FTSE 100 Breaks Two-Day Losing Streak Boosted by Sage's Stellar Results
The FTSE 100 in the UK experienced a 0.2% uptick at 0907 GMT on Wednesday, putting an end to its two-day losing streak. Precious metal miners saw a 0.4% rise, mirroring the surge in gold prices influenced by a weaker dollar and a decrease in US bond yields, with expectations that the Federal Reserve may halt interest rate hikes.
Reuters
Sage, a prominent software company, took center stage with an 18% increase in its full-year underlying operating profit. This propelled Sage shares by 10.7%, reaching an all-time high. Additionally, Johnson Matthey, a major autocatalyst maker, raised its outlook for full-year underlying operating performance, causing its shares to climb 1.7% and leading the FTSE 250 index.
In the chemical sector, the broader index saw a 1% increase in response to positive news from Johnson Matthey.
However, oil and gas shares, the top decliners, experienced a 0.5% drop as investors awaited updates on output cuts from the OPEC+ producers group and sought confirmation of a substantial build-up in US crude stocks.
The week started on a less optimistic note for the FTSE 100 as Kingfisher, a home improvement retailer, reduced its annual profit forecast for the second time in three months. This move was attributed to a weaker-than-expected retail market in France, leading to a 6.4% decline in Kingfisher's shares.
Adam Vettese, an analyst at eToro, commented,
"We don’t think this troubled patch is down to a problem with Kingfisher itself. Market conditions are mostly to blame."
On a positive note, Intermediate Capital Group's shares gained nearly 1% as the asset manager is set to join the FTSE 100 index in December, replacing Hargreaves Lansdown, which is expected to be demoted to the mid-cap FTSE 250.
