FTSE 100 live: London index gets the Monday blues on China GDP
The FTSE 100 was dragged to a lower close after China set a five per cent GDP growth estimate for the year compared to its 5.5 per cent target, London’s blue chip index was down 17.32 points at 7,929.79.
This lower-than-expected target hit metals prices with declines in the price of copper and iron ore, which weighed on the likes of Anglo-American, Glencore, and Rio Tinto.
Ocado was also lower after Morgan Stanley cut its price target on the business over concerns about the deliverability of customer fulfilment centres, after its US partner Kroger said it would not be rolling out any more centres in 2023.
Michael Hewson, chief market analyst at CMC Markets UK said Aston Martin had also continued its recent gains after last week’s positive reaction to its latest results, with the third-place finish in yesterday’s Formula One race in Bahrain adding to the good news around the wider business.
He added: “Flutter Entertainment also continued to push higher, hitting its highest levels in over a year, as it looks to claw back its losses from last week, as optimism over future US profitability helps to drive gains, along with the prospect of a US listing.”
“Speculation that the Chancellor of the Exchequer could extend energy support for business at next week’s budget, along with keeping the consumer energy price cap where it is at £2,500 is helping to see some gains for consumer discretionary businesses like airlines, retailers, and pubs, helping to lift the likes of Wizz Air, easyJet, JD Wetherspoon, and Mitchells & Butlers.”
Wagamama’s owner Restaurant Group is higher on weekend reports that one of its shareholders, Oasis Management called for it to sell its pubs and airport concessions business.