FTSE 100 close: Wizz Air nosedives while JD Sports and 3i shine in London
London’s FTSE 100 jumped today, led higher by private equity firm 3i soaring after it dropped a strong crop of results, prompting traders to pile into its shares.
The capital’s premier index climbed 0.22 per cent to 7,761.55 points, while the domestically-focused FTSE 250 index, which better reflects the health of the UK economy, leapt 0.64 per cent to nearly over the 20,000 point mark.
The retail and leisure sector continues to populate the FTSE 100 top risers due to investors betting consumer spending will hold up well despite cost of living pressures.
Retailers JD Sports, Mike Ashley’s Frasers and B&Q owner Kingfisher built on strong gains yesterday, propping up the FTSE 100 today, climbing 1.99 per cent, 0.62 per cent and 2.51 per cent respectively owing to decent Christmas sales despite inflationary pressures.
But, the day belonged to 3i, which registered a near 10 per cent share price bump thanks to it cheering the success of its long-term approach to investments in an update this morning.
FTSE 100 nudged higher by retailers again today
Airline company Wizz Air trailed its rival easyJet this week despite posting strong sales driven by Brits returning to the skies after international travel was banned during the pandemic. However, it opted for a more cautious outlook, forcing investors to dump the stock. It was down nearly seven per cent today.
The purple-coloured airline dropped to the bottom of the FTSE 250 index today, shedding more than seven per cent.
That was not enough to push its shares higher, which fell more than seven per cent.
Tate & Lyle shined on the FTSE 250, up more than six per cent per cent thanks to a 19 per cent surge in revenue growth despite a drop in its flagship sucralose business, it announced today.
The group’s growth comes despite supply chain disruption in North America, seeing it pull in £1.3bn during 2022 thanks to product price hikes and the acquisition of plant-based protein producer Nutriati.
Oil prices climbed more than one per cent.
The pound weakened more than 0.3 per cent against the US dollar.