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 IPOs and placings
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 midday: Stocks flat as investors eye US consumer confidence, inflation
(Sharecast News) - London stocks were little changed by midday on Tuesday as investors eyed a key US consumer confidence reading and inflation data due later in the week. The FTSE 100 was flat at 7,916.90.
Russ Mould, investment director at AJ Bell, said: "The FTSE 100 dipped at the open but remains within striking distance of its all-time highs above 8,000 as investors eye a reading of US consumer confidence this afternoon.
"This could reinforce or undermine the 'soft landing' narrative - with the Federal Reserve looking to tame inflation without causing too much economic damage in the process."
On home shores, Bank of England policy maker Catherine Mann said in an interview with Bloomberg TV that financial markets are pricing in too many interest rate cuts this year and that it's unlikely the UK will move before the Federal Reserve.
Markets are currently expecting three quarter-point rate cuts this year, starting in August.
"They're pricing in too many cuts - that would be my personal view - and so in some sense, I don't have to cut because the market already is," Mann said. "Wage dynamics in the UK are stronger and more persistent than the wage dynamics in either the United States or the euro area.
"Underlying services dynamics are also stickier more persistent than either the US or the euro area. So on that basis, it's hard to argue that the BoE would be ahead of the other two regions particularly the United States."
Investors were also mulling the latest data from Kantar, which showed that UK grocery price inflation fell to 4.5% in the year to mid-March - its lowest level since February 2022. However, 23% of British households still identify themselves as struggling financially.
The data showed that Ocado was the fastest-growing retailer in Britain this month, while Morrisons has now been in consistent growth for over one year.
In equity markets, Ocado jumped to the top of the FTSE 100 as it said that in the first quarter of 2024, its Ocado Retail operation saw an 8.1% increase in total item volumes, leading to a 10.6% rise in revenue to £645.3m.
The company said the division - a joint venture with Marks and Spencer - saw its online market share climb to 13.5%, driven by a 6.4% rise in active customers, reaching 1.02 million.
Engineering group Smiths reversed earlier losses to trade up as it reaffirmed annual guidance after a rise in half-year earnings and order growth.
IT infrastructure products and services provider Softcat and Irn-Bru maker AG Barr both rose after results.
On the downside, Auto Trader slumped as JPMorgan Cazenove put the shares on 'negative catalyst watch' ahead of full-year results.
Wood Group fell despite an upgrade to its current-year outlook, as the engineering company reported wider-than-expected losses and increased debt levels for 2023.
Dr Martens was under the cosh after a downgrade to 'sell' at Goldman Sachs.
Mobico - formerly National Express - was hit by a downgrade to 'sector perform' from outperform' at RBC Capital Markets.
Paddy Power owner Flutter Entertainment reversed earlier gains to trade marginally lower, as it posted a widening of its full-year losses due to one-off costs, but said revenue surged and guided to 30% growth in 2024 core profit thanks to a strong performance in the US.
Market Movers
FTSE 100 (UKX) 7,916.90 -0.01% FTSE 250 (MCX) 19,690.28 0.39% techMARK (TASX) 4,501.85 0.00%
FTSE 100 - Risers
Ocado Group (OCDO) 488.30p 7.89% Smiths Group (SMIN) 1,713.50p 3.60% Kingfisher (KGF) 246.70p 2.96% Standard Chartered (STAN) 689.60p 2.10% Marks & Spencer Group (MKS) 258.60p 1.77% International Consolidated Airlines Group SA (CDI) (IAG) 164.85p 1.45% InterContinental Hotels Group (IHG) 8,272.00p 1.15% Rolls-Royce Holdings (RR.) 425.70p 1.09% Frasers Group (FRAS) 800.00p 1.07% Smith (DS) (SMDS) 354.30p 0.94%
FTSE 100 - Fallers
Auto Trader Group (AUTO) 712.80p -3.96% Fresnillo (FRES) 444.20p -1.73% Croda International (CRDA) 4,859.00p -1.64% Prudential (PRU) 761.80p -1.63% Experian (EXPN) 3,449.00p -1.51% M&G (MNG) 235.20p -1.42% Rio Tinto (RIO) 4,954.00p -1.18% Beazley (BEZ) 674.00p -1.17% Anglo American (AAL) 1,911.20p -1.04% Admiral Group (ADM) 2,802.00p -0.99%
FTSE 250 - Risers
Softcat (SCT) 1,613.00p 8.55% Barr (A.G.) (BAG) 546.00p 6.23% TUI AG Reg Shs (DI) (TUI) 640.50p 5.26% Petershill Partners (PHLL) 180.40p 4.52% Darktrace (DARK) 443.20p 3.31% TI Fluid Systems (TIFS) 169.40p 2.54% RHI Magnesita N.V. (DI) (RHIM) 3,602.00p 2.39% Close Brothers Group (CBG) 389.80p 2.36% Wetherspoon (J.D.) (JDW) 743.00p 2.34% Babcock International Group (BAB) 525.50p 2.24%
FTSE 250 - Fallers
Ferrexpo (FXPO) 44.44p -4.64% Wood Group (John) (WG.) 141.40p -4.59% Dr. Martens (DOCS) 84.50p -3.98% Me Group International (MEGP) 166.80p -2.80% Essentra (ESNT) 167.00p -2.57% Mobico Group (MCG) 69.60p -1.83% W.A.G Payment Solutions (WPS) 69.80p -1.41% Jupiter Fund Management (JUP) 87.75p -1.29% Lancashire Holdings Limited (LRE) 617.00p -1.28% Empiric Student Property (ESP) 94.30p -1.15%
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.