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Oil majors, miners bolster FTSE 100 rebound after Fed signals more rate cuts

Published 20/06/2019, 08:26
Oil majors, miners bolster FTSE 100 rebound after Fed signals more rate cuts
UK100
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FRES
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FTMC
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CURY
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DNLM
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100 up 0.5%, FTSE 250 up 0.4%
* Oil majors biggest support as crude prices jump
* Dixons Carphone slumps after poor results
* Dunelm gains after forecast upgrade

June 20 (Reuters) - London's FTSE 100 rebounded Thursday on
strong gains in oil majors and miners as investors were
encouraged by the U.S. Federal Reserve's stance on potential
rate cuts, while electronics retailer Dixons Carphone tanked.
The FTSE 100 index .FTSE was up 0.5% and the FTSE midcap
index .FTMC rose 0.4% by 0707 GMT.
The U.S. Federal Reserve kept interest rates unchanged on
Wednesday and signalled rate cuts could start as early as July,
offering respite to investors who have been uneasy about by weak
economic data and global trade tensions.
FTSE 100 component Fresnillo FRES.L surged nearly 7%, its
biggest one-day gain in eight months, as gold prices hit their
highest in more than five years after the Fed statement
pressured the dollar.
Among midcaps, Dixons Carphone DC.L plunged 23.5% after it
warned of a big drop in profit for the current year while
reporting a slump in full-year profit as it struggles with a
fierce mobile phone market.
Homewares retailer Dunelm DNLM.L climbed 4.3% after it
raised its annual earnings target for the second time in just
over two months, capping off a year in which it saw a surge in
online orders.

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