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Consumer discretionary, oil stocks pull FTSE 100 higher; Cineworld rises

05/24/2021 | 12:16pm EDT
Signage is seen outside the entrance of the London Stock Exchange in London

(Reuters) -London's FTSE 100 edged higher on Monday after posting its second straight weekly drop, while Cineworld Group gained following a strong weekend opening after a months-long lockdown in the UK.

The blue-chip index rose 0.5% with consumer discretionary stocks, mainly Compass Group Plc, Flutter Entertainment and Entain rising between 2.2% and 2.7%.

Oil majors Royal Dutch Shell and BP were also among the biggest risers on the index, rising 9.8% and 4.2%, respectively. [O/R]

The domestically focused mid-cap FTSE 250 index advanced 0.4%. Cineworld rose 3.2% after the world's second-largest cinema chain said its UK cinemas pulled in more people than expected, helped by Sony Pictures' animated adventure comedy "Peter Rabbit 2: The Runaway".

Globally, stocks struggled for momentum as investors awaited key U.S. inflation readings for guidance on monetary policy.[MKTS/GLOB]

"Observers will be asking if this is the week the FTSE 100 finally pushes ahead of the 7,000 mark after a period of going backwards and forwards around this level," said Russ Mould, investment director at AJ Bell.

Bank of England Governor Andrew Bailey said that he does not see long-term implications from a pick-up in inflation which the BoE expects this year as the economy emerges from the coronavirus pandemic.

After rising 9.1% in the first four months of this year on recovery optimism, the FTSE 100 has traded in a tight range in the past few sessions as concerns grew that central banks might pare back their support early as economies reopen and inflation picks up.

Kainos Group fell 1.8%, even after the digital services company posted a 124% jump in its annual adjusted pretax profit.

Chilean miner Antofagasta fell 0.9% after RBC cut its price target on the stock, while Mr Kipling owner Premier Foods climbed 5.9% after brokerages raised their price targets.

(Reporting by Shivani Kumaresan and Devik Jain in Bengaluru; Editing by Subhranshu Sahu and Nick Macfie)

By Shivani Kumaresan and Devik Jain


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC -1.17% 420.6 Delayed Quote.-2.98%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.09% 0.5274 Delayed Quote.-5.83%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.00% 0.576884 Delayed Quote.-0.02%
CINEWORLD GROUP PLC -4.91% 63.56 Delayed Quote.-0.84%
EURO / BRITISH POUND (EUR/GBP) -0.05% 0.85337 Delayed Quote.-4.69%
FLUTTER ENTERTAINMENT PLC -1.51% 143.9 Real-time Quote.-13.78%
FTSE 100 -0.65% 7032.3 Delayed Quote.8.85%
FTSE MID 250 INDEX -0.44% 22948.83 Delayed Quote.12.01%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.00% 0.009677 Delayed Quote.-3.72%
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.46.69%
PREMIER FOODS PLC 0.36% 111.4 Delayed Quote.11.18%
ROYAL DUTCH SHELL PLC -1.34% 17.092 Real-time Quote.16.96%
SONY GROUP CORPORATION -1.26% 11375 End-of-day quote.10.60%
US DOLLAR / BRITISH POUND (USD/GBP) 0.00% 0.719114 Delayed Quote.-2.07%
WTI 0.53% 73.659 Delayed Quote.52.09%
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