FTSE 100 swings in green as investors cheer Q1 results

April 29, 2021 02:33 AM AEST | By Abhijeet

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FTSE 100 swings in green as investors cheer Q1 results — Image source: WHYFRAME,Shutterstock

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Summary

UK shares continued to trade higher, extending the weekly surge.

FTSE 100 soared 0.60 per cent to hit an intraday peak of 6,986.70.

Of late, corporate results have handheld the London equities.

Investors are awaiting the outcome of the FOMC due later today.

UK shares managed to hold the morning gains, extending the weekly surge as market participants cheered the major corporate results for the January-March quarter of financial year 2021. The benchmark FTSE 100 hovered in the positive region for most part of the day after adding a little more than 0.50 per cent.

The investors’ optimism has seemingly bounced back after a week of dejection following the global jittery due to rising coronavirus cases in some of the countries with India registering a record-breaking spike on a daily basis. According to the latest data available with the London Stock Exchange, FTSE 100 soared 0.60 per cent to hit an intraday peak of 6,986.70 from the previous close of 6,944.97.

FTSE 100 chart (28 April)

(Source: Refinitiv, Thomson Reuters)

The broader stock indices including the FTSE 350 and FTSE All-Share traded upward in a largely similar manner, while the mid-cap barometer FTSE 250 slipped in the late trades after touching a day’s high in the early afternoon deals at 22,569.14, up 0.61 from previous closing of 22,433.08.

The corporate earnings season, as widely anticipated, has handheld the London equities with macroeconomic indicators playing their part.

With two days left in the present month, major FTSE 100-listed corporations including Royal Dutch Shell Plc (LON: RDSA), NatWest Group Plc (LON: NWG), Standard Chartered Plc (LON: STAN), AstraZeneca Plc (LON: AZN) and Barclays Plc (LON: BARC) are lined up to release their respective Q1 FY21 earnings report card.

Meanwhile, European equities reflected the investors’ confidence with CAC 40 of Euronext Paris leading the charge. Among the major European stock markets, DAX of Germany rose 0.67 per cent to 15,351.37, France’s CAC 40 jumped 0.72 per cent to 6,318.65, IBEX 35 of Spain added 0.50 per cent to 8,800.90, Switzerland’s SMI gained 0.26 per cent to 11,121.46, while FTSE MIB of Italy surged 0.20 per cent to 24,521.10.

Investors are awaiting the outcome of the Federal Open Market Committee (FOMC) due later today as the US Federal Reserve concludes the policy discussion by announcing any prospective change in the interest rates. The eyes will stay on the developments around the US Fed with a presser scheduled after the interest rate decision.

Any expected increase in the key lending rates of the US, hovering at record lows, will be duly noted as the investors would be rearranging their trading frameworks. The US Bureau of Economic Analysis is slated to announce the GDP growth rate for the first quarter of 2021 on 29 April.

On the domestic front, Nationwide will be announcing the change in housing prices for the month of April on 30 April, while the Bank of England is due to announce its Monetary Policy Committee (MPC) meeting outcome on 6 May.

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