MARKET REPORT: Investors are betting on Flutter

Gambling and discounters were among the biggest gainers in London’s top index amid a flurry of weak economic data.

ONS statistics released yesterday show prices of everyday staples such as pasta, crisps and vegetable oil are rising sharply as the cost of living crisis deepens.

Earlier, PMI figures showed that output in the manufacturing and services sectors contracted in October at the fastest pace since January 2021, hinting that the UK may already be in recession. But even in a crisis there are winners.

Gambling giant Flutter led the market, with shares up 5.6 percent, or 600p, to 11,375p as punters like to bet during an economic downturn.

And B&M European Value Retail, where Terry Leahy, the former chief executive of Tesco (up 0.1 per cent, or 0.2p, to 211p), was chairman before he left for Morrisons, gained 4.8 per cent , or 14.6 pence, to 320.4 pence. with consumers looking to purchase everyday items such as curtains, cutlery and vacuum cleaners at low prices.

Neil Wilson, analyst at Markets, said: “It’s bleak out there at the moment but there are commodities that everyone needs. B&M always do well in a downturn, as do the bookies. It’s a kind of escapism.”

The FTSE 100 was barely budging, down a paltry 0.007 percent, or 0.51 points, to 7,013.48, while the FTSE 250 added 2.9 percent, or 494.08 points, to 17,831.63.

As Rishi Sunak began his first day as prime minister, most traders were focused on what steps he would take to stabilize the economy after the chaos of his short-lived predecessor Liz Truss.

AJ Bell analyst Danny Hewson said: “It was a good move to keep Chancellor Jeremy Hunt in place.

Failing that, investors will be looking forward to next week’s budget on Halloween. They don’t need anything to scare them before that.”

But miners once again weighed on the blue-chip index amid lingering concerns about falling demand following a slowdown in China’s economic growth.

Stock clock – Scancell

Scancell investors rejoiced after the biotech group sealed a £544m deal.

The company will work with Danish company Genmab, which is listed on the Copenhagen Stock Exchange and Nasdaq in New York, to develop and commercialize antibodies to treat diseases such as cancer.

Scancell chief executive Lindy Durrant welcomed the deal with Genmab.

Shares rose 17.3 percent, or 2.3 pence, to 15.4 pence.

Anglo American fell 1 per cent, or 28p, to 2,658.5p, while Rio Tinto shed 0.8 per cent, or 36p, to 4,714p.

But both Antofagasta (up 2.1 per cent, or 24p, to 1,146.5p) and Glencore (up 0.2 per cent, or 0.8p, to 502.7p) bucked the trend, recovering after losses at the beginning of trading.

Banking shares were also mixed after HSBC (down 6.8 percent, or 32.45p, to 442.65p) reported widening losses amid a global economic slowdown and a crisis in China’s property sector.

Asia’s second-largest bank Standard Chartered fell 1.3 percent, or 7.2p, to 554.4p, but Barclays added 0.9 percent, or 1.28p, to 150.22p after falling earlier in the day , Lloyds rose 1 percent, or 0.44 pence. p, to 42.98p, while Natwest rose 1.6 per cent, or 3.9p, to 244.4p.

Shares of commercial real estate companies and real estate investment trusts soared on a positive day for the sector.

Warehousing giant Segro rose 7.1 percent, or 52.8p, to 798p after Berenberg maintained its “buy” rating on the stock, even as the broker cut its price target to 1,040p from 1,260p.

There was also good news for Urban Logistics after the property investment group happily increased rental rates, leases and acquisitions.

Rental rates were 59 per cent higher between April and September compared to a year earlier, with 12 new lettings helping to bring in an extra £4m.

Urban Logistics also completed 13 acquisitions during the period, including an industrial warehouse in Glasgow.

Shares rose 11.6 percent, or 14.5 pence, to 140 pence.

MoneySupermarket jumped 3 percent, or 5.2p, to 177.6p after Canadian bank RBC insisted last week’s sharp sell-off in response to the launch of the Amazon Insurance Store was “excessive.”