FTSE 100 moves up as PM Boris Johnson steps down

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FTSE 100 moves up as PM Boris Johnson steps down

 FTSE 100 moves up as PM Boris Johnson steps down
Image source: © 2021 Kalkine Media Pty Ltd.

UK Market: The UK stock market extended gains on Thursday, with the blue-chip FTSE100 index adding another over 1.2%, after Boris Johnson stepped down from the prime ministerial position. It happened after over 50 MPs quit the government within the last two days, and Boris Johnson came under immense pressure to resign from office. However, he would continue to serve as the Prime Minister till his replacement is found. The markets reacted positively to this announcement, with the 10-year UK government bond yield, as well as sterling, moving up for the day.

International Consolidated Airlines Group (LON: IAG): The shares of the global airline group IAG surged by 3.40%, with a day’s high of GBX 109.38. Meanwhile, British Airways, owned by IAG, cancelled 10,300 additional short-haul flights until October.

JD Sports Fashion Plc (LON: JD.): The shares of the sports-fashion retailer JD rose by 3.59%, with a day’s high of GBX 122.60. The company has recently announced record profits for the year and is currently looking for its new CEO after Peter Cowgill’s resignation.

Entain Plc (LON: ENT): The shares of the sports betting and gambling business, Entain plc, plunged by 9.78%, with a day’s low of GBX 1,028.50. This happened after the company reduced its annual guidance in the wake of declining consumer spending.

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 17 points or 0.44% at 3,865.25, while the Dow Jones 30 future was up by 0.60% or 186 points at 31,199.00. The technology-heavy index Nasdaq Composite future was also up by 0.38% or 45.25 points, at 11,925.50. (At the time of writing – 9:20 AM ET).

The shares of the American videogame retailer GameStop (GME), surged by almost 8% in the premarket trading session. This happened after the company announced a 4-for-1 stock split, and on 22 July, the trading will be initiated on a split-adjusted basis.

The shares of the American biotechnology firm, Seagen (SGEN) rallied 4.5% in the premarket trading session. This happened after WSJ reported that Merck (MRK) is negotiating to acquire the company for around $40 billion.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 7 July)

                                                      (Source: Refinitiv)

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

Top 3 Sectors traded in red*:  Consumer Non-Cyclicals (-1/30%), Utilities (-0.21%), Consumer Cyclicals (-0.08%)

Top 3 Sectors traded in green*: Basic Materials (4.03%), Energy (3.80%), Financials (1.94%)

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 $104.81/barrel and $102.84/barrel, respectively.

Gold Price*: Gold price hovered at around US$ 1,743.50 per ounce, up by 0.40% against the prior day's closing.

Currency Rates*: GBP to USD: 1.1985; EUR to USD: 1.0185.

Bond Yields*: US 10-Year Treasury yield: 2.961%; UK 10-Year Government Bond yield: 2.1250%.

*At the time of writing

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