The FTSE 100 experienced a solid rally today, buoyed by reassuring results from Smith & Nephew, which led the index higher. However, Unilever’s stock faced a setback following the surprise announcement that CEO Hein Schumacher will step down after less than two years in charge, with shares falling as much as 3.4%. Despite this, investor confidence in his successor, Fernando Fernandez, tempered the decline.
Defence stocks were also on the rise, driven by Prime Minister Keir Starmer’s pledge to increase UK defence spending to 2.5% of GDP by 2027, with a further increase to 3% anticipated in the next parliament. This pledge helped boost the broader market sentiment despite concerns elsewhere.
In the bond markets, UK gilts tracked US Treasury yields lower, with investors seeking safety amid broader global economic concerns. As a result, bond yields dipped across the board.
In other significant news, Ofgem, the UK’s energy regulator, announced that the energy price cap will rise by 6.4% in April, leading to an average increase of £111 per year for the typical household.
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