(MENAFN- ProactiveInvestors) The top-share index was clinging on to the morning’s gains in the lunchtime session after the Bank of England’s inflation report.
The central bank upgraded its view on both inflation and the growth in gross domestic product (GDP) lifting the two-year inflation forecast to 1.96% from its November forecast of 1.8%. GDP growth for 2015 is now projected to be 2.9% up from the previous forecast of 2.7%.
“BoE Governor Carney has managed to sound off a hawkish tone even as he explained why inflation has undershot further below the bank’s 2.0% target. One dovish note is the BoE’s downgrade of its view on spare capacity to 0.5% of GDP from 0.8% in the November” said Ashraf Laidy the chief global strategist at spread betting firm City Index.
The FTSE 100 index was up just 11 at 6829 despite risers outnumbering fallers among its constituents by almost two-to-one.
Index heavyweights and going ex-dividend today has not helped the blue-chip index and neither has a downgrade for another oil stock () which was down 2% at 377p after French bank SocGen moved from ‘buy’ to ‘hold.
Another index heavyweight getting the downgrade treatment was spirits colossus () off 20p at 1864p after Goldman Sachs – previously neutral on the stock – turned bearish.
Fizzy drink bottler Coca-Cola HBC (LON:CCH) which has exposure to Russia and Ukraine topped the Footsie leader board rising more than a quid to 1193p after the two nations agreed a ceasefire.
Miner () was the next best performer among blue-chips rising 3.9% to 3087p.
The commodities giant announced a US$2bn share buyback on top of a bigger-than-expected dividend despite underlying earnings of US$9.3bln in 2014 which were 9% lower than 2013.
() shares wheezed up 14p to 3046p as it confirmed its outlook for full year 2015 but reported a 4% decline in tobacco volumes in its first quarter to end December.
Supermarket () has moved up 4p to 184p on news that “dead boss walking” Dalton Philips will be leaving next Monday rather than hanging around to welcome his successor as was the original plan.
In the AIM world () shot up 41% to 1.625p making it the market’s best performer as it said one of three remaining holes drilled on its Hot Maden prospect in eastern Turkey returned bonanza grades of copper and gold.
() climbed 5.3% to 237p after it reported a very important victory that protects its intellectual property.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.