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FTSE 100 ekes out gains after Fed comments, Provident surges

Published 06/05/2019, 03:22 PM
Updated 06/05/2019, 03:30 PM
FTSE 100 ekes out gains after Fed comments, Provident surges
UK100
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VANQ
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FTMC
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CARDC
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NSF
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* FTSE 100, FTSE 250 up 0.1%
* Fed comments bolster sentiment
* Provident gains after NSF drops hostile bid
* Card Factory up on positive results, forecast

June 5 (Reuters) - London's main index inched higher on
Wednesday as comments from the U.S. central bank hinting at a
possible cut in interest rates soothed investor nerves, while
mid-cap sub-prime lender Provident rose after rival NSF dropped
its hostile bid.
The FTSE 100 .FTSE rose 0.1%. It ended higher on both
Monday and Tuesday after volatile sessions that saw losses of as
much as 1%. The mid-cap FTSE 250 .FTMC had added 0.1% by 0705
GMT.
Following up on comments by St Louis colleague James
Bullard, U.S. Federal Reserve Chairman Jerome Powell said on
Tuesday the bank would react "as appropriate" to the fallout
from an intensifying Sino-U.S. trade dispute.
U.S. and Asian stock markets both gained in response,
interpreting the comments as an indication that the prospect of
a rate cut was rising and a shift from the more patient stance
the Fed has taken in recent months. Subprime lender Provident Financial PFG.L led gainers on
the FTSE 250 with a 7% rise as it succeeded in fending off a
hostile 1.3 billion pound bid from smaller rival Non-Standard
Finance NSF.L . Shares of greeting card retailer Card Factory CARDC.L
climbed 3.3% after it posted higher first-quarter sales and
guided to marginally positive like-for-like sales for the year.

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