Adrian HollidayA strong day of trading with the FTSE 100 ending Tuesday at 7,342.21, up 0.6% while the FTSE 250 finished up 0.4% higher at 19,816.95. The biggest FTSE 100 riser was Rolls-Royce, up 4.64% to 890p while AstraZeneca lifted 2.24% to 4,708.50p.
However Micro Focus shares fell hard, down 5.65% to 2,490p following its revenues warning about its (forthcoming) HPE arm this morning. Energy companies SSE and Centrica also were hit, down 1.24% and 1.19% on Conservative plans to cap energy prices.
Outside the FTSE 100 there was a strong rise for Sepura, up 39%. Away from the UK the Dow was up 0.03% at 21,017.18 (5pm) while the European Stoxx 600 hit a 21-month high. In the US it was another good trading day for Apple, touching an all-time $154 high despite releasing subdued recent iPhone sales recently.
On home turf John Lewis, retailer of choice for the middle classes, will have to absorb a £36m loss on its earnings. The retailer will top up back payments to staff following breaches to National Minimum Wage rules. John Lewis has cut annual 2016-2017 profits to £452.2m as a result.
O2 has revised its roaming fees for their Pay Monthly and Business customers, following similar moves by Three and Vodafone. From mid June Pay Monthly and Business customers can use their UK plans across 47 European countries at no extra cost.
Meanwhile the Lib Dems claims UK fuel prices have climbed 7p a litre since the Brexit referendum vote last June, making the average motorist’s fuel bills £60 a year more pricier.
Lib Dem spokesperson for Europe Nick Clegg said the rise in fuel costs will push up prices in the shops. “This means consumers are going to be hit twice - once at the pump and again at the checkout.”
The dust has begun to settle on Theresa May’s promise to cap energy price rises, a move stolen from Labour. Centrica boss Iain Conn has already warned it could undermine investment in the industry.
However small supplier Ovo Energy has backed the move. ”The Conservative Party's commitment to intervene to protect standard variable tariff customers is a bold and ambitious move,” Ovo boss Stephen Fitzpatrick said in a statement this morning.
“This policy will lead to lower average prices across the industry, saving customers hundreds of millions of pounds."
5pm Tuesday:
UK FTSE 100 7,342.21 +0.57%
Dow 21,019.56 +0.04%
S&P 500 2,401.38 +0.08%
Nasdaq 6,122.10 +0.32%
DAX 30 12,749.12 +0.43%
CAC 40 5,398.01 +0.28%
Gold 1,217.70 -0.77%
Oil 46.05 -0.86%
