Record-breaking S&P closes in on 5000 mark
The S&P 500 closed in on the 5000 level for the first time last night in another record-breaking session in New York.
The index – home to America’s biggest companies, from Microsoft and Apple to General electric and Coca-Cola – rose to an alltime high of 4999.
This came on the back of solid corporate earnings from the likes of Ford, which raised its firstquarter dividend and scaled back investments in electric vehicles.
Wall Street has also been boosted by excitement over artificial intelligence (AI) and signs that the Federal Reserve will start cutting interest rates.
The Dow Jones Industrial Average and tech-heavy Nasdaq also moved higher.
The FTSE 100 fell 0.7pc, or 52.26 points, to 7628.75 and the FTSE 250 was down 0.4pc, or 66.81 points, to 19,104.53.
Shares in PZ Cussons plunged to their lowest level for more than 15 years after the owner of Imperial Leather soap warned on profits and slashed its dividend. The group, whose brands also include Carex handwash and St Tropez fake tan, has been rocked by Nigerian currency volatility.
Revenues fell 17.8pc to £277m in the six months to December 2 as it lost £94m, having made a £40.5m profit in the same period the year before. It cut its interim dividend by 44pc to 1.5p a share, and the stock tumbled 16.4pc, or 21p, to 107p – its lowest since 2008.
The naira was devalued in June last year as Nigeria tried to overhaul its multiple exchange rates, with PZ Cussons chief executive Jonathan Myers saying this had been the ‘most significant challenge’ it had faced. It warned it was ‘difficult to foresee a significant rebound’. Packaging firm Smurfit Kappa recommended raising its final dividend by 10pc after its second-best results in its 90-year history – £9bn revenue and £1.7bn profit in 2023. It rose 3.6pc, or 102p, to 2972p.
Defence group Babcock expects another year of revenue growth but failed to upgrade its forecasts, and fell 8.9pc, or 41.6p, to 424.2p.
Ashmore, the asset manager focused on emerging markets such as Colombia, India and Saudi Arabia, rose 0.4pc, or 0.8p, to 211.4p after solid half-year results, with profits up 38pc to £74.5m in the six months to December 31.
Magazine publisher Future sank after the group behind Marie Claire, Country Life and Four Four Two reported a slow start to the year in digital advertising – and fell 7.4pc, or 53p, to 665p.
Irish conglomerate DCC said third-quarter profits were higher than the same period the year before. The firm, which is focused on energy, healthcare and technology, has spent £45m on acquisitions since November. Shares climbed 0.6pc, or 34p, to 5794p.
Demand for renting remains ‘exceptionally high’, according to Grainger – up 1.9pc, or 5p, to 266p. The residential landlord said its rental growth rose 8.3pc in the four months to the end of January, up from 7.7pc in the 12 months to September 30.
Mike Ashley’s fashion empire has strengthened its grip on Boohoo. Frasers Group, which owns Sports Direct, Flannels and Jack Wills, raised its stake from 21.49pc to 22.09pc. It rose 0.3pc, or 2p, to 801p, while Boohoo dropped 1.1 pc, or 0.38p, to 35.03p.
Zinc Media, the TV production group behind the BBC series Putin vs The West expects record revenues and profits for 2023.
It also said that it had started this year with its highest level of forward bookings. The shares gained 6.3pc, or 5p, to 84.5p.
Coventry tech firm Aurrigo – up 5.4pc, or 5p, to 97.5 – has signed an agreement for its automatic baggage handling robots to be used at Munich airport.