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2023 11 22T082652Z 1 LYNXMPEJAL08M RTROPTP 4 BRITAIN STOCKS - Business Express

FTSE 100 snaps two-day losing streak on Sage results


By Khushi Singh

(Reuters) -The UK’s FTSE 100 rose on Wednesday, as higher prices of gold spurred an uptick in precious metal miners, while Sage led gains in the benchmark index after the software firm’s profit jump.

The large-cap FTSE 100 was up 0.2% at 0907 GMT, snapping a two-day losing streak, while the mid-cap index climbed 0.3%.

Precious metal miners tracked a jump in gold prices and rose 0.4%. The bullion was lifted by a weaker dollar and a dip in U.S. bond yields amid expectations that the Federal Reserve was done hiking its interest rates.

Software company Sage reported an 18% rise in its full-year underlying operating profit, taking the shares up by 10.7% to an all-time high.

Shares of Johnson Matthey climbed 1.7% to the top of the FTSE 250 index after the autocatalyst maker raised its outlook for full-year underlying operating performance.

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The broader chemicals index added 1% on the news.

Top decliner oil and gas shares fell 0.5%, as investors awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in U.S. crude stocks. [O/R]

Shares of Kingfisher slipped 6.4% after the home improvement retailer cut its annual profit forecast for the second time in three months, citing a weaker-than-expected retail market in France.

“We don’t think this troubled patch is down to a problem with Kingfisher itself. Market conditions are mostly to blame,” said Adam Vettese, analyst at eToro.

Meanwhile, shares of Intermediate Capital Group added nearly 1% as the asset manager is set to join the FTSE 100 index in December, replacing Hargreaves Lansdown, which is set to be demoted to the mid-cap FTSE 250.

(Reporting by Khushi Singh in Bengaluru; Editing by Savio D’Souza and Sherry Jacob-Phillips)

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