This morning, the index rose 0.4%, boosted by energy stocks due to higher oil prices. Among stocks, Anglo American 's shares fell by 5% after announcing plans to reduce capital expenditure by $1.8 billion by 2026, aiming for lower production in 2024 and cost reductions of $1 billion in the same year.
The Berkeley Group reported a slight decrease in revenue for the first half of the year, with a 0.8% drop to GBP 1.19 billion. However, the company's pretax profit climbed 4.6% to GBP 298.0 million, and it more than doubled its interim dividend to 59 pence per share. Shares in Berkeley were down 2.4% on Friday morning.
Flutter Entertainment is preparing for its secondary trading to move to the New York Stock Exchange from Euronext Dublin on January 29, 2024. The company's listing on the London Stock Exchange will remain unaffected, and it will continue to be included in the FTSE 100 index.
Relx has completed a share buyback programme worth GBP 800 million and plans to implement a new buyback programme of GBP 150 million from January 2 to February 9, 2024.
In other news, telecom operators Vodafone Group, EE, O2, and Three are facing a GBP 3.78 billion claim for allegedly overcharging customers at the end of minimum service contracts. The claim, filed by Charles Lyndon law firm, accuses the operators of not reducing charges appropriately once handsets were paid for in full.
The Bank of England is expected to maintain its position against interest rate cuts, keeping borrowing costs at a 15-year high. Despite signals from other central banks, such as the European Central Bank and the U.S. Federal Reserve, that they might be considering rate cuts, the BoE remains focused on ensuring that Britain's inflation, which is still above its 2% target, is brought under control.
Things to read today:
- The 5G race is over, but none of the magic promises seem to have emerged (The Verge).
- Moody's advises local staff to work from home ahead of China outlook downgrade (Financial Times).
- JP Morgan, Jamie Dimon's $4 trillion machine (Intelligencer).