🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

UPDATE 2-UK mid-caps end higher boosted by Provident Financial

Published 08/26/2020, 03:59 PM
Updated 08/27/2020, 12:10 AM
© Reuters.
UK100
-
VANQ
-
CCL
-
FTMC
-
FTNMX404010
-
FTNMX401010
-
FTUB3510
-

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Doorstep lender Provident hits highest since June
* All eyes on Jackson Hole Symposium later in the week
* Autos, real estate, retail stocks lead early gains
* FTSE 100 up 0.1%, FTSE 250 up 0.9%

(Adds comments, update prices to close)
By Sagarika Jaisinghani and Shreyashi Sanyal
Aug 26 (Reuters) - A surge in Provident Financial 's shares
boosted the British mid-cap FTSE 250 on Wednesday, while
investor attention turned to an annual central bankers'
conference later in the week.
Provident PFG.L jumped 20.8% to its highest in five months
despite suspending dividend payments, with analysts saying the
doorstep lender's first-half loss and bad loan provisions were
less than feared. The domestically-focussed FTSE 250 .FTMC was up 0.9% after
sliding in the previous session following an unexpected fall in
domestic retail sales.
The export-laden FTSE 100 .FTSE closed up just 0.1%,
struggling to build on a strong start to the week as more signs
of a sluggish economic rebound overshadowed optimism around
COVID-19 vaccines and U.S.-China trade.
UK equity benchmarks have lagged the recovery in their
European and U.S. peers since April and are still down about 20%
on the year. That compares with a 6.6% rise for the S&P 500
powered by historic stimulus and a rally in technology stocks.
All eyes are now on U.S. Federal Reserve Chair Jerome
Powell's address at the virtual Jackson Hole Symposium on
Thursday, where he is expected to provide an update on the U.S.
central bank's future monetary policy approach. "The market is eager for guidance on how the Fed might push
inflation higher and what that means for monetary policy going
forward," said Russ Mould, investment director at AJ Bell.
Investors also waited for Bank of England chief Andrew
Bailey's own address at the meeting on Friday.
On a thin day for company news, Carnival Corp CCL.L
extended losses, falling 0.9%, after Princess Cruises said it
would cancel early 2021 cruises on two ships, citing travel,
border and port restrictions due to the pandemic. Real estate .FTUB8600 and retail .FTNMX5370 stocks were
the biggest sector gainers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.