FTSE 100 moves higher as business get price cap, housing stocks lead

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FTSE 100 moves higher as business get price cap, housing stocks lead

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 FTSE 100 moves higher as business get price cap, housing stocks lead
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UK Market: The UK stock market was trading in the positive territory on Wednesday, with the blue-chip FTSE100 index gaining over 0.6 per cent. This followed the government’s announcement of discounting wholesale energy prices for businesses. Under the government’s support package, UK businesses have been given a six-month emergency energy price cap, starting from 1 October. The reduction in power prices would potentially help companies to get through the rough winter ahead. Additionally, the upward trend was led by housing stocks after reports suggesting that the government would cut the stamp duty.

Barratt Developments plc (LON: BDEV): The shares of the British housebuilder, Barratt Developments plc, were up by 3.58%, with a day’s high of GBX 419.30. The company is buying back shares worth 200 million pounds after announcing record-high annual profits recently.

Fresnillo Plc (LON: FRES): The shares of the precious metal mining firm, Fresnillo Plc, were up by 3.02%, with a day’s high of GBX 763.20. The company has lately been performing extensive tests at its Juanicipio mine in Mexico.

Melrose Industries plc (LON: MRO): The shares of the British manufacturing group, Melrose Industries plc, were down by 2.08%, with a day’s low of GBX 103.40. Melrose is planning to pull out the GKN Powder Metallurgy and GKN Automotive businesses from the Group.

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 20.50 points or 0.52% at 3,893.25, while the Dow Jones 30 future was up by 0.50% or 154 points at 30,960.00. Meanwhile, the technology-heavy index Nasdaq Composite future was also up by 0.49% or 58 points, at 11,980.25. (At the time of writing – 9:00 AM ET).

The shares of the food producer, General Mills (GIS), were up by 1.8% in the premarket trading session. This happened after the company announced higher-than-expected quarterly profits and lifted its annual sales projection.

The shares of the online clothing styling company, Stitch Fix (SFIX), were down by 5.9% in premarket trading session. This happened after the company declared greater-than-expected quarterly losses and released a weak forecast.

European Indices Performance (at the time of writing):


FTSE 100 Index One Year Performance (as on 21 September)


                                                                       (Source: Refinitiv)

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

Top 2 sectors traded in red*:  Financials (-0.95%), Consumer Cyclicals (-0.15%)

Top 3 sectors traded in green*:  Energy (2.30%), Utilities (1.64%), Technology (1.46%)

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 $92.58/barrel and $85.73/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,682.25 per ounce, up by 0.67% against the prior day closing.

Currency Rates*: GBP to USD: 1.1342; EUR to USD: 0.9914

Bond Yields*: US 10-Year Treasury yield: 3.549%; UK 10-Year Government Bond yield: 3.3540%

*At the time of writing


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