FTSE 100 watch: Weaker sterling helps Footsie extend gains

CRH share price rallies as CEO signals buyback plans

FTSE 100 watch: Weaker sterling helps Footsie extend gains

The UK benchmark index has advanced in London in today’s session, continuing to find support in a weaker sterling. In individual movers, shares in CRH (LON:CRH) are outperforming the FTSE 100 after the group’s chief executive hinted at share buyback plans.

FTSE 100 gains ground

As of 12:21 BST, the Footsie had added 33.96 points to stand 0.46 percent higher at 7,362.88. The blue-chip index remains on track to post a gain this week, having found support in a weaker pound which has buoyed shares in stocks with international exposure.

“The FTSE 100 continues to edge through the 7,340 zone of resistance, last tested back in late February,” Chris Beauchamp, market analyst at IG, commented in a note. “Above here, 7,391 comes into play, and from there the outlook would be more bullish. It would take a turn back below 7200 to really suggest the sellers are back in control.”

Individual movers

In individual movers, CRH has advanced after its chief executive Albert Manifold told The Irish Times that a share buyback programme was something that the company was keeping ‘under careful review’.

“We’ve done it in the past, and I suspect we’ll do it again at some stage,” he pointed out. CRH’s share price is currently 3.92 percent better off at 2,521.00p.

At the other end of the spectrum has been Reckitt Benckiser (LON:RB), whose shares have lost 4.77 percent to 5,510.00p after the group’s first-quarter sales missed estimates. Shire (LON:SHP), meanwhile has given up 4.40 percent to 3,800.00p after it emerged that Botox maker Allergan had dropped plans to bid for the rare disease specialist.

The FTSE 100 was 0.45 percent up at 7,361.59 points as of 12:28 BST on Friday, 20 April 2018.

Top Equities Brokers

0 Brokers added for comparison:
Clear all