British Gas owner Centrica fires up on sleepy Independence Day
With little in the way of corporate updates or major economic data to get investors moving, it was a quiet start for UK equities this morning.
The FTSE 100 rose just 17.67 points, or 0.2 per cent, to 7,544.88, while the FTSE 250 was up 54.81 points, or 0.3 per cent, to 18,562.65. The session is likely to remain subdued as Wall Street is closed for the Fourth of July holiday.
The drugs group AstraZeneca recovered after heavy selling in the previous session, gaining 274p, or 2.6 per cent, to £106.50. Investors had been disappointed by the results for a potential blockbuster drug — datopotamab deruxtecan — developed by AstraZeneca to slow progression of lung cancer. Analysts at Barclays said: “Of course there are very legitimate questions on just how big this drug can be but they’ll be answered in due time. We think yesterday’s move provides an attractive entry point.”
Centrica, the British Gas owner, rose 2¾p, or 2.1 per cent, to 127½p after JP Morgan analysts opened a “positive catalyst watch” on the shares before the company’s half-year results this month.
Britain’s second-biggest supermarket group J Sainsbury was among the fallers, down 4¾p, or 1.7 per cent, to 270¼p despite sales in the first quarter growing more than analysts had expected. There was also some profit-taking at banks, with NatWest halting its four-day winning streak, down 2½p, or 1 per cent, to 243½p.
On the FTSE 250, Dunelm stumbled 55p, or 4.9 per cent, to £10.65 after RBC issued an “underperform” rating on the homewares retailer. It pointed to persisting cost of living pressures and unfavourable movements in the UK housing market, analysts expect will make it harder for the retailer to grow.
