By Patrick Munnelly, Market Strategist, Tickmill
The UK’s FTSE 100 index faded into the close as US investors returned to the fray after Monday’s public holiday. Early selling Stateside added to pressure on the UK blue chip index.
FTSE 100 biggest movers
On the negative side of the ledger, ongoing China economic growth and lack of detail on future stimulus continue to weigh on sentiment for miners as Anglo American LON:AAL tops the percentage losers on the day shedding a further 4.0% adding to yesterdays losses, Antofagasta LON:ANTO is also sitting towards the bottom of the index, losing another 2.24% on the session.
On the positive side of the ledger UK reinsurer Beazley LON:BEZ holds the top spot on the day, up 2.7%. According to eight research firms covering the company, it has received an average “Buy” recommendation. Out of the eight investment analysts, all have rated the stock as a buy. The average one-year target price, based on brokerages that have covered the stock in the past year, is 838p. On Friday, June 16th, Clive Bannister, a non-executive director made a purchase of 60,000 shares of the company’s stock. The average price per share for this transaction was 578p, resulting in a total transaction value of £346,800. It is worth noting that insiders currently hold 2.36% of the company’s stock.
Inflation reading could shape BoE interest rate decision
On the fundamental front, tomorrow morning, the focus will be on the release of the May UK Consumer Prices Index (CPI) reading for inflation. Markets expect a slight decrease in headline inflation from 8.7% to 8.4% in May. This data is highly significant as it could play a crucial role in shaping the Bank of England’s decision on the key interest rate, which is scheduled to be announced on Thursday. Investors and market participants will closely analyse the inflation figures to gain insights into the potential direction of monetary policy.
Podcast: Everything you need to know about the FTSE 100 Index
Subscribe to our podcast on your favourite platform
Don’t miss out on our weekly podcast. You can find us on Spotify, Soundcloud, Amazon, Apple, YouTube and many other popular platforms
