The FTSE 350 fell on market open Monday, but recovered to end the day slightly ahead. The pound revived a little too, to reach $1.13.
FTSE 350 fall and rise
Was that the fastest u-turn by a new British Prime Minister in history? Markets opened shortly after news broke that the government had backtracked on its plan to scrap the 45% tax rate.
The FTSE 100 quickly dropped, but it picked up steadily during the day to end 15 points (0.2%) up at 6,909. The FTSE 350 gained 11 points (0.3%) during the day to close at 3,808.
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The government’s change of direction covers only a small amount of the total proposed tax cuts. And we still haven’t seen any Office for Budget Responsibility forecasts. Markets may well experience uncertainty into Tuesday and beyond.
Tentative US rebound
Over in the US, Monday brought a cautious market uptick after the ups and downs of last week.
The S&P 500 and Nasdaq are now in three-quarter losing streaks for the first time since 2009. We’re also seeing increasing volatility on US markets.
On Monday, things looked a little cheerier, as the S&P 500 ended the day with a gain of 93 points (2.6%) to reach 3,678 points. The Nasdaq put on 240 points (2.3%) to finish at 10,815.
FTSE 250 update
The Greggs share price has fallen 42% over the past 12 months, reversing its big 2021 climb. Right now, we’re looking at a forecast price-to-earnings (P/E) ratio of approximately 14, with a dividend yield of 3.4%.
The first half saw a 22% rise in like-for-like sales. Pre-tax profit was flat, due primarily to the “re-introduction of business rates, increase in VAT and higher levels of cost inflation.”
Greggs will bring us a third-quarter trading update on Tuesday.
Dividends
There’s very little dividend activity this week before Thursday, when a number of companies will go ex-dividend.
Tuesday will bring interim dividend payments for shareholders in chemicals manufacturer Croda International and investment manager Rathbones Group. Forecasts suggest full-year yields of 1.6% and 5% respectively.
Oil and gold
The price of the black stuff could be on the rise again, as oil futures started to climb. Brent Crude put on 4% to come close to $89 per barrel. The rise appears to be in response to reports that OPEC is considering a production cut.
Gold, meanwhile, has inched up a couple of percent to break above $1,700 per ounce.
