How the UK Markets’ Fared Ahead of the Bank of England’s Monetary Policy Decision?

  • Stock Market Analysis

US Markets: Broader indices in the United States traded on a mixed note - particularly, the S&P 500 index traded 19.12 points or 0.48 per cent lower at 3,943.59, Dow Jones Industrial Average Index surged by 30.98 points or 0.09 per cent higher at 32,856.93, and the technology benchmark index Nasdaq Composite traded lower at 13,332.52, down by 139.05 points or 1.03 per cent against the previous day close (at the time of writing, before the US market close at 11:30 AM ET).

US Market News: The major indices of Wall Street traded in a red zone ahead of the Federal Reserve policy announcement. Among the gaining stocks, CrowdStrike Holdings shares went up by about 4.62% after the Company had posted better fourth-quarter results. Among the declining stocks, Plug Power shares went down by approximately 13.68% after the Company would reinstate financial statements because of accounting errors. Uber Technologies shares dropped by approximately 3.31% after it updated that more than 70,000 British drivers would be paid the minimum wage. Shares of Lands’ End fell by about 2.56%, even though the retailer reported better quarterly results than expectations.

UK Market News: The London markets traded in a red zone as investors kept their eyes on the US Federal Reserve policy announcement and Bank of England’s latest monetary policy decision. FTSE 100 traded lower by around 0.60% due to the mining stocks such as Evraz, Fresnillo (LON: FRES ), and Anglo American (LON: AAL ) as they were among the biggest fallers on the index.

Telecommunication Giants like BT Group (LON: BT ) and Vodafone Group (LON: VOD ) climbed by approximately 5.06% and around 1.20%, respectively, after the UK government auctioned a 5G mobile network spectrum for 1.36 billion pounds.

Investment Platform Hargreaves Lansdown (LON: HRGV ) had forecasted profit before tax for the financial year ending 30 June 2021 to remain above analysts’ expectations, driven by high volumes of shares dealing since the end of January 2021. Thus, the shares went up by around 0.72%.

Upper Crust owner SSP Group dropped by approximately 6.71% after it had announced plans to raise 475 million pounds through a rights issue as it had anticipated a more prolonged recovery from the Covid-19 pandemic.
Outsourcer Capita had announced that it would simplify its business into three division from six after reporting a decline in full-year pre-tax profit. Meanwhile, the shares went up by around 0.30%.
Online booking platform Hostelworld Group shares dropped by about 1.12% after reporting a decline of 81% in FY20 revenues.

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group Plc (LON: LLOY ); Rolls-Royce Holdings Plc (LON: RR .); Vodafone Group Plc (VOD).
Top 3 Sectors traded in green*: Technology (+0.74%), Industrials (+0.36%) and Energy (+0.12%).
Top 3 Sectors traded in red*: Utilities (-2.08%), Real Estate (-1.81%) and Basic Materials (-1.71%)

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $68.00/barrel and $64.56/barrel, respectively.
Gold Price*: Gold price was quoting at US$1,736.90 per ounce, up by 0.35% against the prior day closing.

Currency Rates*: GBP to USD: 1.3910; EUR to GBP: 0.8589.

Bond Yields* US 10-Year Treasury yield: 1.674%; UK 10-Year Government Bond yield: 0.831%.
*At the time of writing

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