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The FTSE100 is set to close out the month in the red with UK investors nursing losses of over 5.3% on the month with nearly 1% added to the decline in the final session of May. Leading the blue chip index lower is Prudential Plc, the London-listed insurer, experienced a decline of over 5.5% heading into the close, making it the top percentage loser on the day. The company announced that its Chief Financial Officer, James Turner, will be stepping down following a code of conduct investigation related to a recent recruitment process. The investigation revealed that Turner had not met the company's standards. Prudential has appointed Ben Bulmer as the new CFO. Turner will remain with the company for four months to assist with the transition. The incident was identified through internal processes, and although the recruitment in question was not completed, the exact nature of the misconduct was not disclosed by a company spokesperson. Prudential clarified that the CFO's departure has no implications for its financial performance, results, or operations. Year-to-date, the stock has declined approximately 0.22%. Vying for the bottom spot is the beleaguered Ocado Group, the British online grocer, experienced a significant drop, reaching their lowest level since December 2017. The stock fell by more than 5%. Ocado Group is expected to be demoted from the FTSE 100 index and added to the FTSE 250 index at the close, as stated by index provider FTSE Russell. Last week, FTSE Russell had indicated the potential removal of OCDO from the FTSE 100.

On the positive side of the ledger is B&M European Retail, the discount retailer, saw its shares rise by over 7.5%, making it the top percentage gainer on the FTSE blue-chip index. The company has provided an upbeat outlook, forecasting higher core profit for 2024. B&M attributes this positive forecast to the growing demand from customers seeking lower-priced food and goods amidst a challenging cost-of-living environment. Additionally, the company reported an annual profit that aligned with its expectations. B&M's UK unit also reported strong performance, with like-for-like sales increasing by 8.3% in the first nine weeks of the new financial year. Prior to this recent increase, B&M's stock had already risen by nearly 16% year-to-date. The company's ability to capitalise on customers' cost-consciousness has contributed to its positive performance in the market.

FTSE Bias: Intraday Bullish Above Bearish below 7550

• Below 7467 opens 7388
• Primary resistanceis 7660
• Primary objective 7388
• 20 Day VWAP bearish, 5 Day VWAP bearish

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