FTSE 100 Edges Up

RTTNews · 26 Jan 2K Views

FTSE 100 of the London Stock Exchange edged higher to trade marginally in the green zone amidst anxiety ahead of the Bank of England's interest rate review next week. The BoE is seen raising rates by 50 basis points to tame inflation that is in double digits. Fears of a slump in corporate earnings as well as the economy dipping into recession also influenced market sentiment.

Earlier, as per data released by the Office for National Statistics, labour productivity for the three months to September 2022 was revised lower to 0.1 percent, from the initial estimate of 0.2 percent.

FTSE 100 oscillated between 7,775.04 and 7,749.38 versus the previous day's closing level of 7,744.87.

The benchmark index of the London Stock Exchange is currently trading at 7,751.64, up 0.09 percent on an overnight basis.

In the 100-scrip index, only 22 are trading in the overnight red zone.

3I group dazzled with a 6.5 percent uptick. Ashtead Group, Hargreaves Landsown and Prudential also rallied more than 3 percent.

Diageo is the biggest laggard with a 6.5 percent drop. Convatec Group and Glencore have also dropped more than 1 percent.

The GBP/USD pair decreased 0.08 percent to trade at 1.2390, drifting away from the six-week high of 1.245 touched on January 23.

Yields on U.K.'s ten-year bonds increased 2.5 percent to 3.3250% from the previous close of 3.2450%.

Market Analysis