Another day with more lethargy on the FTSE 100, as the index is up by 6.93 points to 7,033.86 just over an hour into the day.
“The FTSE 100 seems to be on a road to nowhere at the moment,” says AJ Bell investment director Russ Mould. “Fears about inflation have subsided for the time being and even some volatility in Asian markets wasn’t enough to wake the index from its slumber.”
“There is a relative dearth of economic data which could push markets in any particular direction in the coming days, although a second estimate of first quarter US GDP later on Thursday could renew focus on inflationary pressures, particularly if the already elevated number is revised upwards.”
Metal prices are also creeping higher again. “This could put yet more focus on the risks of the global economy overheating but has at least given the UK mining sector a bit of a lift this morning,” says Mould
FTSE 100 Top Movers
Melrose Industries (3.2%), Rolls-Royce (3.16%) and Aviva (2.73%) are the biggest risers on the FTSE 100 early on Thursday.
While making up the bottom three are Severn Trent (-3.07%), Johnson Matthey (-2.84%) and Taylor Wimpey (-2.24%).
Johnson Matthey
Johnson Matthey (LON:JMAT), the chemicals manufacturer, forecast low-to-mid teens growth for this year on strong demand for its autocatalytic converters and stricter pollution rules in Asia. The FTSE 100 company also posted a fall in its yearly profit.
Johnson and Matthey recorded an underlying profit of £504m for the year up to the end of March, down from £539m a year before.