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
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 close: FTSE 100 continues grind higher towards 8,000 points
(Sharecast News) - London stocks were mixed on Thursday but the top-flight index continued to grind higher as investors sifted through corporate news, with Standard Chartered surging ahead on deal speculation. The FTSE 100 was up 0.33% at 7,911.15, but the second-tier index drifted lower by 0.13% to 20,277.34.
"It's been another positive day for the FTSE100 and another record high, with the 8,000-level continuing to act as a magnet for investor sentiment, and a market that seems to just want to go higher," said Michael Hewson, chief market analyst at CMC Markets UK.
"We have seen the early morning momentum fade in a similar fashion to yesterday's price action, which does suggest an element of caution, but we are still putting in higher lows."
RICS said in its latest survey that the net balance for house prices softened to -47 from -42 in December. A balance measures the difference between the percentage of surveyors seeing rises and those reporting falls.
New buyer enquiries also fell, with a net balance of -47 compared to -40 a month previously, the ninth successive negative reading. The new instructions balance came in at -14.
RICS said the market was still adjusting to the higher borrowing costs, after mortgage rates rocketed in the autumn in response to the government's disastrous mini-budget.
Surveyors did not forecast any short-term improvement. The near-term price expectations measure was -66, while sales were expected to continuing falling in the coming three months, with a balance of -49, although that was a marginal uptick on December's -54.
Simon Rubinsohn, chief economist at RICS, said: "Although some respondents noted a little more interest in the housing market as the new year got underway, the overall tone of the feedback still remains subdued, which is not altogether surprising given the jump in mortgage rates since the autumn.
"Prices, meanwhile, are now beginning to reflect the shift in balance between demand and supply.
"However, it is questionable how much downside to pricing there is likely to be, given that recent macro-forecasts from the Bank of England and others are now envisaging a less harsh economic environment this year."
In equity markets, Standard Chartered was the top performer on the FTSE 100 following a report that First Abu Dhabi Bank is pressing ahead with a potential offer for the bank.
According to Bloomberg, under the code name Silver-Foxtrot, officials at the Abu Dhabi bank are working under the radar on a possible bid once a cooling off period required by UK takeover rules elapses. Sources told Bloomberg that FAB is exploring an all-cash bid of in the range of $30bn to $35bn.
Consumer goods giant Unilever ticked a little higher after it reported better-than-expected sales growth, boosted by higher prices.
On the downside, Watches of Switzerland tumbled as the retailer's third-quarter revenues missed expectations.
Ladbrokes owner Entain slid after rumours of a possible takeover were quashed. Susannah Streeter at Hargreaves Lansdown said: "Speculation that MGM might be ready to make a move were shut down by the company during an analyst call.
"BetMGM, Entain's joint venture with US-based MGM, has been a shining light for the group that's expected to start turning a profit over the second half of 2023 and that's partly why the rumour mills have been whirring."
AstraZeneca pushed higher after it reported full-year earnings in line with expectations and said it expects 2023 core profits to grow by high-single to low-double digits.
British American Tobacco lost ground as it posted a slight increase in full-year revenues thanks to volume growth and price increases in its New Category unit, but said the macroeconomic outlook was expected to remain challenging.
Market Movers
FTSE 100 (UKX) 7,911.15 0.33% FTSE 250 (MCX) 20,277.34 -0.13% techMARK (TASX) 4,556.14 0.06%
FTSE 100 - Risers
Standard Chartered (STAN) 767.60p 11.44% BP (BP.) 545.70p 2.34% Burberry Group (BRBY) 2,440.00p 1.37% St James's Place (STJ) 1,266.50p 1.12% DCC (CDI) (DCC) 4,663.00p 1.08% Abrdn (ABDN) 215.60p 1.08% Ashtead Group (AHT) 5,640.00p 1.08% Legal & General Group (LGEN) 256.00p 1.07% Hargreaves Lansdown (HL.) 916.80p 1.01% Barratt Developments (BDEV) 472.60p 1.00%
FTSE 100 - Fallers
Entain (ENT) 1,348.00p -14.00% Glencore (GLEN) 526.60p -3.71% BT Group (BT.A) 133.90p -3.11% British American Tobacco (BATS) 3,018.00p -2.36% Fresnillo (FRES) 801.60p -2.29% Endeavour Mining (EDV) 1,924.00p -2.24% Smith & Nephew (SN.) 1,152.50p -2.04% Compass Group (CPG) 1,856.00p -1.69% SEGRO (SGRO) 847.20p -1.58% Experian (EXPN) 2,980.00p -1.36%
FTSE 250 - Risers
NB Private Equity Partners Ltd. (NBPE) 1,610.00p 5.23% Just Group (JUST) 86.75p 4.77% Darktrace (DARK) 255.40p 4.74% Baltic Classifieds Group (BCG) 151.80p 3.55% Bakkavor Group (BAKK) 121.20p 3.42% SDCL Energy Efficiency Income Trust (SEIT) 93.40p 3.20% Aston Martin Lagonda Global Holdings (AML) 182.50p 2.96% Mitchells & Butlers (MAB) 166.00p 2.66% Crest Nicholson Holdings (CRST) 249.00p 2.47% CMC Markets (CMCX) 245.50p 2.29%
FTSE 250 - Fallers
Watches of Switzerland Group (WOSG) 895.00p -11.03% Virgin Money UK (VMUK) 186.20p -3.52% UK Commercial Property Reit Limited (UKCM) 54.50p -3.37% Aberforth Smaller Companies Trust (ASL) 1,370.00p -3.25% Currys (CURY) 72.75p -2.94% Target Healthcare Reit Ltd (THRL) 80.50p -2.90% Future (FUTR) 1,459.00p -2.80% Centamin (DI) (CEY) 102.45p -2.75% Diversified Energy Company (DEC) 107.80p -2.71% CLS Holdings (CLI) 158.00p -2.35%
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, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | 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.