FTSE gains as markets settle down after UK inflation figurewritten by Bella Palmer
The index was trading higher by 26.1 points, or 0.35%, at 7,541.85 by the end of the day
European markets gained on Thursday after a worse-than-expected UK inflation reading caused a stir among investors in the top global indices the day before.
Trading was more subdued in the US, but Europe’s markets recovered and gains among oil stocks helped offset losses from insurance giants on the FTSE 100.
The index was trading higher by 26.1 points, or 0.35%, at 7,541.85 by the end of the day.
Michael Hewson, chief market analyst at CMC Markets UK, said: It’s been a disjointed session for European markets today.
We’ve seen a modest drift higher largely due to the recovery of US markets off their intraday lows from yesterday, which has helped add some support for prices, he said.
The FTSE 100 has been helped by a resilient oil and gas sector, with a rebound in oil prices helping to underpin the broader index, led by BP and Shell. But a host of companies going ex-dividend – trading without the value of their next dividend payment – dragged down the index, Hewson added.
Abrdn, Aviva, M&G and HSBC were among the companies that started trading ex-dividend on London’s top stock exchange.
Elsewhere in Europe, The German Dax also lifted after sliding on Wednesday, and finished the day up 0.5%. The French Dax gained the same amount.
The US’s top indices were trading higher than the previous day. A slowdown in jobless claims coupled with a modest rebound in manufacturing seen in the Philadelphia Fed business survey helped lift the sombre mood.
The S&P 500 was up 0.2% when European markets closed, while the Dow Jones had dropped 0.1%.
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