FTSE 100 Edges Higher As Food Prices Fall In September
(RTTNews) - U.K. stocks traded higher on Tuesday, after having suffered heavy losses in the previous session on concerns about inflation and further interest-rate rises.
The British pound edged lower in early trade and industry data showed lower growth in shop prices in September, helping underpin investor sentiment to some extent.
The British Retail Consortium said shop prices rose an annual 6.2 percent last month from 6.9 percent in August, its lowest rate since September 2022.
Food price inflation fell for the fifth month in a row to 9.9 percent from 11.5 percent and was down for the first time in more than two years on a monthly basis.
The benchmark FTSE 100 was up 27 points, or 0.4 percent, at 7,537 after losing 1.3 percent on Monday.
Fashion retailer Boohoo Group plunged 10 percent after it reported a wider pre-tax loss for the first half of 2023, amidst a decline in revenue reflecting a fall in demand. In addition, the company has revised down its full-year 2024 guidance.
Petrofac gained about 1 percent after the oil services firm bagged a contract worth more than $600 million from ADNOC Gas for the Habshan carbon capture and storage project.
Retailer Kingfisher dropped 1 percent after an announcement that it is launching the first tranche of 300 million pounds share repurchase drive, now buying back 50 million pounds of shares.
Greggs tumbled 3 percent. The bakery chain said it has no plans to raise prices before Christmas.
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