FTSE 100 live: Markets mixed, dollar falls, CMA takes aim at supermarkets

The news moving markets in London today: The capital’s premier bluechip index closed lower but the midcap index rose, Hargreaves Lansdown appoints new chair, Harbour Energy updates market, the dollar falls

The FTSE 100 closed 0.4 per cent lower at 7,423.46. The FTSE 250, which is more aligned with the UK domestic market, closed 0.4 per cent higher at around 18,467.58.

“The markets struggled to find direction despite signals from Fed Governor Christopher Waller that interest rates could start to fall next year,” AJ Bell’s investment director Russ Mould said.

“Financials helped to drag the FTSE 100 lower amid speculation about rate cuts given the potential implications for their profitability,” he continued

Prudential, Standard Chartered, Aviva and HSBC were all among the largest fallers, dropping over two per cent.

FTSE 100 news

JD Sports topped the FTSE 100, rising 5.7 per cent after a strong performance from US peer Foot Locker.

Harbour Energy, the largest London-listed independent oil and gas company has announced today it’s targeting free cash flow of $1bn (£800m) in its current financial year as the company benefits from higher oil prices. Its shares were up three per cent.

In a trading update for the nine months to 30 September, the group told the market production averaged 189 thousand barrels of oil equivalent per day (kboepd) in the period, and it remained on track to hit a full-year production target of 185 to 195 kboepd.

Investment platform Hargreaves Lansdown has appointed Alison Platt as chair and a non-executive director, succeeding Deanna Oppenheimer after six years following a reported row with the firm’s co-founder.

Oppenheimer will step down at the firm’s annual general meeting on 8 December and Platt is set to join the firm’s board in early 2024, the firm said in a market update this morning. Its shares were up 0.8 per cent.

Market news

Supermarkets’ loyalty schemes have been drawn into focus for their alleged inflationary impact, according to a probe by the the Competition and Markets Authority. The regulator said it will launch a major review of the sector early next year, and will also look into the baby formula market in particular.

“We’re concerned that parents may not always have the right information to make informed choices and that suppliers may not have strong incentives to offer infant formula at competitive prices,” Sarah Cardell, chief executive of the CMA said.

The dollar fell to its lowest level in three months after Fed Governor Christopher Waller, among the more hawkish members of the FOMC, said he was “increasingly confident that policy is currently well positioned to slow the economy and get inflation back to two per cent”.

This morning the dollar index, which compares to the dollar to a basket of currencies was at 102.770.

The pound was trading just above $1.27 while it rose 0.2 per cent to €1.157 against the euro.

A barrel of brent crude fetched 81.68, unchanged from the previous day’s trading. Traders are looking ahead to a meeting of OPEC+.