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UK Market: The UK stock market moved higher on Tuesday, with the blue-chip FTSE100 index gaining over 0.5%. Rallying crude prices led to a surge in energy stocks amid restricted supplies of crude and fuel products. The index gained strength despite the release of new figures from Kantar showing that grocery price inflation surged to 8.3% during the four weeks ended 12 June. This is the highest level of grocery price inflation witnessed in the UK since 2009. Also, BoE chief economist has signalled further rate hikes amid the soaring inflation.
DS Smith plc (LON: SMDS): The shares of the UK-based Packaging, Paper, and Recycling firm DS Smith Plc were up by 3.76%, with a day’s high of GBX 292.90. The company has reported an increase of 64% in its pre-tax profits in the financial year that ended 30 April, attributing its revenue growth to high demand.
Harbour Energy plc (LON: HBR): The shares of the independent oil and gas business, Harbour Energy plc, were up by 2.27%, with a day’s high of GBX 364.40. The company has written a letter to the Chancellor of the Exchequer criticizing the £5bn windfall tax recently announced by the UK Government.
Rio Tinto plc (LON: RIO): The shares of the leading global mining group, Rio Tinto plc, were up by 2.01%, with a day’s high of GBX 5,228.00. For over 10 years, the company has bought online its first greenfield mine, the Gudai-Darri iron ore mine in the Pilbara, which is located in the western region of Australia.
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 58.50 points or 1.59% at 3,734.25, while the Dow Jones 30 future was up by 1.43% or 426 points at 30,295.00. The technology-heavy index Nasdaq Composite future was also up by 1.58% or 178.75 points, at 11,475.50. (At the time of writing – 8:45 AM ET).
The shares of the US-based global food manufacturer, Kellogg (K), were up by over 8% in the premarket trading session. This happened after the company announced its plans to split into three distinct public enterprises.
The shares of the US-based ultra-low-cost carrier, Lennar (LEN), were up by over 8% in the premarket trading session. This happened after the takeover offer by JetBlue (JBLU) for Spirit was increased by $2 to $33.50 per share.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 21 June 2022)
(Source: EODHD/Others)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Barclays (BARC), BP plc (BP.)
Top 3 Sectors traded in green*: Basic Materials (1.46%), Energy (1.40%), Financials (0.70%)
Top sector traded in red*: Utilities (-1.00%)
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 $115.63/barrel and $110.44/barrel, respectively.
Gold Price*: Gold price was hovering at around US$ 1,8238.60 per ounce, down by 0.11% against the prior day’s closing.
Currency Rates*: GBP to USD: 1.2285; EUR to USD: 1.0558.
Bond Yields*: US 10-Year Treasury yield: 3.303%; UK 10-Year Government Bond yield: 2.6620%.
*At the time of writing
