London close: Stocks rise tracking record highs on Wall Street
London stocks moved up on Thursday even as they waited on a potentially key monthly jobs report due out the next day in the States.
Nonetheless, in the meantime the fresh record highs notched up by Wall Street the day before and a widely anticipated 25 basis points rate cut from the European Central Bank helped to buoy sentiment.
The FTSE 100 was up 0.47% at 8,285.34, while the second-tier index edged up 0.21% to 20,715.88.
"It was a wobbly start to June, but with Nvidia’s market cap topping $3 trillion, the Nasdaq 100 at record highs and the ECB cutting rates, it feels like a good time to be an investor," said IG chief market analyst Chris Beauchamp.
"Oil prices are down too, which will allay a lot of inflation fears. The attention now turns to tomorrow’s NFP data – investors are on watch for any repeat of Wednesday’s ADP data that might hint at a rate cut sooner rather than later.”
On home shores, a survey showed the construction sector grew in May at its fastest pace in two years.
The S&P Global purchasing managers’ index for the sector rose to 54.7 from 53.0 in April, coming in above the 50.0 mark that separates contraction from expansion for the third month in a row (consensus: 52.5).
For the first time since May 2022, all three categories saw an increase in activity. The sharpest rise was seen in the commercial segment, where the rate of growth accelerated to a two-year high.
In equity markets, JD Sports was the standout gainer on the FTSE 100 throughout much of the session after US sportswear retailer Lululemon lifted its profit outlook.
Wood Group surged as it said late on Wednesday that it had decided to "engage" with Sidara after the Dubai-based engineering and consulting firm made an improved and final takeover proposal last week at 230p a share.
On the downside, Mitie reversed earlier gains as the outsourcer said annual profits surged as revenues hit a record £4.5bn - in line with company expectations.
Vodafone, WPP, Sainsburys, National Grid, Informa, Johnson Matthey, Pets at Home, Assura and Energean were all weaker as they traded without entitlement to the dividend.
Market Movers
FTSE 100 (UKX) 8,285.34 0.47%
FTSE 250 (MCX) 20,715.88 0.21%
techMARK (TASX) 4,852.30 0.17%
FTSE 100 - Risers
Antofagasta (ANTO) 2,214.00p 2.93%
Fresnillo (FRES) 593.00p 2.68%
Sage Group (SGE) 1,066.50p 2.41%
Diageo (DGE) 2,712.50p 2.11%
NATWEST GROUP (NWG) 318.80p 2.05%
St James's Place (STJ) 530.00p 1.92%
Rio Tinto (RIO) 5,409.00p 1.85%
Flutter Entertainment (DI) (FLTR) 14,950.00p 1.74%
Barclays (BARC) 216.15p 1.65%
Lloyds Banking Group (LLOY) 55.60p 1.64%
FTSE 100 - Fallers
Vodafone Group (VOD) 72.20p -5.79%
National Grid (NG.) 864.00p -4.17%
WPP (WPP) 778.80p -3.45%
easyJet (EZJ) 474.40p -2.91%
Sainsbury (J) (SBRY) 267.60p -2.34%
B&M European Value Retail S.A. (DI) (BME) 495.60p -2.17%
Smith (DS) (SMDS) 372.40p -1.27%
Smurfit Kappa Group (CDI) (SKG) 3,760.00p -1.21%
International Consolidated Airlines Group SA (CDI) (IAG) 172.40p -1.06%
Informa (INF) 843.00p -0.99%
FTSE 250 - Risers
Wood Group (John) (WG.) 200.80p 7.96%
Endeavour Mining (EDV) 1,757.00p 5.59%
Ferrexpo (FXPO) 45.00p 3.81%
Aston Martin Lagonda Global Holdings (AML) 162.90p 3.76%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,420.00p 3.64%
Bank of Georgia Group (BGEO) 3,810.00p 3.11%
Auction Technology Group (ATG) 561.00p 2.75%
Impax Environmental Markets (IEM) 402.00p 2.55%
Babcock International Group (BAB) 545.50p 2.54%
JPMorgan Global Growth & Income (JGGI) 549.00p 2.43%
FTSE 250 - Fallers
Indivior (INDV) 1,314.00p -4.99%
Bridgepoint Group (Reg S) (BPT) 214.00p -3.69%
Energean (ENOG) 1,059.00p -3.64%
Johnson Matthey (JMAT) 1,659.00p -3.32%
4Imprint Group (FOUR) 5,970.00p -3.08%
Drax Group (DRX) 492.60p -3.03%
TUI AG Reg Shs (DI) (TUI) 603.50p -2.66%
Assura (AGR) 41.26p -2.64%
Computacenter (CCC) 2,722.00p -2.58%
CMC Markets (CMCX) 267.50p -2.55%