FTSE 100 watch: Footsie recovers after BOE vote selloff

Tesco shares volatile after results

FTSE 100 watch: Footsie recovers after BOE vote selloff

Britain’s blue-chip index has regained some ground today, clawing back some of the previous session’s losses, with sentiment improving following the Bank of England’s (BOE) hawkish vote yesterday. Shares in Tesco (LON:TSCO) meanwhile have slipped into the red after the supermarket updated investors on its first-quarter performance this morning.

As of 12:29 BST, the FTSE 100 index had added 44.89 points to stand 0.61 percent higher at 7,464.25. The blue-chip index, however, remains on track for about a 0.8-percent loss for the week, after the BOE voted five to three to keep interest rates unchanged, and after the Federal Reserve hiked rates earlier this week. Sentiment in Europe, however, has improved today following a deal over Greece’s debt.

“Overall there isn’t a massive amount of major news or data out today,” City of London Markets trader Markus Huber told Reuters. “The exception is that Greece and their creditors have reached an agreement concerning the next tranche of bailout money which should be supportive for stocks as it removes some uncertainty going forward.”

In individual movers, shares in Tesco have lost 0.08 percent to 179.80p so far today, slipping into the red following an earlier spike of as much as 4.5 percent, with investors digesting the group’s first-quarter results. While the blue-chip supermarket posted a rise in like-for-like sales, the result fell short of analyst estimates.

Shares in Rolls-Royce meanwhile have been in demand after the British engine maker said that it had started the year well and that its forecasts for full-year revenue, profit and free cash flow remained unchanged. Shares in the company are currently changing hands 1.68 percent higher at 910.00p.

The FTSE 100 index was 0.64 percent up at 7,466.80 points as of 12:41 BST on Friday, 16 June, 2017.

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