FTSE 100 mid-day update: Retail sales slump, FTSE 250 jumps, oil rises

The news moving markets in London today: Retail sales volumes fall to the lowest level in two years as consumers hunker down.

At 11am in London this morning, the FTSE 100 traded one per cent higher at 7,483 despite data that showed UK consumers were buying less than at any other point since February 2021. The domestic-focused FTSE 250 index was up 1.3 per cent at 18,596.

The Euro Stoxx 50 was up 0.9 per cent at 4,342 and the S&P 500 was called to open up 0.2 per cent at 4,518.

The latest retail sales data from the Office for National Statistics (ONS) showed retail sales volumes fell 0.3 per cent in October, falling to the lowest level since February 2021.

“When compared with their pre-coronavirus (COVID-19) pandemic level in February 2020, total retail sales were 16.9 per cent higher in value terms, but volumes were 3.1 per cent lower,” the ONS noted.

FTSE 100 movers

Marks and Spencer has been upgraded by ratings agency Moody’s. The agency cited the retailer’s “strong trading performance” as one of the reasons for the upgrade. The move will be a boost for the company ahead of the key Christmas trading period. The stock was up 0.9 per cent in morning trading.

Mining group Fresnillo led the blue-chip index higher, up 3.4 per cent off the back of higher silver and gold prices.

Flutter was also up 3.4 per cent as the online gaming company prepared to move its listing to the US in the first quarter of 2024. FTSE 100 peer Entain joined it, moving three per cent higher in morning trading. Land Securities and Natwest were also up three per cent.

FTSE 250 movers

On the FTSE 250, asset managers Jupiter and Liontrust were leading the index, up six per cent. Cab Payments, the embattled payments company was also higher, up five per cent.

Aston Martin continued its run higher this week. The stock added 4.5 per cent today and is up 11 per cent since the beginning of the month.

Market updates

Nationwide posted underlying profit of £1.26bn for the six months to the end of September, up £980m on last year. Chief executive Debbie Crosbie said the firm was “performing strongly” and its strategy was to “safeguard the future strength of the sand provide a good way to bank for customers.”

Marston’s has appointed Justin Platt as new chief executive to replace the long-standing Andrew Andrea. Platt has three decades worth of experience in hospitality, including a 12-year stint at Legoland owner Merlin Entertainments.

Global market data at 11am in London: Brent crude was trading at $78.4 a barrel, up 1.2 per cent and gold was trading 0.5 per cent higher at $1,990 an ounce. Silver was 1.5 per cent higher at $24.1 an ounce. The pound was 0.2 per cent higher against the dollar at $1.243 and was flat against the euro at £1.143.