The FTSE 100 index experienced a marginal decline on Wednesday, closing the day at 8,040.38, down 4.43 points (0.05%). During the trading session, the index had reached a new record high of 8,091.61, driven by robust earnings updates from companies. However, increased caution over potential interest rate reductions and a weaker opening on Wall Street contributed to its decline in the afternoon. Other major European markets also saw similar patterns, with the German Dax index dropping 0.35% and the French Cac 40 losing 0.17%. The Bank of England’s hawkish remarks earlier this week, particularly from chief economist Huw Pill, contributed to the FTSE 100’s decline. Market analysts, such as IG senior market analyst Axel Rudolph, noted that the sharp rally in stock indices seen this week is decelerating. In company news, Reckitt was among the top performers, with its shares rising by 124p to 4,374p. The consumer goods company reported stronger-than-expected sales for the past quarter, driven by key brands like Dettol, Durex, and Finish. PZ Cussons also made gains, with its shares increasing by 6.4p to 101p. The company announced plans to sell off its St Tropez self-tanning brand and review its African operations amid ongoing challenges in Nigeria. On the downside, chemicals firm Croda experienced a drop in its share price by 234p to 4,654p. The company reported a 10% decline in revenues over the first quarter of the year but emphasized that it remains on track to meet profit targets. The biggest risers on the FTSE 100 were Anglo American (up 94p to 2,205p), Reckitt (up 124p to 4,374p), Rio Tinto (up 133p to 5,450p), BAE Systems (up 23.5p to 1,363.5p), and IHG (up 122p to 8,120p). The biggest fallers on the FTSE 100 were Croda (down 234p to 4,654p), Ocado (down 13.2p to 364.6p), Entain (down 28p to 818.8p), Persimmon (down 42.5p to 1,292p), and JD Sports (down 3.75p to 119.15p). The price of a barrel of Brent crude oil decreased by 0.44% to 88.03 US dollars as markets closed in London.
FTSE 100 Dips Despite Strong Earnings, Cautious Sentiment Emerges
