Heavyweights usher FTSE higher

The FTSE100 is nicely positive, having broken back above 7700 to extend a 3-day rising channel.

Heavyweights usher FTSE higher

The FTSE100 is nicely positive, having broken back above 7700 to extend a 3-day rising channel. On another busy day for corporate updates (ITRK, HL, IHG; reactions largely negative), USD weakness is helping commodity prices (copper, oil, gold), in turn boosting the key Resources sector (22% of FTSE100). While reciprocal GBP strength is typically a FTSE burden, today the opposing USD move is proving more powerful, improving FTSE risk appetite. Contributors: FTSE +55pts, driven north by heavyweights including HSBC (Asian markets positive overnight), BP/RDSB (extending bounces, higher oil prices), Miners (weaker USD, Copper +1%), AZN/GSK/ULVR (momentum), SLA (results) and TSCO (breakout). Offering token resistance is ITRK/HL/IHG (results), BARC (heavyweight) and OCDO (broker downgrade).

Technicals: The FTSE100 has broken back above 7700 to extend a 3-day rising channel towards June/July highs.

Enter your e-mail address to receive updates straight to your inbox

My Newsletter

You can easily unsubscribe at any time by clicking on the unsubscribe links at the bottom of each of our emails
Categories: Analysis, News
Tags: FTSE 100

About Author