Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London close: Stocks edge higher ahead of US CPI report
(Sharecast News) - London stocks extended their gains on Wednesday, helped by a well-received update from JD Sports. "For all the doom and gloom leading up to Christmas and the end of the year period, it would appear that while consumers are becoming choosier about where they spend their money, they are still spending it," said Michael Hewson, chief market analyst at CMC Markets UK.
The FTSE 100 was up 0.4% at 7,724.98, having taken its opening cue from a positive session in the US, after Fed chair Jerome Powell refrained from saying anything about rate policy in a speech delivered in Sweden.
Nonetheless, investors were expectant ahead of the US consumer price report for December due out the next day and earnings reporting season was set to kick off on Wall Street come Friday.
In equity markets, JD Sports Fashion surged to the top of the FTSE 100 after saying it expects annual profits to be at the top end of expectations after revenues grew by more than a fifth over the Christmas period.
Current market expectations for the year to January 28 were for group profit before tax and exceptional items of £933m-985m and although the final figure would reflect trading through the rest of January, the post-Christmas sale period still to take place in some of the company's most important European markets.
Sports Direct owner Frasers and Next also rose.
On the downside, insurer Direct Line tanked after axing its final dividend for 2022 as it took a hit from claims related to severe cold weather and increases in motor inflation. Admiral, Sabre Insurance and Hiscox all fell.
Russ Mould at AJ Bell said: "If you thought everything bad has gone wrong for Direct Line, it's important to consider the knock-on effect of these events. Questions are going to be asked about the strength of the company's balance sheet and whether it has enough capital. The company admits that its capital coverage is now at the lower end of its risk appetite, so might we see a big fundraise soon?
"Saving money by not paying a dividend is one way to preserve cash yet the thousands of pensioners owning the stock for income won't be happy. Direct Line has historically been a generous dividend payer and a lot of people have got used to a growing stream of cash rewards from the business."
Cybersecurity firm Darktrace tumbled after it lowered annual revenue forecasts as potential customers balked at trialling the company's products amid the tougher macro-economic environment.
Sainsbury's was under the cosh even as it increased full-year profits guidance after "record" Christmas trading.
Barratt Developments lost ground after the housebuilder flagged a more uncertain outlook following a "marked slowdown" in the UK housing market.
Frontier Developments retreated following a downgrade to 'sell' at Numis, whose analysts thought the firm might need to go cap in hand to investors over the next 18 months.
Recruiter PageGroup reversed early steep losses despite downgrading its full-year profit expectations following a slowdown in the fourth quarter.
Market Movers
FTSE 100 (UKX) 7,724.98 0.40% FTSE 250 (MCX) 19,521.70 0.67% techMARK (TASX) 4,484.46 0.03%
FTSE 100 - Risers
JD Sports Fashion (JD.) 150.75p 6.99% Frasers Group (FRAS) 751.00p 4.02% St James's Place (STJ) 1,195.50p 3.96% SEGRO (SGRO) 818.20p 3.44% Unite Group (UTG) 955.50p 3.13% Kingfisher (KGF) 257.30p 2.83% Weir Group (WEIR) 1,769.00p 2.64% Spirax-Sarco Engineering (SPX) 11,360.00p 2.57% British Land Company (BLND) 420.30p 2.46% WPP (WPP) 901.80p 2.41%
FTSE 100 - Fallers
Admiral Group (ADM) 2,117.00p -6.82% M&G (MNG) 190.80p -2.93% Legal & General Group (LGEN) 252.20p -2.36% Aviva (AV.) 448.70p -2.12% Smith & Nephew (SN.) 1,161.00p -1.82% BAE Systems (BA.) 825.00p -1.72% Sainsbury (J) (SBRY) 241.90p -1.59% AstraZeneca (AZN) 11,634.00p -1.42% Imperial Brands (IMB) 2,027.00p -1.22% RS Group (RS1) 897.00p -1.05%
FTSE 250 - Risers
Urban Logistics Reit (SHED) 139.50p 5.68% IP Group (IPO) 63.00p 5.18% Aston Martin Lagonda Global Holdings (AML) 165.30p 5.02% Currys (CURY) 62.50p 4.78% Hammerson (HMSO) 26.31p 4.57% Liontrust Asset Management (LIO) 1,148.00p 4.36% Coats Group (COA) 66.40p 4.24% Sirius Real Estate Ltd. (SRE) 84.30p 4.20% Intermediate Capital Group (ICP) 1,268.50p 4.19% Target Healthcare Reit Ltd (THRL) 84.60p 4.19%
FTSE 250 - Fallers
Direct Line Insurance Group (DLG) 177.80p -23.49% Darktrace (DARK) 250.70p -14.55% Kainos Group (KNOS) 1,418.00p -9.34% Close Brothers Group (CBG) 1,076.00p -3.93% Volution Group (FAN) 378.50p -3.07% QinetiQ Group (QQ.) 338.00p -2.70% Elementis (ELM) 121.70p -2.56% Hipgnosis Songs Fund Limited NPV (SONG) 88.20p -2.00% Ashmore Group (ASHM) 258.00p -1.98% Murray International Trust (MYI) 1,290.00p -1.98%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.