Reckitt Benckiser at oneyear highs
Lloyds Group jumps on forecast lift
Rio Tinto slips on halving dividend
FTSE 100 up 0.4, FTSE 250 adds 0.3
July 27 Reuters UK39;s bluechip index held near onemonth highs on Wednesday, as strong forecasts from heavyweights Reckitt Benckiser and Lloyds Banking Group overshadowed concerns over a slowing economy and soaring inflation.
The FTSE 100 index gained 0.4 and the domestically focussed midcap 250 edged 0.3 higher. Both the indexes looked set to end the month with strong gains.
Shares of Reckitt Benckiser climbed 4.9 to oneyear highs as the maker of Dettol and Lysol cleaning products raised its fullyear revenue forecast after steep price hikes helped it beat secondquarter sales expectations.
Lloyds Banking Group rose 3.8 after it raised its dividend and fullyear profitability forecast as rising interest rates outpace modest growth in provisions for troubled loans.
Meanwhile, betterthanexpected results from U.S. tech giants Microsoft and Alphabet looked set to boost Wall Street, with investors bracing for a big interest rate hike from the Federal Reserve later in the day.
With so many moving parts to consider, we expect markets to remain volatile after the FOMC meeting, Mark Haefele, chief investment officer of UBS Global Wealth Management wrote in a note.
The stock market is likely to remain rangebound until the Fed pivots, or we get a reacceleration in business activity. We continue to prefer value over growth in…