The FTSE-100 benchmark of the London Stock Exchange moved higher on Wednesday as positive surprises on the earnings front helped offset the pain from macro-economic headwinds. Gains in mining stocks also supported the uptick.
Data released by Confederation of British Industry’s distributive trades survey showed retail sales balance plunging to -35 in April, from 9 in March. Markets were expecting a reading of -3. The inflation-driven cost-of-living squeeze has dragged the reading to the lowest since March 2021.
FTSE 100 oscillated between 7,344 and 7,458, versus the previous close of 7,386.19.
The benchmark index of the London Stock Exchange is currently trading at 7,437.26, up 0.69 percent on an overnight basis.
In the 100-scrip index, 51 scrips have gained over Tuesday’s levels.
Mining stock Anglo American gained 5.4 percent amidst a surge in global metal prices. Rio Tinto that gained 4.3 percent, Fresnillo that increased 4 percent, Antofagasta that added 3.5 percent, and Glencore that moved up 2.9 percent are the other mining stocks topping the price charts.
HSBC Holdings that declined 5.5 percent on Tuesday following results announcement, recovered to gain 4 percent on Wednesday.
Industrial software maker Aveva Group plunged 15 percent after warning of the Russian sanctions’ impact on its revenues and investment.
House builder Persimmon is down 3 percent despite trading being in line with management estimates.
Lloyds Banking group is the most active scrip with a turnover of 57 million. The scrip has gained more than a percent.
The GBPUSD pair dropped by 0.22 percent to 1.2544 amidst the Dollar Index strengthening to 102.86 from the previous close of 102.30.
Yields on U.K.’s ten-year bonds increased to 1.8050 percent from Wednesday’s close of 1.7970, in sync with the global spike in yields.
Market Analysis
FTSE-100 Gains On Earnings Boost, Mining Gains
2022-04-27 12:53:57
