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British Stock Market Update: Banking Stocks Lift the FTSE 100; Petrofac and Ocado Move Higher
Global Markets

British Stock Market Update: Banking Stocks Lift the FTSE 100; Petrofac and Ocado Move Higher

The FTSE 100 gained more than 50 points and ended at 7,620.4 on Thursday, while the FTSE 250 added 1.5%.

Overall, concerns in the banking sector eased, lifting the FTSE 100 to its highest level in two weeks. Among the sectors, real estate jumped by 3.3%, and the banking sector was up 0.8%.

The Eurozone also reported favorable news with falling inflation numbers. After a decline in German numbers, Spain also recorded a drop in inflation to 3.3% in March, down from 6% in the previous month.

Analysts feel the inflationary pressures remain strong and expect further cooling down in headline inflation.

Yesterday has also been marked as the UK’s “Green Day,” which highlights government plans to push cleaner and greener industries.

Luxury car maker Rolls-Royce Holdings (GB:RR) supported the announcement and stated that it is well-placed to benefit from this. The stock gained 1.67% during the day.

Top Gainers and Losers

Energy company Petrofac Limited (GB:PFC) was the biggest mover of the day with a gain of almost 70%. The shares soared after the company received its largest-ever framework contract from German utility company TenneT.

On the winning side, Ocado Group (GB:OCDO) was also among the top gainers on the FTSE 100 with an increase of 10.3% yesterday. The stock has been trading up 18.7% in the last five days after it reported a 3.4% jump in its revenues for the Q1 2023 trading update.

SSE (GB:SSE) gained 4.14% in a day after the company raised its earnings guidance for the full year 2023. On the FTSE 250, ASOS PLC (GB:ASC) was up 8.4%.

On the losing side, TUI AG (GB:TUI) lost 6.81%, continuing its downfall in the last two days after the discounted rights issue.

Insurance company Phoenix Group Holdings (GB:PHNX) was down 4.13%. Recently, the company announced its 2022 earnings with higher pre-tax losses and lower assets under administration.

Phoenix’s competitor, Aviva PLC (GB:AV), was also down 3.48%.

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