Connect with us

Business

FTSE 100 reaches new high as gold and oil surge

Published

on

FTSE 100 reaches new high as gold and oil surge



Blue chips in London closed up sharply on Thursday, after hitting a new record peak on commodity price strength and well received trading updates.

The FTSE 100 index closed up 63.57 points, 0.7%, at 9,578.57. It had earlier established a new best level of 9,594.82.

The FTSE 250 ended 131.62 points higher, 0.6%, at 22,361.41 and the AIM All-Share advanced 7.26 points, 1.0%, at 775.29.

Boosting London’s lead index, there were gains in commodity prices with oil and gold moving ahead strongly.

Oil majors Shell and BP climbed 2.9% and 3.7%, respectively, as Brent crude surged.

Brent oil traded at 65.75 US dollars a barrel, up from 62.61 dollars late on Wednesday.

The rise followed co-ordinated US-EU sanctions aimed at cutting off Russian oil revenues.

Smaller energy producers tracked the move higher, with Tullow Oil jumping 7.4% and Harbour Energy up 5.1%.

US President Donald Trump said the sanctions would target Rosneft and Lukoil, Russia’s two largest oil companies, after talks with Vladimir Putin “went nowhere”.

He described the measures as “tremendous”, but said he hoped they would be short-lived, adding: “We hope that the war will be settled.”

The move was joined by another round of punishments by the EU as part of attempts to pressure Moscow to end its three-and-a-half-year invasion of Ukraine.

“These new sanctions are likely to have a real impact,” said Arne Lohmann Rasmussen, an analyst at Global Risk Management.

But Bridget Payne, analyst at Oxford Economics, expects any oil price strength to be limited.

“This is a significant escalation, but it doesn’t remove barrels from the market. It might add a modest risk premium if banks comply strictly, but any rally is likely to be limited by the surplus outlook,” Ms Payne wrote.

She expects the impact to fall mainly on Russian revenues rather than global supply.

Meanwhile, gold continued its roller-coaster week. The yellow metal traded at 4,146.49 dollars an ounce on Thursday, up from 4,028.64 dollars on Wednesday.

This saw Fresnillo rise 5.3% and Endeavour Mining jump 3.0%.

The price of gold fell sharply on Tuesday and Wednesday after recent strong gains.

Analysts at Goldman Sachs wrote: “While a correction in speculative upside call options structures likely contributed to the selloff; we believe sticky, structural buying will continue further, and still see upside risk to our 4,900 dollar end-2026 forecast from growing interest in gold as a strategic portfolio diversifier.”

Trading news also gave the FTSE 100 a leg up on a busy day of updates, with Rentokil Initial soaring 8.3% and London Stock Exchange Group jumping 7.2%.

Rentokil’s gains came as it reported improved trading in its North American business, fuelling optimism that plans to turn around the unit are working.

The Crawley, West Sussex pest control and hygiene services business said revenue rose 4.6% at constant currency to 1.81 billion dollars (£1.36 billion) in the three months to September from 1.72 billion dollars (£1.29 billion) the year prior. Organic sales growth was 3.4%, picking up speed from 1.6% in the second quarter of 2025.

Revenue growth in North America was 4.6% with organic revenue growth of 3.4%. That organic sales growth represented an improvement from 1.4% in the second quarter and was ahead of 1.8% consensus.

RBC Capital Markets said: “We believe this statement highlights that Rentokil is slowly getting back on track and heading in the right direction. For patient investors, we continue to see Rentokil’s issues as fixable and see significant re-rating potential over time.”

London Stock Exchange climbed as it raised margin guidance after a strong third-quarter driven by growth across the business, led by Risk Intelligence and FTSE Russell indices.

LSEG also announced a £1 billion share buyback and a deal with 11 major banks for its Post Trade division.

The pound was quoted lower at 1.3323 US dollars at the time of the London equity market close on Thursday, compared to 1.3366 dollars on Wednesday.

The euro stood at 1.1609 dollars, down slightly compared to 1.1610 dollars. Against the Japanese yen, the dollar was trading at 152.71 yen, higher compared to 151.78 yen.

In Europe, the CAC 40 in Paris ended 0.2% higher, as did the DAX 40 in Frankfurt.

Stocks in New York were higher at the time of the London close. The Dow Jones Industrial Average was up 0.1%, the S&P 500 was 0.3% higher, and the Nasdaq Composite advanced 0.6%.

The yield on the US 10-year Treasury was quoted at 4.00%, widened from 3.96% on Wednesday. The yield on the US 30-year Treasury stood at 4.58%, up from 4.55% on Wednesday.

Back in London, Unilever rose 0.8% after reaffirming its annual guidance and forecasting faster growth in the second half of the year despite challenging market conditions.

Underlying sales, however, rose 3.9%, amid a 1.5% boost from volumes and a 2.4% advance in price. Underlying sales beat the company-compiled consensus of 3.7% growth.

Barclays said the beat was “powered by a standout” 5.5% in North America, which “absolutely stole the show”.

On the FTSE 250, trading updates provided a boost for Hunting, up 6.1%, Molten Ventures, up 15%, but held back AJ Bell, down 2.5% and Renishaw, down 2.3%.

AJ Bell chief executive Michael Summergill said budget uncertainty is causing disruption.

“Speculation over pension taxation ahead of the November budget, which has developed in the absence of a clear and lasting government commitment to pension tax stability, creates damaging uncertainty for customers and advisers,” he said.

WH Smith was knocked back 1.0% as Barclays downgraded to “equal weight” from “overweight”.

Ahead of the outcome of the Deloitte review into WH Smith’s US business, Barclays said there are “too many unknowns to take a strong view”.

“Our perspective is that we lack the necessary information to form a clear view of the likely path for profits, which makes it difficult for us to retain conviction in an overweight rating.

“In addition, there are many other consumer-facing stocks in our coverage universe trading at multiples similar to or below this multiple,” the broker said.

The biggest risers on the FTSE 100 were: Rentokil Initial, up 33.9 pence at 441.2p; London Stock Exchange Group, up 626.0p at 9,346.0p; Fresnillo, up 110.0p at 2,190.0p; BP, up 15.55p at 436.95p; and Endeavour Mining, up 92.0p at 3,142.0p.

The biggest fallers on the FTSE 100 were: easyJet, down 13.8p at 479.5p; Ashtead, down 138.0p at 5,292.0p; Schroders, down 7.0p at 372.0p; Relx, down 60.0p at 3,448.0p; and St James’s Place, down 22.0p at 1,331.0p.

Friday’s global economic diary has US CPI data, a slew of flash composite PMI readings, plus US retail sales and consumer confidence reports.

Friday’s UK corporate calendar has third quarter results from lender NatWest.

Contributed by Alliance News



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Gold Price Today: Check 22K And 24K Rates In Delhi, Mumbai, Chennai & Other Cities

Published

on

Gold Price Today: Check 22K And 24K Rates In Delhi, Mumbai, Chennai & Other Cities


Last Updated:

Gold Price Today: Gold in Mumbai is Rs 1,25,070 per 10g for 24k, silver hits Rs 1,58,900 per kg.

Gold Price Today

Gold Price Today

Gold and Silver Rates Today, October 24: Gold prices on Friday fell slightly amid the correction phase post Diwali festival after the record rally. In Mumbai, the price of 24-carat gold stood at Rs 1,25,070 per 10 grams, while 22k gold was available at Rs 1,14,640 per 10 grams. Silver also saw a marginal fall to trade at Rs 1,58,900 per kg.

On the MCX, gold futures expiring on December 05, 2025, was trading lower by 0.34% to trade at Rs 1,23,683 per 10 grams around 9:23 AM, whereas silver futures expiring on December 05, 2025, fell 0.83% to Rs 1,47,278 per kg.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On October 24?

City 22K Gold (per 10gm) 24K Gold (per 10gm)
Delhi Rs 1,14,790 Rs 1,25,220
Jaipur Rs 1,14,790 Rs 1,25,220
Ahmedabad Rs 1,14,690 Rs 1,25,120
Pune Rs 1,14,690 Rs 1,22,070
Mumbai Rs 1,14,640 Rs 1,25,070
Hyderabad Rs 1,14,640 Rs 1,25,070
Chennai Rs 1,14,640 Rs 1,25,070
Bengaluru Rs 1,14,640 Rs 1,25,070
Kolkata Rs 1,14,640 Rs 1,25,070

International Gold Prices Today

In the international market, US spot gold gained almost 1,65% after the crash to trade at $4,117 per ounce as of 9:20 IST.

Silver also gained 1.09% to trade at USD 48.62 per ounce.

What Factors Affect Gold Prices In India?

International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.

In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.

With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

Follow News18 on Google. Join the fun, play QIK games on News18. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading

Business

Can the plastic recycling industry be saved?

Published

on

Can the plastic recycling industry be saved?


MaryLou CostaTechnology Reporter

Getty Images A man adds an empty plastic bottle to a large pile of plastic bottles.Getty Images

There’s no shortage of plastic to recycle

In the plastic recycling industry, the casualties keep coming.

Waste management company Biffa’s Sunderland plant closed in February after opening in 2022 at a cost of £7m, while rival Viridor closed its Avonmouth plant in 2022, Skelmersdale in 2023 and confirmed this summer that its Rochester plant would close, too.

Like falling dominoes, plastic recycling plant closures have been endemic across Europe too: another big name, Veolia, will close its two German operations this year, while seven plastic recyclers closed in the Netherlands last year.

Meanwhile, companies Borealis, Dow and Nester have all dropped plans to construct new plastic recycling plants in Europe.

Industry body Plastic Recyclers Europe equates this to the loss of nearly one million tonnes of plastic recycling capacity since 2023.

“Without decisive political action, Europe will replace its recycling industry with dependency on unsustainable imports and growing volumes of waste, undermining both its economic resilience and its climate leadership,” the organisation told the BBC in a statement.

And more closures are likely, warns James McLeary, managing director for Biffa’s polymers division, as the industry here and in Europe faces its most challenging year yet. High energy and labour costs here are two factors, in parallel with the fact that sourcing virgin and recycled plastic from Asia is currently cheaper than buying European recycled plastic.

Plastic recycling plant closures are affecting the US as well, also prompted by the low price of virgin plastic, causing the country to miss its recycled content targets, as S&P Global reports.

“There’s a big global dependence building on Asian plants, and we then have the situation where (plant operators in the UK and Europe) are going to make very tough decisions. Either they run their plants at a point where they’re literally not making anything, or they decide to close,” explains Mr McLeary, who is based in County Durham.

Getty Images A man walks down a massive pile of plastic bottles in BangladeshGetty Images

The UK alone exports hundreds of thousands of tonnes of plastic waste

A dependence on exporting plastic waste also hasn’t helped. The UK exported around 600,000 tonnes of plastic waste last year, according to environmental analysts at ENDS Report – 5% more than in 2023.

Loopholes in current UK legislation mean plastic waste collectors are inadvertently incentivised to export rather than process domestically. Meanwhile, manufacturers using plastic packaging are still inclined to use cheaper virgin plastic from abroad, and stomach being taxed for it.

Ahmed Detta, CEO and founder of plastic waste recycler Enviroo, is frustrated by the flaws and contradictions that he feels are plaguing the industry and disrupting the goal of creating a circular economy that keeps materials in use for as long as possible.

“For me, a circular economy is a win-win. Every single person in that journey has to have some benefit, and that’s not working,” says Mr Detta, who is based in London.

“Brands aren’t aligning with the circular economy. They’re saying, ‘why should I buy recycled material when it’s cheaper for me to pay the fine for the plastics packaging tax, than actually pay for recycled materials? No one is saying, ‘let’s unite’.”

Biffa A man in an orange hi-viz jacket stands at a conveyor belt carrying squashed plastic bottles.Biffa

It’s tough for UK based recyclers to make money

So concerned is RECOUP, a UK-based plastic recycling independent authority, that its head of policy and infrastructure, Steve Morgan, warns: “We are almost witnessing the demise of plastic recycling as we know it, unless we have some interventions. There’s no way a lot of recyclers in the UK can compete.”

UK regulations have benefited foreign markets more than they have the UK, and serious reform is needed, Mr Morgan argues.

“There are an awful lot of fantastic technologies developing. But it’s a scale up of those and how they can actually make money, to continue to exist and then also thrive, is the secondary thing,” says Mr Morgan, who is based in Peterborough.

“The commercial viability long term is just not there at the moment. There are some really good people producing technologies that we couldn’t even dream of 10 years ago. But I just feel we’re not going to see any real change in the next two to three years without some intervention.”

RECOUP is urging the UK government to introduce a single plastic recycling certification scheme aimed at reducing the export of plastic waste and making more companies more inclined to use recycled packaging.

Mr Morgan is optimistic that a UK government consultation this year will seriously consider what changes should be implemented to save the plastic recycling industry.

Plastics Europe Wearing a white top, Virginia Janssens leans her arm on the back of her chair as she turns to face the camera.Plastics Europe

Europe is in danger of falling behind in plastic recycling says Virginia Janssens

Packaging reforms are indeed being implemented, alongside £10bn of investment in new plastic sorting and processing facilities, according to a spokesperson from the UK Department for Environment, Food and Rural Affairs (DEFRA).

They also say the Deposit Return Scheme, launching in October 2027, will create higher quality material for recycling, as consumers will be encouraged to return drinks bottles and cans to collection points to collect the small deposit they will have paid on purchase. The government has also convened a Circular Economy Taskforce.

“Our collection and packaging reforms will support UK-based recycling, meaning we can reduce our dependency on exports of plastic waste,” says the spokesperson. “The export of waste is subject to strict controls set out in UK legislation.”

Over in Brussels, Virginia Janssens is the managing director at Plastics Europe, which represents plastic producers, including those with recycling operations and that use recycled materials. She’s concerned that the plastic recycling industry is set to flourish outside Europe.

“Business will go where it makes sense and where it’s cheapest to build. If those big production plans are built somewhere else, with huge investments of billions, they’re not all of a sudden then going to decide to go back and build one in Europe,” says Ms Janssens.

“It will have a huge effect on our value chain. It would set us back to 20 years ago, when we would have to incinerate or use landfill more, and that would be a real shame. Nobody wants this.”

But there are some bright spots in an otherwise struggling industry.

Biffa, for example, has recently acquired bottle manufacturer Esterform, which uses recycled PET.

Meanwhile, Enviroo recently secured £58m to build a new recycling facility in the north-west of England, specialising in converting PET drink bottles into a recycled granulate that can be used in food packaging.

Due to be operational by 2026, the plant is expected to process up to 35,000 tonnes of plastic annually.

Mr Detta believes being a specialist in an industry of generalists, and going back to the fundamentals of plastic recycling, will be his key to success.

“I’m not here to tell you I’ve got the most innovative technology. No – I’ve looked at the real, hardcore problems and said, ‘What is it that I need to resolve?”

Plastic Energy, meanwhile, is successfully converting plastic waste into pyrolysis oil that can be used to make food and medical grade plastic. Headquartered in London, the company has plants in Spain, France and the Netherlands.

CEO Ian Temperton is preparing to benefit from an anticipated under supply of recycled plastic as recycled content targets kick in across Europe: by 2040, plastic drinks bottles must contain at least 65% recycled content.

“We’re about developing and continuing to enhance the technology that deals with waste plastics. Having partners commit to new investments over the next couple of years is going to be a bit harder, but it’s very clear the market will be very significantly under-supplied against any version of the targets,” says Mr Temperton.

“So I will keep my team focused on the best technology for when that comes.”

More Technology of Business



Source link

Continue Reading

Business

JLR shutdown after cyber hack drives slump in UK car production

Published

on

JLR shutdown after cyber hack drives slump in UK car production


The five-week shutdown of Jaguar Land Rover’s (JLR) factories following a cyber-attack drove car production down by more than a quarter in September.

JLR facilities did not produce a single vehicle last month, after the cyber-attack forced the car maker to shut down its IT systems and halt its global manufacturing operations, including at its three UK plants.

Overall UK car production fell by 27% with just over 51,000 made last month, data from the Society of Motor Manufacturers and Traders (SMMT) showed.

It is the lowest number of cars made in any September in the UK since 1952, including the pandemic, the SMMT said.

The JLR cyber-attack was largely responsible for the slump in UK car production, the SMMT said, because other manufacturers reported stable figures for the month.

The attack is also estimated to cost £1.9bn and be the most economically damaging cyber event in UK history, according to research published on Tuesday.

The Cyber Monitoring Centre (CMC) found 5,000 businesses have been affected by the event and a full recovery will not occur until January 2026.

JLR said production across sites in Solihull, Wolverhampton and Halewood was returning in a phased approach.

The maker of the Jaguar I-Pace and Range Rover Sport is the second-largest car producer by volume in the UK after Nissan.

Overall, total vehicle production slumped by 35.9% in September compared to a year ago to about 54,300 vehicles.

The SMMT chief executive Mike Hawes said: “September’s performance comes as no surprise given the total loss of production at Britain’s biggest automotive employer following a cyber incident.

“While the situation has improved, the sector remains under immense pressure,” he added.

The majority of vehicles made in the UK are shipped overseas, and exports in September also slumped – down 24.5% – with the EU, US, Turkey, Japan and South Korea the top five destinations.

This year so far UK car and van factories have made 582,250 vehicles, which is 15.2% lower than at the same point in 2024.

The five-week JLR shutdown was a “severe, but short-term issue” for the overall industry, the boss of Autotrader Ian Plummer said.

“It’ll be a bit like Covid, where after the shutdown and delays end, there’s a surge in demand and sales,” he said.

Mr Plummer, who runs the UK’s biggest car-selling platform said, JLR brands had risen to have the highest number of monthly sales leads on Autotrader, “so there is demand out there, even as the pipeline is currently stuck”.

The SMMT’s Mr Hawes also said a recent ambition from the UK government to help foster a resurgence in domestic car production to 1.3m vehicles a year is in doubt if the chancellor Rachel Reeves ends tax breaks offered to Employee Car Ownership Schemes (ECOS).

“The industry is calling for rapid interventions to shore up its competitiveness,” he said.

Keeping manufacturers’ ECOS schemes would be “an immediate relief”, he said, and bringing forward other interventions including programmes to bolster supply chain resilience “would further boost the sector”.



Source link

Continue Reading

Trending