Markets: FTSE 100 rises ahead of the Budget
The FTSE 100 continued its rise ahead of today’s Budget. The index closed up 0.5% at 6,837.
- FTSE 100 up 0.5% to 6,837
- Gold down 0.46% to $1,149.55/oz
- £/$ - 1.4749
Energy stocks were among the top performers despite the price of oil falling. Tullow Oil added 6.1% in anticipation of tax breaks on North Sea Oil. BG Group added 2.2% and Royal Dutch Shell gained 2.1%.
In European markets, the Paris CAC 40 fell 0.6% to 5,028, and the German Xetra Dax lost 1.5% to 11,980.
In the US, the Dow Jones Industrial Average fell 0.7% to 17,849, the S&P 500 slipped 0.3% to 2,074, and the Nasdaq Composite was 0.1% higher at 4,937.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Overnight in Japan, the Nikkei 225 gained 0.6% to 19,544, and the broader Topix index rose 0.8% to 1,582. And in China, the Shanghai Composite rose 2.1% to 3,577, and the CSI 300 added 2.4% to 3,846.
Brent spot was trading at $53.44 early today, and in New York, crude oil was at $42.59. Spot gold was trading at $1,147 an ounce, silver was at $15.50 and platinum was at $1,088.
In the forex markets this morning, sterling was trading against the US dollar at 1.4742 and against the euro at 1.3898. The dollar was trading at 0.9427 against the euro and 121.25 against the Japanese yen.
And today, Smiths Group reported a fall in profits for the first half of the year. The engineering group made a pre-tax profit of £131m in the six months to 31 January, down from £132m for the same period last year.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
5 steps to shield your money from the taxman before the Budget
Experts have warned Labour is planning a tax raid in its upcoming Budget. We share five steps to shield your money from the taxman
By Katie Williams Published
-
The trading apps that let you put fractional shares in an ISA
Advice HMRC is set to change ISA rules to allow fractional shares to be included in the tax wrapper. Here are the trading platforms and trading apps that support this.
By Marc Shoffman Published