FTSE rises regardless of bleaker-than-expected financial knowledge
D
espite weak financial figures on Monday London’s high share index managed to eke out a small achieve by the tip of the day.
The FTSE 100 closed up 0.2%, or 14.86 factors, ending the day at 7,678.59.
It got here after the intently watched flash buying managers’ index (PMI) scored 50.7 in July, down sharply from 52.8 final month and far decrease than the 52.3 that consultants had forecast.
But the FTSE didn’t appear overly bothered by the news. It traded within the crimson for a part of the day, however was optimistic when markets closed, benefiting from a weaker pound.
The FTSE 100 and different markets have reversed their morning weak point regardless of the raft of poorer PMIs
“European markets have shrugged off this morning’s PMI figures, while the Dow has hit a new 2023 high ahead of this week’s earnings,” stated Chris Beauchamp, chief market analyst at on-line buying and selling platform IG.
He added: “The FTSE 100 and other markets have reversed their morning weakness despite the raft of poorer PMIs.
“These have pushed down the euro and sterling, giving European indices their usual modest lift, but ahead of this week’s central bank decisions a view is gathering pace that the period of rising rates is at an end, providing some hope of a market uplift into year-end.”
Meanwhile in Germany the Dax index closed up 0.1%, whereas France’s Cac 40 index dropped 0.1%.
On Wall Street the Dow Jones was buying and selling up 0.5% whereas the S&P 500 had gained 0.4% shortly after European markets closed for the day.
Currency markets noticed the pound drop 0.3% to 1.282 {dollars} whereas it rose 0.2% to 1.157 euros.
In firm news in London, Vodafone stated that its income had fallen 4.8% to 10.7 billion euros (£9.3 billion) within the three months to the tip of June.
It blamed a lack of clients during the last yr and a half, saying that it had been deserted by broadband, TV and cellular clients.
Yet shares within the telecoms big rose by 3.9% on Monday.
Meanwhile, price range airline Ryanair stated its revenue had nearly quadrupled after a robust Easter and the influence of the coronation.
The airline, which is not listed in London, stated after-tax revenue hit 663 million euros (£573.6 million) within the first quarter, in contrast with 170 million euros (£147.1 million) in the identical interval final yr.
The greatest risers on the FTSE 100 have been Ocado, up 98p to 785p, Vodafone, up 3p to 76.51p, BT, up 2.8p to 125.95p, BP, up 7.9p to 483.7p, and Persimmon, up 18p to 1,187p.
The greatest fallers on the FTSE 100 have been Beazley, down 17.5p to 558p, Burberry, down 62p to 2,182p, Hargreaves Lansdown, down 20.2p to 906.8p, WPP, down 16.2p to 811.8p, and Sage Group, down 18.4p to 919.4p.