UK stock market moves higher, FTSE 100 reclaims 7,000 level

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 UK stock market moves higher, FTSE 100 reclaims 7,000 level
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UK Market: The UK stock market moved higher on Wednesday. The blue-chip FTSE 100 reclaimed its 7,000 level, supported by stocks like Polymetal International Plc (55%), Evraz Plc (27%), International Consolidated Airlines (9.1%). These stocks witnessed good buying interest at the lower levels after a heavy selloff in the last few trading sessions.

Electrocomponents Plc (LON: ECM): The industrial product company was up by over 9%, with a day’s high of GBX 954.50 after the company announced its business update for nine weeks to 4 March 2022. The like-for-like revenue of the company grew by 22% during the period.

Fresnillo Plc (LON: FRES): The precious metal and mining company was down by over 6%, with a day’s low of GBX 754.20. The stock price was down, tracking the gold and silver prices which retreated in the international market from their recent surge.

JD Sports Fashion Plc (LON: JD.): The sportswear and accessories retailer was up by over 8.5%, with a day’s high of GBX 143.20. The stock price is trading in the green for the third consecutive trading session. The company ceased its business operations in Russia after the Russia-Ukraine conflict.

US Markets: The US market is likely to see some recovery with a green opening, as indicated by the futures indices. S&P 500 future was up by 69 points or 1.66% at 4,237, while the Dow Jones 30 future was up by 1.59% or 513 points at 33,132. The technology-heavy index Nasdaq Composite future was up by 2.13% at 13,551 (At the time of writing – 8:50 AM ET).

US Market News:

Shares of the dating service provider, Bumble (BMBL), were up by over 20% in premarket trading following its quarterly earnings announcement. The adjusted operating profit of the company was above the market estimates.

Shares of the recreational vehicle maker Thor Industries (THO) were up by over 8% in the premarket trading session after the company reported better than expected quarterly results. The total revenue was above the market expectations.

European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 09 March 2022)

1 Year FTSE 100 Chart

(Source: Refinitiv)

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

Top 3 Sectors traded in green*: Consumer Cyclicals (4.34%), Financials (4.14%), Real Estate (3.02%)

Top 2 Sectors traded in red*: Energy (-2.16%), Basic Materials (-1.78%)

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

Stock Performance On LSE

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $122.97/barrel and $118.06/barrel, respectively.

Gold Price*: Gold price quoted at US$ 2,002 per ounce, down by 2.05% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.3150; EUR to USD: 1.1001.

Bond Yields*: US 10-Year Treasury yield: 1.899%; UK 10-Year Government Bond yield: 1.5000%.

*At the time of writing


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