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FTSE 100 down 0.2%, FTSE 250 off 0.1%
UK house prices gain momentum in early 2024
Barratt to buy rival Redrow in 2.52 bln pound deal
PZ Cussons sees lower annual profit, shares down
Updated at 9:22 GMT
By Khushi Singh
Feb 7 (Reuters) – The UK’s benchmark FTSE 100 edged down on Wednesday, hurt by a sell-off in precious metal miners, while homebuilders slipped on Barratt Development’s deal to buy smaller rival Redrow.
The blue-chip FTSE 100 .FTSE moved 0.2% lower by 0922GMT, while the mid-cap FTSE 250 index .FTMC slipped 0.1%.
Precious metal miners .FTNMX551030 shed 1.4% on lower gold prices, as investors grew cautious ahead ofspeeches by Federal Reserve officials.
Homebuilders .FTNMX402020 dropped 0.7% following an 8.5% decline in Barratt Developments BDEV.L shares.
Barratt dropped to the bottom of the FTSE 100 after it agreed tobuy RedrowRDW.L for about 2.52 billion pounds ($3.18 billion). Redrow shares climbed 12.2%, leading gains in mid-cap stocks.
Meanwhile, data from mortgage lender Halifax showed British house prices reported the strongest annual growth rate for a year in January, adding to tentative signs of momentum in the housing market.
Kim Kinnaird, director of mortgages at Halifax, said a recent drop in mortgage rates, falling inflation and a resilient labour market had helped confidence among buyers and sellers in early 2024.
Personal care, drug and grocery stores .FTNMX452010 index lost 0.8%, weighed by a decline in PZ Cussons PZC.L after the soap maker forecast lower annual profit and slashed its interim dividend. The stock fell 20.5%, to the bottom of FTSE 250.
In corporate update, shares in Smurfit Kappa SKG.L rose 4.9% to the top of FTSE 100 after the paper packaging producer’s volumes increased in the fourth quarter.
Meanwhile, in a sign of relief, Bank of England Deputy Governor Sarah Breeden said she was now thinking about how long interest rates would need to stay at their current level, instead of whether they would need to rise further.
Reporting by Khushi Singh in Bengaluru; Editing by Rashmi Aich and Varun H K
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