FTSE 100 Live: Index Trades 24 Points Higher Near 10,503 Amid 0.78% Fall in Brent Crude

The FTSE 100 traded 24.96 points higher near 10,503 on July 2 amid dovish central bank commentary from the Sintra forum, offset by pressure from lower oil prices tied to progress in US-Iran talks. Meanwhile, Brent crude futures fell 0.78% to $71.01 a barrel. US West Texas Intermediate (WTI) declined 0.74% to $68.07 ‌a barrel.

Gainers & Losers 

On the upside, Compass Group rose 2.47% to $32.82, while Tesco advanced 2.29% to £469.80. AstraZeneca gained 1.70% to £14,090, and Babcock International Group moved higher by 1.65% to £1,017.50. Sainsbury’s added 1.63% to £336, while GSK climbed 1.53% to £1,959.50.

On the downside, RELX declined 2.20% to £2,308, while Spirax Group slipped 1.62% to £6,675. Computacenter fell 1.27% to £4,358, and Next moved lower by 1.23% to £14,515. Diploma eased 0.84% to £7,125, while Rio Tinto edged down 0.69% to £7,048.

Andrew Bailey Said Interest Rate Cut Off Table 

Andrew Bailey said an interest rate cut is “off the table at the moment” in the clearest sign yet that borrowing costs were likely to stay elevated. 

“There was an expectation that we would cut rates this year,” he said. “That was off the table in March, and it’s off the table at the moment”. Bailey backed a hold in the monetary policy committee’s (MPC) June meeting that left interest rates unchanged at 3.75%.

Currys Revenue Rises 

Tech retailer Currys reported a rise in revenue over the last year; the group saw a 3% uptick in UK and Ireland revenue, reaching £5.4 billion, after it “outperformed the market” through increased AI technology sales and the launch of new gaming devices. 

In the Nordics, revenue increased 12%. Profit before tax climbed 29% to £153 million, which came as the firm counted £34 million worth of costs in its restructuring efforts. 

The group’s omnichannel sales strategy, which combines its online and physical store experience, contributed to 33% of its sales in the UK, while the board handed out a final dividend of £2.25, bringing the full year dividend to £3, as it also kicked off a £50 million share buyback programme.

Halma Unveils £55million Worth Deals

Halma has unveiled a near £55 million worth of deals this morning after acquiring two firms which will strengthen its position in specialist health markets. 

The tech group said it had purchased Dutch digital platform itemedical for £20 million in a bid to expand its offering in hospital workflow management. 

Additionally, it has also bought Swedish firm Naslund Medical for £34 million. Marc Ronchetti, Halma’s top boss, said the firms operate in areas that have “long-term growth drivers and provide a strong platform for continued innovation and international expansion”.

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Global Market View

In the US, Wall Street closed lower, with the Nasdaq falling 0.7%, while the S&P 500 declined 0.2% and the Dow Jones lost just 14 points or 0.03%.

In Asia, South Korea’s Kospi fell 7.89% to 7,648.09. Japan’s Nikkei 225 fell 2.47% to 68,733.15 points. Taiwan’s TAIEX dipped 0.58%. India’s Nifty 50 and Sensex both rose 0.57% and 0.62%, respectively.