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FTSE 100

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FTSE 100 slips on inflation worries, Premier Foods tops midcaps

05/18/2022 | 12:13pm EDT
FILE PHOTO: People shop at market stalls, with skyscrapers of the CIty of London financial district seen behind, in London

(Reuters) -UK's blue chip index fell on Wednesday as data showed inflation jumped 9% last month, fuelling fresh worries about the economic toll from surging prices, while Premier Foods topped midcap stocks after it announced plans to raise prices.

The FTSE 100 index closed 1.1% lower snapping a three-day winning streak, while the mid-cap FTSE 250 index fell 0.6%.

British inflation leapt in April to its highest annual rate since 1982. Soaring energy bills were the biggest driver, reflecting last month's increase in regulated energy tariffs.

"The risk is that should they (the Bank of England) raise interest rates too quickly at a time when consumers are already feeling the pinch, then this could crimp demand and push the economy into recession," Ambrose Crofton, global market strategist at J.P. Morgan Asset Management, said.

"Doing too little, however, risks entrenching inflation expectations and driving a more persistent wage-price feedback loop."

A report on Tuesday showed Britain's unemployment rate fell to its lowest since 1974 in the first three months of this year, reinforcing expectations that the central bank will need to continue raising rates to fight inflation.

Sterling slipped after a recent run-up against the dollar. [GBP/]

Premier Foods, the maker of Mr Kipling cakes and OXO cubes, added 10.1% to become the top midcap gainer, as it said it will raise prices of its products as part of plans to tackle rising input costs.

Pub operators Marston's and Mitchells & Butlers slid 7.2% and 1.4%, respectively, after they warned that the cost of living crisis and expenses stemming from the Ukraine conflict would crimp their businesses.

European travel company TUI's UK-listed shares fell 12.9% after it announced a share sale to pay back elements of a German state bailout that it had received during the peak of the pandemic.

(Reporting by Sruthi Shankar and Amal S in Bengaluru; Editing by Uttaresh.V and Shounak Dasgupta)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.65% 1.21858 Delayed Quote.-9.29%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.03% 0.77656 Delayed Quote.-2.00%
EURO / US DOLLAR (EUR/USD) -0.55% 1.05224 Delayed Quote.-7.18%
FTSE 100 0.90% 7323.41 Delayed Quote.-1.71%
FTSE MID 250 INDEX 0.17% 19351.27 Delayed Quote.-17.72%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.70% 0.012663 Delayed Quote.-4.81%
MARSTON'S PLC 2.46% 54.25 Delayed Quote.-32.21%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.76% 0.6242 Delayed Quote.-7.66%
PREMIER FOODS PLC -1.03% 115.4 Delayed Quote.2.86%
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Rankings FTSE 100
ROLLS-ROYCE HOLDINGS PLC 86.705 Real-time Estimate Quote.5.98%
PRUDENTIAL PLC 1050 Real-time Estimate Quote.4.06%
BT GROUP PLC 191.7 Real-time Estimate Quote.3.65%
SHELL PLC 2183.75 Real-time Estimate Quote.3.37%
BAE SYSTEMS PLC 823.8 Real-time Estimate Quote.3.16%
ENTAIN PLC 1304.25 Real-time Estimate Quote.-2.34%
HALMA PLC 1978.75 Real-time Estimate Quote.-2.81%
FLUTTER ENTERTAINMENT PLC 8477 Real-time Estimate Quote.-2.90%
AVEVA GROUP PLC 2377 Real-time Estimate Quote.-2.94%
SEVERN TRENT PLC 2747 Real-time Estimate Quote.-3.72%
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