FTSE-100 flat as investors await BoE rate decision
London’s premier index has opened flat today as investors await the Bank of England’s decision on a rate hike.
The FTSE-100 edged up 0.078 per cent, lifted marginally by commodity-linked stocks. Shell was among the main risers after it revealed fourth quarter profits in excess of $6.4bn, with shares up 1.46 per cent. Meanwhile mining giant Rio Tinto was up 1.23 per cent after the company was knocked by allegations of sexual harassment this week.
Compass is the FTSE’s main riser, up 7.68 per cent, after announcing that full year profits for 2022 are expected to climb between 20 and 25 per cent.
London’s mid-cap index, the FTSE-250, is down by 0.11 per cent at the open. Gains for the index were led by gambling technology company Playtech which was lifted ten per cent on news of a fresh takeover offer by TTB partners.
On the flip side media and technology company Future PLC sunk 4.69 per cent after the company warned of macro uncertainties and inflationary pressure in a trading update.
A sheepish start to the day for markets comes as investors anticipate a BoE rate rise. The Central Bank is expected to raise interest rates by as much as 50-basis-points, its second consecutive increase, when its analysts meet later in the day in order to combat the spiralling cost of living.
The BoE need to tackle price pressures that have pushed annual inflation to a 30-year high of 5.4 per cent, far above the bank’s target of two per cent.
Read more: Industrials rally boosts London markets