FTSE 100 moves higher, led by oil and bank stocks

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FTSE 100 moves higher, led by oil and bank stocks

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 FTSE 100 moves higher, led by oil and bank stocks
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UK Market: The UK stock market was trading in the positive territory on Tuesday, with the blue-chip FTSE100 index gaining 0.11 per cent. With trading being resumed after the long weekend, today’s unanticipated bounce for the index was driven by oil companies, with Brent crude back to almost $105 per barrel. Oil prices were hiked on Monday amid speculations of potential output cuts by OPEC. Banks were also up amidst the outlook of more interest rate hikes by the Fed as well as other hawkish central banks.

 

Dechra Pharmaceuticals plc (LON: DPH): The shares of the UK-based pharma business, Dechra Pharmaceuticals plc, were up by 4.01%, with a day’s high of GBX 3,578.00. In a £222 million deal, it has taken over veterinary pharmaceutical manufacturer Med-Pharmex.

Barclays plc (LON: BARC): The shares of the UK’s leading banking company, Barclays plc, were up by 3.41%, with a day’s high of GBX 167.82. The bank has recently appointed Vivek Dasani as the boss of high-yield trading in London.

Standard Chartered plc (LON: STAN): The shares of the international financial service provider, Standard Chartered plc, were up by 3.16%, with a day’s high of GBX 608.20. The bank has recently announced record-high profits in the AME region.

 

US Markets: The US market is likely to get a decent start, as indicated by the futures indices. S&P 500 future was up by 27.25 points or 0.68% at 4,059.50, while the Dow Jones 30 future was up by 0.59% or 189 points at 32,262.00. The technology-heavy index Nasdaq Composite future was also up by 0.91% or 114 points, at 12,604.50. (At the time of writing – 8:45 AM ET).

 

The shares of the electronic retailer, Best Buy (BBY), were up by 2.6% in the premarket trading session. This happened after the company’s sales fell less than expected and it beat the estimates for its latest quarter.

The shares of the discount retailer, Big Lots (BIG), were up by 2.7% in the premarket trading session. This happened after the company reported more than expected revenues and less than expected losses for the quarter.

 

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 30 August)

                                                                  

                                                                       (Source: Refinitiv)

 

 

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), BT Group plc (BT.A), Glencore plc (GLEN)

 

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

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $100.55/barrel and $94.62/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,743.65 per ounce, down by 0.35% against the prior day closing.

Currency Rates*: GBP to USD: 1.1697; EUR to USD: 1.0015.

Bond Yields*: US 10-Year Treasury yield: 3.102%; UK 10-Year Government Bond yield: 2.7615

 

*At the time of writing

 

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