FTSE 100 Hit’s Low of The Week as UK Inflation Jumps

The FTSE 100 is trading down 0.61% today to make the lowest point of the week, as several significant corporate developments coincided with a rise in UK inflation. The headline index dropped by 53.38 points to 8,713, with Glencore the biggest decliner following their earnings results.

Glencore shares (LON: GLEN) are currently down 7.69% at new 52 week lows of 326.20p as the company disclosed a 16% decline in adjusted earnings for the recent period. To accompany earnings, again comes the suggestion that the company is contemplating moving its primary listing from the London Stock Exchange to the New York Stock Exchange.

Also this morning Glencore announced shareholder returns of $2.2 billion, including a $0.10 per share dividend and a $1 billion share buyback programme. 

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Simultaneously, the UK faced rising inflation, which climbed from 2.5% to a 10 month high of 3.0% in January. The increase was primarily attributed to higher services inflation, which had been anticipated. The Office for National Statistics confirmed this surge, suggesting potential impacts on monetary policy decisions by the Bank of England.

BAE Systems PLC (LON: BA) are a notable gainer on the day, up 1.48%, as the company announced a record order book valued at £77.8 billion, alongside a 14% surge in sales to £28.3 billion. Underlying pre-tax earnings also rose by 14% to reach £3.0 billion.

Jet2 PLC (LON: JET2) also reported expectations for higher profits. However, the company’s stocks dropped by 11% by early afternoon as delayed aircraft deliveries and rising maintenance costs weighed on the report.