London stocks press to levels not seen since early 2020

The leading U.K. stock market index gained on Wednesday and was sitting at levels not seen since early 2020, led by shares of drug company GlaxoSmithKline.

The FTSE 100 gained 0.7% to 7214.19, its fourth straight consecutive rise, while the British pound
GBPUSD,
-0.71%

rose 0.15% to $1.3858.

The biggest gainers in the FTSE 100 were exchange operator London Stock Exchange Group
LSEG,
-3.49%
,
which rose 3%, and retailer JD Sports Fashion
JD,
-0.45%
,
which climbed 3.4%. Among the heavyweights, GlaxoSmithKline’s
GSK,
-1.54%

GSK,
-1.43%

shares rose 1.1%.

Decliners included sports-betting group Entain
ENT,
-0.14%

and U.K. lender Lloyds Banking Group
LLOY,
+0.52%

LYG,
-1.33%
.

Shares of Deliveroo
ROO,
-2.80%

fell over 3%, after the food-delivery company’s interim outlook disappointed. “As reflected in our guidance, whilst we expect that consumer behavior may moderate later in the year, we remain excited about the opportunity ahead and our ability to capitalize on it,” said Will Shu, founder and chief executive officer of Deliveroo, in a statement.

Still, there were positives such as the value and volume of orders coming ahead of what was expected for the first half, and its cash situation looks good, said AJ Bell financial analyst Danni Hewson, in a note to clients.

“News it had hired a prized Amazon executive in a top technology role and German rival Delivery Hero’s decision to take a sizable stake in the business have helped lift the share price and kick-start its rehabilitation and there is at least nothing in Deliveroo’s first-half results to undermine that process,” she said.

In the midcap FTSE 250
MCX,
-0.71%
,
the biggest gainer was promotional merchandise company 4imprint
FOUR,
-2.62%
,
which climbed 9%, and the largest midcap decliner was wealth-management company Quilter
QLT,
-2.57%
,
which fell 6%.

Source link

Check Also

We’re Adding to This Cybersecurity Play

After you receive this alert, we will buy 465 shares of the First Trust Nasdaq …

Leave a Reply

 

SUBSCRIBE TO OUR NEWSLETTER

 

Get our latest downloads and information first.
Complete the form below to subscribe to our weekly newsletter.