London's FTSE 100 inches up on oil boost; inflation data eyed

 The UK's FTSE 100 inched higher on Monday as energy stocks tracked crude prices higher, while investor caution ahead of domestic inflation data and major central bank decisions kept a lid on gains.

Energy shares advanced 0.8%, tracking gains in crude prices on the view that supply was tightening, in turn lifting the resource-heavy FTSE 100 0.1% as of 0910 GMT. [O/R]

Shares of Reckitt Benckiser (LON:RKT) gained 2.4% and also boosted the benchmark index after slumping around 14% on Friday.

Investors' focus this week would be on the domestic inflation data for February and the U.S. Federal Reserve's rate verdict, both due on Wednesday, a day before the Bank of England's interest rate decision.

"The FTSE 100 eked out a positive open and this is what you’re going to see for the rest of the week until we get decisions from the Fed and the Bank of England," said Susannah Streeter, head of money and markets at Hargreaves Lansdown (LON:HRGV).

"Investors want to find out what the attitude is among central bankers about when interest rate cuts will come, and any hint of more hawkish views given the hotter inflation could lead to a bit of volatility later this week."

The central bank is widely expected to keep rates at current levels in the upcoming meeting, although the focus will be on ascertaining the timing of the first rate cut. [0#BOEWATCH]

The mid-cap FTSE 250 edged 0.1% higher, with Currys (LON:CURY) among the top performers, up 3.5% after the electricals retailer edged up its profit outlook on recent stronger-than-expected sales.

Among other stocks, Bytes Technology (LON:BYIT) dropped 13% after the IT software services provider appointed an independent committee to investigate the former CEO's resignation and undisclosed share transactions.

Haleon (LON:HLN) fell 1.7% after U.S. drugmaker and top shareholder Pfizer (NYSE:PFE) said it would reduce its stake in the toothpaste maker to about 24%.

Related Posts
Commnets
or

For faster login or register use your social account.

Connect with Facebook