London open: Stocks gain as investors eye Jackson Hole symposium

London stocks rose in early trade on Thursday, taking their cue from positive US and Asian sessions, as investors eyed the Jackson Hole symposium.

At 0825 BST, the FTSE 100 was up 0.6% at 7,516.60.

Richard Hunter, head of markets at Interactive Investor, said: "Markets maintained their holding pattern, ahead of an important couple of days which should provide further short-term directional clues.

"The usual Thursday jobless claims number will give some further indications of a relatively tight labour market, while the Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures index, will reveal the current state of play tomorrow. Following the last reading, the release could give further substance as to whether there is any additional evidence of inflation nearing or indeed hitting a peak.

"However, the highlight of the week for investors is the Jackson Hole symposium and in particular the latest comments from Fed Chairman Powell when he speaks on Friday. Investors have been bracing for a reiteration of the Fed’s hawkish tone in continuing to raise rates to combat rampant inflation.

"Indeed, despite some emerging signs of slowing economic growth, caused in part by the rate hikes already undertaken, the Fed is expected to maintain its dogged determination to rein in inflation at all costs, with the next hike in September expected to be one of 0.75%."

In equity markets, building products maker CRH was the standout performer on the top-flight index after saying it expects full-year core earnings to rise slightly to $5.5bn "against a continually challenging cost environment" as it posted an increase in interim profits.

Recruiter Hays surged to the top of the FTSE 250 as it reported a jump in full-year profit thanks to an "excellent" fee performance across all regions amid a recovery from the pandemic.

Oil giants Shell and BP gushed higher as oil prices rose. Shell was also in focus after Ofgem fined the company for overcharging more than 11,000 customers paying its default tariffs.

Building materials distributor and DIY retailer Grafton fell, however, as it posted an increase in first-half revenues but a decline in profits as activity levels normalised following the pandemic boost.

Market Movers

FTSE 100 (UKX) 7,516.60 0.60%
FTSE 250 (MCX) 19,368.86 0.33%
techMARK (TASX) 4,324.77 0.57%

FTSE 100 - Risers

CRH (CDI) (CRH) 3,251.50p 3.85%
3i Group (III) 1,243.50p 1.72%
BP (BP.) 459.95p 1.55%
Antofagasta (ANTO) 1,163.00p 1.39%
Prudential (PRU) 942.80p 1.38%
Shell (SHEL) 2,322.00p 1.29%
Anglo American (AAL) 2,916.00p 1.29%
Legal & General Group (LGEN) 262.70p 1.27%
AstraZeneca (AZN) 11,492.00p 1.25%
DCC (CDI) (DCC) 5,176.00p 1.17%

FTSE 100 - Fallers

Phoenix Group Holdings (PHNX) 608.80p -3.12%
Bunzl (BNZL) 3,097.00p -1.15%
Hargreaves Lansdown (HL.) 878.20p -1.01%
Haleon (HLN) 266.25p -0.95%
NATWEST GROUP PLC ORD 100P (NWG) 254.90p -0.74%
Sainsbury (J) (SBRY) 208.30p -0.71%
Diageo (DGE) 3,866.00p -0.71%
St James's Place (STJ) 1,149.50p -0.69%
Mondi (MNDI) 1,501.50p -0.66%
United Utilities Group (UU.) 1,105.00p -0.50%

FTSE 250 - Risers

Hays (HAS) 123.80p 7.84%
Bytes Technology Group (BYIT) 441.20p 4.40%
Aston Martin Lagonda Global Holdings (AML) 460.00p 2.93%
Renishaw (RSW) 3,962.00p 2.86%
C&C Group (CDI) (CCR) 179.00p 2.76%
Wizz Air Holdings (WIZZ) 2,218.00p 2.54%
UK Commercial Property Reit Limited (UKCM) 72.10p 2.41%
Carnival (CCL) 762.20p 2.34%
Virgin Money UK (VMUK) 148.65p 2.31%
TUI AG Reg Shs (DI) (TUI) 135.40p 2.23%

FTSE 250 - Fallers

RHI Magnesita N.V. (DI) (RHIM) 1,820.00p -3.55%
Plus500 Ltd (DI) (PLUS) 1,744.00p -2.19%
Bridgepoint Group (Reg S) (BPT) 240.00p -1.88%
Templeton Emerging Markets Inv Trust (TEM) 147.20p -1.74%
TR Property Inv Trust (TRY) 370.00p -1.33%
Domino's Pizza Group (DOM) 242.00p -1.31%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,125.00p -1.16%
Wetherspoon (J.D.) (JDW) 500.00p -1.09%
Capricorn Energy (CNE) 240.20p -1.07%
ITV (ITV) 64.46p -1.01%