Dovish comments from Governor Andrew Bailey and other officials of the Bank of England helped the FTSE 100 benchmark of the London Stock Exchange record an uptick in Tuesday’s trade.
FTSE 100 oscillated between 7,748.73 and 7,705.98 as compared with the previous day’s closing level of 7,728.50.
The benchmark index of the London Stock Exchange is currently trading at 7,745.61, having added 0.22 percent on an overnight basis.
In the 100-scrip index, more than 60 are trading in the overnight positive zone.
Barclays rallied 5.6 percent. Intercontinental Hotels Group also added 3.8 percent. Antofagasta, Marks and Spencer Group, Aviva as well as Legal and General Group gained more than 2 percent whereas Centrica, Croda International and Entain followed with gains of more than 1.7 percent.
Rio Tinto slipped more than 2 percent. Airtel Africa, Anglo American, Scottish Mortgage Investment Trust, Rightmove and Glencore have all erased more than 1 percent in the day’s trade.
The GBP/USD pair increased 0.06 percent overnight to 1.2600 while the Dollar Index slipped 0.20 percent to 104.08. The sterling ranged between $1.2579 and $1.2599 in the day’s trade.
Bond yields in the U.K. eased in response to the dovish hints on rate cuts by BoE officials. Ten-year bond yields dropped 0.67 percent to 4.0825 percent. The yields ranged between 3.745 percent and 4.2055 percent over the course of the day. The same was 4.110 percent a day earlier.
Market Analysis
FTSE 100 Rises Amidst Dovish Comments From BoE Officials
2024-02-20 13:18:28
