/cloudfront-us-east-2.images.arcpublishing.com/reuters/2ELFE2ILEJLCVNSSWKGQLPUVFA.jpg){kind=small}
[ad_1]
Dec 5 (Reuters) – The export-oriented FTSE 100 was higher on Monday, with miners leading gains, after Vodafone announced that Chief Executive Nick Reid would resign.
The blue-chip FTSE 100 (.FTSE) was up 0.1% at 0912 GMT, while the mid-cap FTSE 250 gained 0.2%.
Miners (.FTNMX551030) added 0.8%, tracking base and precious metals prices that rose as the easing of COVID-19 restrictions in top consumer China boosted sentiment. METL/
Vodafone Group ( VOD.L ) rose 0.2% after the mobile network operator said Chief Executive Nick Reid would step down later this year and finance chief Margherita Della Valle would replace him on an interim basis.
“Investors today are welcoming a change in leadership,” said Victoria Scholer, head of investments at Interactive Investor.
“In his tenure as CEO, shares in Vodafone are down nearly 50% and he previously announced an ambitious one-billion-euro cost-cutting strategy to offset inflationary pressures.”
Meanwhile, traders await the business activity reading at 0930 GMT. The reading showed the economy was still contracting at 48.3, according to a Reuters poll.
Still, the Bank of England is expected to raise rates by 50-basis points next week as it focuses on keeping inflation under control, amid fears of a slowdown in economic activity.
“We’ve got the Russian-Ukraine crisis, the energy crisis, inflation and a recession forecast with the EU. So, frankly, I don’t expect any surprising reaction to this data because we’re already expecting a recession in Europe,” HYCM’s Chief Markets Analyst Giles Coughlan said.
In stocks, Cineworld Group PLC ( CINE.L ) rose 3.1%, according to a Bloomberg report, after creditors negotiated to break up the bankrupt cinema chain and sell its Eastern European operations.
Reporting by Johan M Cherian in Bengaluru; Editing by Savio D’Souza
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]
Source link
