Crude oils FTSE ascent

Crude oils FTSE ascent

Crude oils FTSE ascent

The FTSE100 is advancing into positive territory, trying to maintain levels above 7600, with higher oil prices (fallout from Trump’s decision to dump Iran deal) and weak GBP helping global FTSE contributors to rise. More M&A deals (VOD investing in continental assets) makes for a busy weak.

Contributors: FTSE +25pts; helped mainly by Energy (oil rally on Trump/Iran news), Miners (proxies for global growth; weak GBP), IMB (targeting £2B divestments, weak GBP) and VOD (M&A). Putting most downward pressure on the index is CPG (H1 results), AZN/GSK (profit taking from highs), Shire (M&A uncertainty), TUI (H1 net loss), BRBY (major holder offloading stock).

Technicals: FTSE100 is confidently above 7600. Longer-term uptrend to 7800 still within reach, and today’s advance makes that level a realistic medium-term target. Channel floor maintains around 7540.”

 

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Categories: Analysis, News
Tags: FTSE 100

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