The exuberance in the stock market was missing today as FTSE 100 gained only marginally from yesterday’s levels for want of decisive cues, either domestic or international.
The index is trading at 7085 levels, up by 0.07 percent from yesterday’s close. The declines out-number the advances, though marginally.
As per data released by Bank of England today, the net mortgage borrowing by UK households fell from GBP 11.5 billion in March to GBP 3.3 billion in April, sharply higher than the market forecast of GBP 6.6 billion. Today’s data also indicated surge in home loans, as the number of home loan mortgage approvals recorded 86.92 thousand in April, from 83.4 thousand in March. Consumer credit actually decreased by GBP 0.377 billion in April vis-à-vis GBP 0.388 billion in March to defy market prediction of GBP 0.5 billion increase.
Burberry group has added 4.32 percent whereas Rolls Royce Holdings has added more than 2 percent.
Melrose Industries, Antofagasta and Kingfisher have all declined more than 2 percent.
The British pound is currently trading near $1.415 levels, not much away from the three-year peak of $1.425 recorded on Tuesday,
Markets await Services and Composite PMI on Thursday as well as a speech by Bank of England Governor on the same day. Construction PMI data is due on Friday. Markets also look forward with renewed optimism to the planned relaxations in restrictions to herald a new phase of rapid economic rebound.
Market Analysis
FTSE 100 Fails To Fire
2021-06-02 14:06:33
