FTSE 100 falls post tax plan U-turn

October 03, 2022 02:13 PM BST | By Rishika Raina
 FTSE 100 falls post tax plan U-turn
Image source: © Poringdown | Megapixl.com

UK Market: The UK stock market was trading in the negative territory on Monday, with the blue-chip FTSE100 index losing over 0.5 per cent. This happened after it was confirmed that the UK government would abandon its plans to eliminate the country’s top tax rate. This was a major U-turn taken by the government on a crucial fragment of its Budget proposals. With this the pound moved back toward $1.13. UK Chancellor Kwasi Kwarteng referred to the 45p tax rate as a distraction.

SSE plc (LON: SSE): The shares of the global energy firm, SSE plc, were up by 2.42%, with a day’s high of GBX 1,564.50. The company has kept its full-year earnings forecast unaffected despite the potential impact of unfavourable weather on its output.

BP plc (LON: BP.): The shares of the multinational oil and gas giant, BP plc, were up by 2.33%, with a day’s high of GBX 443.20. The company is planning to redeploy offshore personnel to its Na Kika and Thunder Horse platforms.

Vodafone Group plc (LON: VOD): The shares of the global telecom firm, Vodafone Group plc, were up by 2.20%, with a day’s high of GBX 103.34. The company has confirmed that it is in talks with CK Hutchison regarding Three merger.

US Markets: The US market is likely to get a decent start, as indicated by the futures indices. S&P 500 future was up by 65 points or 0.46% at 3,618.00, while the Dow Jones 30 future was up by 0.58% or 168 points at 28,965.00. Meanwhile, the technology-heavy index Nasdaq Composite future was also up by 0.06% or 6.50 points, at 11,043.00. (At the time of writing – 8:15 AM ET).

The shares of the American automotive firm, Tesla (TSLA), plunged by 5.7% in the premarket trading session. This happened after the company reported less-than-forecasted deliveries of vehicles over the third quarter.

The shares of the satellite company, ViaSat (VSAT), surged by 5.9% in the premarket trading session. This happened after it was reported that the company is selling a military communications unit to L3Harris Technologies for almost $2bn.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 3 October)    

                                                               

                                                        (Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group plc (VOD),  Barclays plc (BARC)

Top 3 sectors traded in green*:  Energy (2.13%), Technology (0.80%), Utilities (0.70%)

Top 3 sectors traded in red*: Healthcare (-1.64%), Financials (-1.28%), Industrials (-1.08%)

London Stock Exchange: Stocks Performance (at the time of writing):

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $88.69/barrel and $83.16/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,673.95 per ounce, up by 0.12% against the prior day closing.

Currency Rates*: GBP to USD: 1.1209; EUR to USD: 0.9767

Bond Yields*: US 10-Year Treasury yield: 3.718%; UK 10-Year Government Bond yield: 3.9565%

*At the time of writing


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.


Sponsored Articles


Investing Ideas

Previous Next