FTSE 100 Climbs for 5th Day
On Wednesday, the FTSE 100 finished 0.4% higher, rebounding from earlier losses and achieving its fifth consecutive day of gains—the longest such streak in a month. A surge in gold prices, which reached new record highs, buoyed gold mining stocks, propelling the index into positive territory. Earlier in the day, global sentiment was negatively impacted by renewed trade tensions, notably new U.S. export restrictions on Nvidia chips to China. From the economic data perspective, UK inflation continued to ease in March, providing temporary relief ahead of the anticipated rise in bills expected in April. In corporate developments, shares of Bunzl plummeted by 26%—marking their worst day on record—following the company's downward revision of its outlook amid a weaker economic environment. Additionally, WH Smith's revenue fell short of expectations. Conversely, there was positive news as Barratt Redrow confirmed its full-year homebuilding target, and Mitie experienced a rise in its stock price after upgrading its profit forecast and announcing a £125 million share buyback initiative.
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