JD Sports Fashion shares led the FTSE 100 index higher on Thursday, buoyed by a strong second-quarter trading performance. The sportswear retailer saw like-for-like sales improve by 2.4%, resulting in a 0.7% growth in sales for the first half of its financial year. The stock climbed 2.85p to 131p.
Other blue-chip performers included Unilever, which rose 64p to 4797p, and United Utilities, gaining 13.4p to 986.6p. Conversely, Legal & General suffered a 2% decline, losing 5.3p to 225.7p after going ex-dividend.
The FTSE 100 index closed the day up 12.85 points at 8296.28, while the FTSE 250 drifted down 41.90 points to 21,145.29, having outperformed the previous day with a 1% rise.
Meanwhile, Hays, the recruitment firm, reported a 50% slump in underlying profits to £94.7 million for the year ending 30 June. The decline was attributed to low confidence levels and extended hiring times, impacting its three largest markets â Germany, Australia, and the UK. Net fees fell by 12% to £1.1 billion during the period.
Hays responded to the challenging market conditions by focusing on productivity and cost reduction, achieving £60 million in annualised savings. Trading in July and August has been in line with expectations, although it is too early to gauge trends for September.
Despite the profit dip, Hays remains optimistic about its long-term prospects, citing key markets driven by powerful megatrends and persistent talent shortages. CEO Dirk Hahn stated that Hays is well-positioned to capitalise on market recovery and surpass previous peak profits. The company maintained its dividend at 3p per share.
Wall Street markets closed higher on Wednesday, fuelled by minutes from the Federal Reserve's July meeting, which hinted at a potential interest rate cut in September. While rates were kept on hold, some policymakers expressed a willingness to act promptly due to concerns about delaying action. This sentiment bolstered the S&P 500 index, which closed 0.4% higher, while the Nasdaq Composite gained 0.6%, and the Dow Jones Industrial Average edged into positive territory.
The Federal Reserve minutes exerted pressure on the US dollar, pushing it to a seven-month low against a basket of currencies. The pound traded at $1.3084 on Thursday morning.
Oil prices continued their descent, with Brent Crude nearing its lowest point for the year at $76.02 per barrel. The FTSE 100 index, which closed 10 points higher on Wednesday, is predicted to open Thursday's session down 14 points at 8270.
