MAY 15 — Britain’s FTSE 100 cruised to a record high today led by Experian on upbeat annual revenue forecast, while investors watched out for the US consumer price index data for clues on the Federal Reserve’s first interest rate cut.
The blue-chip FTSE 100 was up 0.5 per cent at 0819 GMT after hitting a record high of 8,474.41 points in opening trade.
The mid-cap FTSE 250 rose 0.4 per cent, and was hovering just below the key 21,000 mark.
Credit data firm Experian provided a big boost FTSE 100 with a 7.6 per cent jump after it forecast annual organic revenue growth of between 6 per cent and 8 per cent for fiscal year 2025.
Gains in Experian lifted the industrial support services sector by 3.3 per cent to a more than two-year high.
Investors are on guard for the US CPI, due at 1230 GMT, to assess the timeframe in which the Fed might begin lowering rates.
Sentiment was further boosted after Fed Chair Jerome Powell reiterated on Tuesday that the US central bank is unlikely to hike rates after “mixed” producer price index data.
“Sentiment is positive at the moment on the back of the US data which was not as expected, but the markets’ still showing that it’s got a positive side to it,” said Christopher Peters, trading floor manager at Accendo Markets.
Among other movers, Imperial Brands gained 4.3 per cent after the cigarette maker reported higher first-half operating profit.
Burberry was the top loser on the FTSE 100 with a 2.6 per cent drop after the luxury brand reported a 34 per cent drop in annual operating profit.
Compass Group weighed heavily on the downside on the blue-chip index with a 3.7 per cent fall as the catering group expects volumes to moderate for the rest of the year after a boost in the past six months from more workers returning to offices. — Reuters
