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UK stocks little changed on Fed policy speculation

London - UK stocks were little changed, following their worst week since before the Brexit referendum, as investors speculated on Federal Reserve policy after hawkish comments from an official.

The FTSE 100 Index rose 0.1% at 09:27. The broader FTSE All-Share Index also added 0.1%, while Ireland’s ISEQ Index advanced 0.8%. Fed vice chairperson Stanley Fischer said on Sunday that the US economy is already close to meeting the central bank’s goals and that growth will pick up, indicating a higher probability of an interest rate increase this year.

Fresnillo and Vedanta Resources dropped at least 2.8%, leading miners lower as commodities decreased amid a stronger dollar. Royal Dutch Shell and BP fell as crude dropped after Iraq sought to increase exports.

The FTSE 100 has still performed better this year than its European peers, with a 10% gain compared with a 6.5% decline for the Stoxx Europe 600 Index. Boosted by a weaker pound and increased Bank of England stimulus, UK stocks have become some of the top performers among developed markets this year.

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Rand - Dollar
19.00
-0.5%
Rand - Pound
24.00
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.5%
Platinum
903.65
+0.8%
Palladium
1,016.75
+1.5%
Gold
2,210.49
+0.7%
Silver
24.61
-0.1%
Brent Crude
86.09
-0.2%
Top 40
68,275
+0.9%
All Share
74,459
+0.7%
Resource 10
57,075
+2.5%
Industrial 25
103,782
+0.5%
Financial 15
16,515
-0.1%
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