FTSE 100 live: Beazley and Ocado edge London higher on final day of first quarter
The FTSE 100 nudged higher on the final morning of the first quarter on the back of an early rise for insurance giant Beazley and retail tech firm Ocado.
London’s flagship index rose around 0.2 per cent in early trading before settling to be around up around 0.16 per cent at 9:43am.
Lloyds of London insurer Beazley, which recently entered the FTSE 100, was the fastest riser on London’s premier index after a slump in its shares in recent weeks. The firm is trading up around two per cent after surging over four per cent in early trading.
Earlier this morning, it was announced the UK avoided a technical recession with growth of 0.1 per cent in the final quarter of last year. However, there was the largest slump in house prices since 2009, reported in Nationwide’s regular index.
Retail tech firm Ocado is trading up around two per cent after shares surged some 16 per cent yesterday.
Analysts said it was “all quiet on the western front”, as European markets remained calm and London’s flagship index looked set to close out the quarter with a modest gain.
“Continental Europe stocks saw small gains on the last trading day, with Asian shares also pressing ahead,” says AJ Bell investment director Russ Mould.
“It means the FTSE 100 is on track to record an approximate two per cent gain for Q1, which investors will take as a win when you consider the period involved a major banking crisis.”
Mould added that US shares had a better time across the first three months of the year, with the S&P 500 on track for a six per cent first quarter gain and a 16 per cent advance from the Nasdaq, which was “helping to make up for their miserable showing last year.”