FTSE 100 watch: Footsie rises as US tax reform progress stokes investor appetite

Next share price subdued after downbeat analyst comments

FTSE 100 watch: Footsie rises as US tax reform progress stokes investor appetite

The UK benchmark index has posted an upbeat start to the week, with investors cheering progress in the US tax reform over the weekend. In individual movers, Next (LON:NXT) is underperforming the broader London market on the back of downbeat comments at Goldman Sachs.

Upbeat start to week

As of 12:20 GMT, Britain’s blue-chip index had added 24.97 points to stand 0.34 percent higher at 7,325.46 after rising more than 0.8 percent earlier in the session. The FTSE 100 has advanced alongside other European indices, following the passage of a tax bill in the US over the weekend.

“For all the other indices around the world, the tax reform is something everyone’s been keeping an eye on, so that’s definitely the main driver in the US and I think that’s trickling over to Europe as well. We’re see a bit of a relief rally,” John Moore, trader at Berkeley Capital, told Reuters.

Banks are currently leading the blue-chip index higher, with Barclays (LON:BARC) having added 2.67 percent to 194.45p as the sector’s biggest gainer in percentage terms.

At the other end of the spectrum have been precious metals miners Randgold Resources (LON:RRS) and Fresnillo (LON:FRES), whose shares are tracking the gold price lower. Randgold’s share price is 1.38 percent down at 6,790.00p, while shares in Fresnillo are changing hands 2.52 percent in the red at 1,275.00p.

Next share price dips

In individual Footsie fallers, shares in blue-chip retailer Next have given up 0.77 percent to stand at 4,398.00p. Proactive Investors reported that a Goldman Sachs analysis of the impact of ‘click & collect’ sales had indicated that the UK had around 15 percent too much retail space.

The FTSE 100 index was 0.46 percent up at 7,334.04 points as of 12:50 GMT on Monday, December 4, 2017. 

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