Hous(ing) & Home (Secretary)

Hous(ing) & Home (Secretary)

Hous(ing) & Home (Secretary)

Mike van Dulken, Head of Research at Accendo Markets commented to clients around midday:

“The FTSE100 index trades just off its 7550 highs of the day, having added to (even accelerated) its late March reversal and recovery rally. Helping sentiment is fresh GBP weakness. This is derived from political uncertainty, both from a shift in Brexit influence within Theresa May’s Cabinet (replacement Home Secretary Sajid Javid being pro-Brexit while Amber Rudd, who resigned following an immigration scandal, is anti) and continued difficulties with the North Irish border. Helping further is a flurry of M&A and Miners (most) welcoming solid  China PMI data.

Contributors: FTSE +30pts, with the biggest positive contributors being HSBC (extending rebound, optimism before Q1 results on 4 May), ULVR  (second wind for rebound), SBRY (merger with Asda), WPP (Q1 not as weak, possible disposal), BHP /DGE (weaker GBP). Holding the index back are GLEN (DRC subsidiaries served freezing orders on royalties) and  BP/RDSb (oil off highs).

Technicals: The FTSE 100 remains above 7500, extending its break above 7400, the rebound from 6840 and retrace towards 2018 highs of Jan/Feb’s record highs of 7800.”

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Categories: Analysis, News
Tags: news

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