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FTSE flat ahead of US interest rate meeting

Wednesday, 13th June 2018
The FTSE 100 struggled for direction ahead of the US Federal Reserve's latest interest rate meeting.

It was a similar scene in the US with the exception of the tech-heavy Nasdaq, up 0.5% at 7,740 around 5pm UK time.

The FTSE 100 was 0.1 points lower at 7,703.

Brent crude oil rose 0.6% to $76.33 per barrel.

INFLATION UP AS HOUSE PRICE GROWTH SLOWS

UK inflation rose from 2.2% in April to 2.3% in May according to the Office for National Statistics, driven partially by rising motor fuel prices.

House prices in England grew by 3.7% in the year to April, but this was slower than the 4% growth posted in the year to March.

MID AND LARGE CAP RISERS AND FALLERS

The market was concerned about Deliveroo's new expansion strategy in response to rival Just Eat's (JE.) own growth plan earlier this year as shares in the latter slumped 4.7% to 810p.

Stobart (STOB) rallied 11.2% to 263p after unveiling a new five-year deal with budget airline Ryanair (RYA) who agreed to invest $300m by opening a new base at London Southend Airport.

Telecoms firm TalkTalk (TALK) enjoyed a 5.3% boost in its share price after Deutsche Bank released a positive broker note.

Electronics retailer Dixons Carphone (DC.) reported unauthorised access to data held by the company, prompting a 2.7% decline in the stock to 192.3p.

SMALL CAP RISERS AND FALLERS

Distributor Connect (CNCT) plummeted 44.8% to 28.7p on an 'extremely disappointing' performance, leading to the decision to close the Pass my Parcel division and wind down the Parcel Shop network. Chief executive Mark Cashmore and chief financial officer David Bauernfeind resigned.

Waste disposal business Biffa (BIFF) announced its CEO Ian Wakelin resigned, which overshadowed a 33.8% jump in profit as the shares dropped 2.5% to 235.5p.

Video game developer Team 17 (TM17) levelled up after new release Overcooked 2 was announced at the E3 conference. Shares in the company rose 8.6% to 252.5p.

Contract and programme delays at Redhall (RHL) impacted trading in the six months to 31 March, pushing the shares 5.7% lower to 8.3p.

Northern Bear (NTBR) traded ahead of management expectations in the half year to 31 March, triggering a 12.2% rally to 78.5p.


Story provided by StockMarketWire.com


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