FTSE 100 watch: Footsie surges as investors digest corporate results

Mediclinic share price surges as group lifts full-year expectations

FTSE 100 watch: Footsie surges as investors digest corporate results

The UK benchmark index has climbed into positive territory this Wednesday, with investors focusing on a string of corporate releases amid the ongoing earnings season. Shares in Mediclinic (LON:MDC) are outperforming the FTSE 100 after the company posted an update ahead of its full-year results.

FTSE 100 jumps

As of 12:10 BST, the Footsie had added 62.22 points to stand 0.86 percent higher at 7,288.27. The blue-chip index has advanced today following an upbeat lead from the US, and upbeat corporate results at home. A weaker pound is also buoying the Footsie, boosting blue-chips with international exposure.

“Indices continue to find buyers, as geopolitical tensions ease and earnings season provides a positive news flow,” Chris Beauchamp, market analyst at IG, commented in a note, adding that the FTSE 100 had recovered from Monday’s retreat, holding onto support around the 7,187-point level, with the next target coming at 7,300 points, and then 7,345 and 7,391.

“Continued strength above 7,200 will suggest that the buyers remain in control, with a move below 7,187 and then 7,153 required to indicate that the rally is seeing a deeper retracement,” the analyst pointed out.

Individual movers

Mediclinic has been one of today’s biggest blue-chip risers after saying in an update that it expected “to deliver adjusted financial results for the year marginally ahead of expectations, with a significant second half improvement from the Middle East division”. Mediclinic’s share price is currently 6.02 percent better off at 662.40p.

BT Group (LON:BT.A) meanwhile is underperforming the broader market, having lost 0.31 percent to 242.26p as it announced that it was merging its Business and Public Sector and Wholesale and Ventures businesses.

The FTSE 100 was 0.84 percent up at 7,286.69 points as of 12:24 BST on Wednesday, April 18, 2018.  

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