London’s FTSE 100 inched higher on Monday as tobacco stocks jumped on Imperial Brands’ buyback and dividend revision plans, but gains were capped by dampened hopes of a hefty rate cut by the U.S. central bank. UK blue-chip index rose 0.1% by 0800 GMT after opening lower in choppy trading, while the FTSE 250 mid-cap index also reversed early losses. Rival British American Tobacco rose 1.7%, providing the biggest boost to the index. “The market has got this wrong – but the Fed now has a tough job as to not cut would act like a de facto tightening,” Wilson said. Asset manager Schroders was the biggest FTSE 100 loser with a near 2% drop after brokerage Jefferies cut its rating on the stock.

Source: National Post July 08, 2019 08:37 UTC