London Markets: FTSE 100 keeps dancing just below its all-time high

U.K. stocks looked marooned Thursday, as the equity market’s main benchmark showed little change, having rallied more than 2% so far this month to within striking distance of a fresh record.

FTSE eyes all-time high: The FTSE 100 index UKX, +0.05%  edged up by less than 0.1% to 7,535.72, keeping the gauge about 0.2% below its record close, achieved on May 26.

The London benchmark has recently been boosted by a slide in the pound and by renewed confidence that Prime Minister Theresa May can hold onto cabinet support for her Brexit plans.

The gauge is up 0.2% for the week and showing an October gain of 2.2%. It closed down less than 0.1% on Wednesday.

What strategists are saying: The FTSE 100 was “becalmed” on Wednesday, and additional muted action might be needed after the benchmark’s recent advance, according to Ian Williams, a Peel Hunt strategist.

“A spell of consolidation may well be necessary,” he said in a note Thursday.

Stock movers: Sky PLC’s stock SKY, +1.59%  was among the notable gainers, rising 0.7%. On Thursday, Europe’s biggest pay-TV company posted an 11% gain in a key profit metric for the first quarter of fiscal 2018. Sky said new subscriptions were up 51% on the year and it is on track to meet its full-year targets.

Sky’s update “suggests things remain pretty hard in ad land, but “these were pretty solid results,” said Neil Wilson, a senior market analyst at ETX Capital, in a note.

Standard Chartered PLC’s stock STAN, -0.77%  was among the biggest decliners, falling 0.9%. In a rare move, the International Monetary Fund, in its twice-yearly Global Financial Stability Report, said the Asia-focused bank has a “weak earnings” outlook. Credit Suisse analysts also have warned the lender’s current valuation is too generous.

Sterling edges up: The pound GBPUSD, +0.0529%  traded at $1.3246, up modestly from $1.3223 late Wednesday in New York.

A stronger pound can weigh on the FTSE 100, as many of the index’s multinational companies make most of their sales in foreign-denominated currencies.

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: NFL takes over probe into allegations against Carolina Panthers owner Jerry Richardson The Wall Street Journal: NFL takes over probe into allegations against Carolina Panthers owner Jerry Richardson
Market Extra: J.P. Morgan sees stocks rallying to 3,000 in 2018 Market Extra: J.P. Morgan sees stocks rallying to 3,000 in 2018
A surprising number of Americans are ‘self-gifting’ this holiday season A surprising number of Americans are ‘self-gifting’ this holiday season
The Wall Street Journal: Putin calls Trump to thank him for intelligence that helped thwart terrorist attack The Wall Street Journal: Putin calls Trump to thank him for intelligence that helped thwart terrorist attack
The Wall Street Journal: Humana, private-equity firms are in advanced talks to buy Kindred Healthcare The Wall Street Journal: Humana, private-equity firms are in advanced talks to buy Kindred Healthcare
The Wall Street Journal: Mnuchin says ‘no doubt’ Congress will pass tax bill this week The Wall Street Journal: Mnuchin says ‘no doubt’ Congress will pass tax bill this week
Capitol Report: Trump lawyer claims Mueller unlawfully obtained tens of thousands of emails Capitol Report: Trump lawyer claims Mueller unlawfully obtained tens of thousands of emails
‘Star Wars: The Last Jedi’ soars to second biggest opening day ever ‘Star Wars: The Last Jedi’ soars to second biggest opening day ever

Leave a Reply

Submit Comment
© 0413 Stock Investors News. All rights reserved. XHTML / CSS Valid.