late 2023. "With concerns about high interest rates and
the cost-of-living crisis hurting demand, the outlook for [U.K.]
manufacturers in the months ahead remains decidedly gloomy,"
S&P's Rob Dobson writes. IG futures data shows the Dow opening
at 37681, versus 37689 previously. (philip.waller@wsj.com)
---
Next's Sales Growth Bucks Sector Trend
1046 GMT - Next's 4Q full-price sales growth will be analysts'
main focus following better-than-expected growth of 4% in 3Q, AJ
Bell investment director Russ Mould and head of financial analysis
Danni Hewson say in a note. While many British competitors blamed
the impact of the weather for lower sales during 2023, the fashion
retailer has raised guidance for both sales growth and profit on at
least four occasions in the past nine months, the analysts
highlight. Next is scheduled to publish its 4Q results on Thursday.
Shares are up 0.02% at 8,120 pence, and 40% on a 12-month basis.
(michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
January 02, 2024 12:14 ET (17:14 GMT)
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