FTSE 100 Index Continues To Rise Albeit Marginally!

  • Feb 12, 2019 GMT
  • Team Kalkine
FTSE 100 Index Continues To Rise Albeit Marginally!

London’s broader equity benchmark FTSE 100 Index ended Tuesday’s session marginally higher

Stocks in the United States were seen to be opening marginally higher on Tuesday amid increasing optimism that upcoming trade negotiations between the US and China will help to fix the ongoing trade disputes. At the time of writing, Dow Jones Industrial Average Index was seen to be adding 216 points, S&P 500 index moving up by 22.4 points and technology index Nasdaq Composite was seen to be adding 75.3 points at Wall Street during the trading session. The indices soon ended further up.

Coming back to the European market, the broader equity benchmark FTSE 100 index traded 4.03 points higher against its Monday’s closing price of 7129.11; and in percentage terms index was up by 0.06 per cent from its previous close and ended at 7133.14. Another European equity benchmark STOXX 600 traded 0.58 per cent against Monday's close price.

On company specific news, Andalas Energy & Power Plc (ADL.L) acquired an interest in Bunga Mas in view of regulatory norms. Stock of Andalas Energy fell 27.27 per cent at the end of Tuesday's trading session. Glencore Group Plc (GLEN.L) informed that Barclays Plc (BARC.L) reduced its stake in Glencore below the notifiable threshold limit. Meanwhile, the Anglo-German travel firm TUI AG Group (TUI.L) reported a significant loss in the first quarter of FY19. Loss stood at EUR 135 million against EUR 84.3 million in the corresponding quarter of previous year.

Then, Bank of England’s (BoE) Chairman, Mr Mark Carney said that Britain divorce from the European Union could lead to a new form of global cooperation and cross-boundaries trade. Hence, the UK divorce from the EU can affect the short-term and long-term global outlook.

Yesterday, the Office of National Statistics (ONO) reported quarterly and yearly GDP growth rate. GDP grew by 0.2 per cent in the fourth quarter of 2018 as compared to 0.6 per cent in the third quarter of 2018. On a Y-o-Y basis, the growth rate showed its weakest performance since the financial crisis took place in 2008. After ONS revealed GDP numbers, British Pound fell to a fresh three-week low overnight.

Brexit Update: A minister in Theresa May's cabinet said that there is no chance of British Prime Minister accepting Jeremy Corbyn's points for leaving the European bloc. British Prime Minister has been all set to update MPs of the House on the recent developments with regards to the Irish backstop negotiation.

Performers and Laggards on the LSE

Stock like Debenhams Plc (DEB.L), Low & Bonar Plc (LWB.L) and Bakkavor Group Plc (BAKK.L) were among the top performers on Tuesday at London Stock Exchange and were up by 28.2%, 7.1% and 5.7%, respectively; and on the other side, stocks like Plus500 Ltd (PLUS.L), Gulf Marine Services Plc (GMS.L) and TUI AG (TUIT.L) were among the laggards on the London Stock Exchange and were down by 30.7%, 15.2% and 7.4% respectively.

At LSE, stocks like Lloyd Banking Group Plc (LLOY.L), Vodafone Group Plc (VOD.L) and Royal Dutch Shell Plc (RDSA.L) were among the top active volume stocks.

Broader Index FTSE 100 Cues

Stocks like NMC Health Plc (NMC.L), DCC Plc (DCC.L) and SSE Plc (SSE.L) were among the top gainers on the broader equity benchmark FTSE 100 index and were up by 1.89%, 1.69% and 1.53% respectively. Whereas, stocks like TUI AG (TUI.L), Sainsbury (J) Plc (SBRY.L) and Barratt Developments Plc (BDEV.L) were laggards on the broader benchmark FTSE 100 index and were down by 7.45%, 3.40% and 2.44% respectively.

On sector specific front, Energy, Utilities, and Financials were among the leading performers on the broader index FTSE 100; and on the other side Technology, Telecommunications and Consumer Cyclicals were among the losers on the FTSE 100 index.

Commodity Market Cues

At the time of writing,

  • Brent crude oil was trading higher at $63.11 per barrel
  • West Texas Intermediate crude oil was trading higher at $53.8 per barrel
  • Gold was at $1309.1 per ounce

London Metal Exchange Cues

At the time of writing,

  • LME Aluminium traded at $1848 per tonne
  • LME Copper traded at $6148 per tonne
  • LME Zinc traded at $2648.00 per tonne
  • LME Nickel traded at $12475 per tonne
  • LME Tin traded at $21100 per tonne
  • LME Lead traded at $2050 per tonne

Forex Market Cues

At the time of writing,

  • The British pound was trading against the US dollar (GBP/USD) at 1.2879.
  • Euro was trading against British pound at (EUR/GBP) at 0.8787.
  • US Dollar index was trading against majors at 96.81.

Money Market Cues

At the time of writing,

  • US 10-year treasury bond was trading higher at 2.68%
  • UK 10-year treasury bond was trading lower at 1.18%

Key Events to Watch This Week

  • On 13th Feb, United Kingdom, CPI rate (Chg.MM/YY)
  • On 15th Feb, United Kingdom, Retail Sales (Chg. MM/YY)

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