FTSE 100 extends gains as China eases Covid-19 curbs

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FTSE 100 extends gains as China eases Covid-19 curbs

 FTSE 100 extends gains as China eases Covid-19 curbs
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UK Market: The UK stock market extended gains on Tuesday, with the blue-chip FTSE 100 index gaining over a per cent to its highest level in more than two weeks. The index was driven by gains in commodity stocks after China decided to ease some Covid-19 curbs, which boosted the global sentiments. The oil supply issue and a possible price cap by G7 countries on Russian oil exports continued to push the prices higher. The blue-chip index has outperformed its global peers this year’s large presence of healthcare, commodity, and consumer companies, which have gained from the global economic worries and rise in energy prices.

Pennon Group Plc (LON: PNN): The shares of South West Water company owner, Pennon Group Plc, fell by 5.89%, with a day’s low of GBX 988.00. Britain’s water regulator opened an enforcement case against the company over possible violations involving its wastewater treatment works.

Petrofac Limited (LON: PFC): The share of oilfield services provider Petrofac Ltd jumped by 3.53%, with a day’s high of GBX 126.50. The company said trading and expectations for the six months to end-June are in line with guidance, and its engineering and construction (E&C) division is expected to report a first-half EBIT loss of around US$35-45 million.

Abingdon Health Plc (LON: ABDX): The share of world’s leading developer and manufacturer of high-quality rapid lateral flow tests, Abingdon Health Plc, soared by around 50%, with the day’s high of GBX 15.25. The company has announced that it has reached an £8.9 million settlement agreement with the UK Department for Health & Social Care.

US Markets: The US market is likely to get a positive start, as suggested by the futures indices. S&P 500 future was up by 38.37 points or 1.04% at 3,940.40, while the Dow Jones 30 futures was up by 1.26% or 395.92 points at 31,834.18. The technology-heavy index Nasdaq Composite future was up by 0.84% at 12,111.67 (At the time of writing – 9:36 AM ET).

US Market News:

The share of athletic apparel and footwear manufacturing company Nike (NKE) fell by 2.4% in the premarket trading session despite it reporting better than expected quarterly profit and revenue. The company forecasts current-quarter revenue to be lower than estimates amid ongoing disruption in its profitable Chia market and increased promotional activity.

The share of chemical industry company Occidental Petroleum (OXY) gained 4% in the premarket trading session after Berkshire Hathaway (BRK.B) revealed an additional share purchase of the company to increase its stake to 16.4%.

European Indices Performance (at the time of writing):

European Indices Performance

 FTSE 100 Index One Year Performance (as on 28 June 2022)

1 Year FTSE 100 Chart

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group Plc (VOD), Centrica Plc (CAN).

Top 3 Sectors traded in green*: Energy (3.57%), Base Material (1.62%), and Financial (1.48%).

London Stock Exchange: Stocks Performance (at the time of writing)

London Stock Exchange stock performance

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $113.25/barrel and $111.34/barrel, respectively.

Gold Price*: Gold price hovered at around US$ 1,823.15 per ounce, down by 1.65% against the prior day's closing.

Currency Rates*: GBP to USD: 1.2247; EUR to USD: 1.0585.

Bond Yields*: US 10-Year Treasury yield: 3.243%; UK 10-Year Government Bond yield: 2.4850%.

*At the time of writing

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