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FTSE 100 movers: Poor CPI data drags on interest rate sensitive names
(Sharecast News) - Packaging specialists DS Smith and Smurfit Kappa paced losses on London's top flight index on Wednesday as investors continued to mull the scope for higher interest rates.
Indeed, the next day the Bank of England was expected to go ahead with a 13th consecutive rate hike to 4.75% and market pricing for the so-called terminal rate had shifted higher to 6.0%.
Linked to the above, in the background the yield on the benchmark two-year Gilt was jumping by 10 basis points after May consumer price data published earlier surprised to the upside.
Hence the decline in shares of homebuilders, including those of Barratt Developments, Persimmon or Taylor Wimpey.
UK focused lenders such as NatWest Group and Lloyds also traded on the backfoot.
Burberry was another top faller as disappointment on the outlook for further economic stimulus in the People's Republic of China filtered through.
Market Movers
FTSE 100 (UKX) 7,555.42 -0.18%
FTSE 100 - Risers
CRH (CDI) (CRH) 4,201.00p 2.24% BP (BP.) 463.30p 2.06% Shell (SHEL) 2,357.50p 1.55% Convatec Group (CTEC) 208.80p 1.46% British American Tobacco (BATS) 2,601.00p 1.21% GSK (GSK) 1,375.80p 1.04% Ocado Group (OCDO) 428.20p 0.99% Imperial Brands (IMB) 1,759.50p 0.83% Haleon (HLN) 322.95p 0.58% Centrica (CNA) 120.65p 0.54%
FTSE 100 - Fallers
Smith (DS) (SMDS) 291.20p -5.64% Smurfit Kappa Group (CDI) (SKG) 2,664.00p -5.46% Burberry Group (BRBY) 2,134.00p -4.56% NATWEST GROUP (NWG) 235.70p -3.91% Persimmon (PSN) 1,138.00p -3.80% Barratt Developments (BDEV) 426.80p -3.79% Taylor Wimpey (TW.) 104.50p -3.51% Kingfisher (KGF) 225.90p -3.13% Fresnillo (FRES) 625.40p -3.07% BT Group (BT.A) 131.00p -3.00%
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