FTSE 100 edges up as earnings offset economy worries

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  • FTSE 100 rises 0.2%, FTSE 250 adds 0.1%

25 Jan. (Reuters) – The UK’s FTSE 100 opened higher on Wednesday, boosted by a positive earnings update from insurer Aviva, although concerns about Britain’s bleak economic outlook and rate hikes weighed on overall sentiment.

The blue-chip FTSE 100 (.FTSE) was up 0.2% by 0809 GMT, reflecting a cautious mood in European markets.

Aviva (AV.L) climbed 1.8% after the insurer maintained its dividend and capital return outlook and reported a positive end of trading for the year in its non-life insurance unit.

Aviation stocks also received a boost after EasyJet (EZJ.L) said it expected to beat current market expectations for 2023 based on the strength of summer bookings and return full-year earnings. EasyJet rose 6.6%, while Wizz Air (WIZZ.L) gained 4.7%.

The mid-cap FTSE 250 index (.FTMC) rose 0.1%.

To limit further gains in the markets, Britain’s official economic forecaster has told the government she has overestimated medium-term growth prospects and plans to downgrade her outlook, the Times newspaper reported. .

Reporting by Sruthi Shankar in Bengaluru; edited by Uttaresh.V

Our Standards: The Thomson Reuters Principles of Trust.

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