Commodities stocks and CRH help FTSE 100 make small gains

0

A man takes shelter under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo/File Photo

Join now for FREE unlimited access to Reuters.com

Register

  • Oil stocks lead the FTSE 100 higher
  • Traders await clues on US rate hikes
  • CRH and Harbor Energy up on strong earnings
  • FTSE 100 up 0.1%, FTSE 250 down 0.3%

Aug 25 (Reuters) – Britain’s FTSE 100 index closed higher on Thursday after a boost in oil majors and mining stocks on higher crude and commodity prices, although gains were limited as investors were cautious ahead of an annual conference of world central bankers. .

The blue-chip index (.FTSE) edged up 0.1% to end its three-day losing streak, with Shell (SHEL.L) and BP (BP.L) up more than 1%. % each, and minors (.FTNMX551020) adding 1.1%.

Ireland’s CRH (CRH.L) jumped 3.4% to the top of the FTSE 100 after the building materials company reported strong first-half results.

Join now for FREE unlimited access to Reuters.com

Register

“I think stock markets, in theory, should be lower. Jackson Hole can sometimes be the time when central bankers will pivot in a certain direction,” said David Madden, market analyst at Equiti Capital.

“Yields and bonds are up, which would send stock markets much lower than they are now, but they are holding up, which is strange.”

Investors brace for hawkish signals from Fed Chairman Jerome Powell when he speaks at the Jackson Hole symposium on Friday. His comments will be scrutinized for any indication that an economic slowdown could alter the Fed’s strategy and whether the central bank can achieve a “soft landing” for the economy.

The nationally exposed FTSE 250 index (.FTMC) ended down 0.3% and has fallen nearly 3.2% so far this week on growing concerns over a crisis in the cost of life.

Hays Plc (HAYS.L) rose 1.7% after the recruitment agency reported a 128% rise in annual profit due to increased demand for new hires as employers rush to fill vacancies.

Harbor Energy (HBR.L) climbed 10%, limiting losses on the mid-cap index after the UK’s largest North Sea oil and gas producer raised its program by 50% share buyback. Read more

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Johann M Cherian, Sruthi Shankar and Aniruddha Ghosh in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

Share.

Comments are closed.