UK stocks marginally declined on Wednesday as the financial world anticipated the Federal Reserve's interest rate decision and the Bank of England's policy meeting on Thursday.
The British pound weakened after reports indicated that UK consumer price inflation in February was at its lowest since 2021. The year-on-year growth registered at 3.4%, a slow-down from the 4.0% rise in January. This was the lowest rate since September last year, with prices originally expected to ascend by 3.5%.
On a monthly level, consumer prices increased by 0.6%, counterbalancing the 0.6% fall in January. The FTSE 100, the UK's primary stock index, fell by 14 points or 0.2% to 7,724 points, following a 0.2% rise the day before.
Turning to corporate affairs, despite reporting robust new business growth in 2023, Prudential, the insurance and asset management behemoth, saw a 2.3% decrease in its stock value. In contrast, shipbroker firm Braemar saw a 3.7% surge as it maintained its profit and revenue guidance for 2024.
Johnson Matthey, on the other hand, soared a remarkable 7.5%. This was after the company confirmed an agreement to sell its medical device components business to Montagu Private Equity for a sum of $700 million in straight cash.
