FTSE 100 Live: Drahi’s BT stake under scrutiny, Auto Trader results

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The 18% stake in BT by French billionaire Patrick Drahi’s Altice business was today called for investigation under the National Security and Investment Act.

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Business Secretary Quasi Quarteng’s referral comes after Altice’s move last December to increase its holding in the UK telecom business from 12.1% to 18%.

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In other London corporate news, Auto Trader has annual results and clean air business Johnson Matthey has published its full year results with a strategy update.

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Nvidia guidance sends shares lower, FTSE 100 flat

Chipmaker Nvidia’s disappointing guidance in an update after Wall Street’s closing bell means US markets are set to lose momentum from yesterday’s strong session.

Nvidia shares were down 7% in after-hours dealing, while data platform business Snowflake also fell sharply as its margin guidance disappointed investors.

Trading was positive during regular hours, no surprise with the S&P 500 up 1% following the release of minutes from the US Federal Reserve’s May meeting.

Markets are looking for a further half-point increase in June and July, as well as the possibility that rates will move beyond their “neutral” levels to help hedge above target inflation.

Michael Hewson, chief market analyst at CMC Markets, said: “Where the fed funds rate is expected to be at the end of the year, the market cap is 2.5%, which may be the neutral rate. However, various policymakers differ about this. where the actual level actually is.”

Hewson expects the FTSE 100 index to remain unchanged at 7522.

Meanwhile, the price of Brent crude has gained 0.6% to near $115 a barrel.

Credit: www.standard.co.uk /

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