Stocks

FTSE eyes 7th straight daily rise; Wolseley lags

Reuters London | Updated on January 24, 2018 Published on March 24, 2015

Britain’s top share index rose for a seventh straight day on Tuesday, boosted by strong German economic data.

The FTSE 100 edged up after data showed the private sector in Germany, Europe’s largest economy and main growth engine, grew in March at its strongest rate since July, lifting markets across the region.

The report helped the FTSE touch an all-time high at 7,056.52 points and put it on track for a seventh consecutive daily rise. It was up 0.2 per cent at 7,048.42 points at 0853 GMT.

After a 5 per cent rise in a week, some traders were expecting the FTSE to take a breather.

“I expect a bit of consolidation,’’ Manoj Ladwa, head of trading at TJM Partners, said. “I’d wait for a pullback below 7,000 before going long.’’

Shares in plumbing supplies group Wolseley, which hit an eight-year high on Friday, fell 2.7 per cent after it said it expects the underlying group trading profit for its financial year to be in line with expectations and posted a smaller increase in first-half earnings than expected.

“H1 looks a bit light compared to consensus and our estimate,’’ analysts at Liberum said in a note. “Shares could be weak as I think the market may have been looking for upgrade.’’

Shares in energy and basic materials companies lagged after a weak reading on factory health in China, the world’s No.2 oil consumer and top metals user. Asia-exposed bank Standard Chartered also fell.

Europe’s No.1 home improvement retailer Kingfisher fell 1.3 per cent after doubts were cast on its takeover of do-it-yourself retailer Mr Bricolage.

The UK Consumer Price Index for February, due at 0930 GMT, is expected to show a 0.1 per cent increase year-on-year.



Published on March 24, 2015

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