Industrial Stocks, Inchcape Pull British MidCaps Higher

0
42

FTSE 100 down 0.1, FTSE 250 adds 0.3

June 18 Reuters Londons FTSE 250 index edged higher on Friday, helped by gains in industrial stocks and Inchcape, while data showed retail sales fell in May as Britons dined out more following a lifting of pandemic restrictions.

The domestically focused midcap index advanced 0.3, snapping its threeday losing streak. Among industrial stocks, Rotork Plc climbed 3.3 and was one of the biggest gainers after Morgan Stanley upgraded the stock to overweight.

Inchcape jumped 6.2 to the top of the index after the car dealership said its currentyear earnings would beat market estimates, helped by an uptick in demand following the easing of pandemicrelated restrictions.

The bluechip FTSE 100 index inched 0.1 lower as a fall in heavyweight oil majors BP and Royal Dutch Shell offset gains in large dollarearning consumer staples companies including Unilever and Diageo on weaker pound.

Tesco fell 1.5 after Britains biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter.

British retail sales fell unexpectedly by 1.4 last month as a lifting of lockdown restrictions encouraged spending in restaurants rather than shops.

Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu

Source Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here