The FTSE 100 index has started May on the front foot, boosted by pound weakness following manufacturing data out of the UK. DS Smith (LON:SDMS) meanwhile is outperforming the broader market after updating investors on its performance.
Upbeat start to May
As of 12:49 BST, the Footsie had added 36.17 points to stand 0.48 percent higher at 7,545.47 points. The index has found support in data which pointed to a slowdown in manufacturing growth in the UK last month, sending sterling lower and fuelling support for stocks with international exposure.
“The FTSE 100 remains in a bullish phase, with the index enjoying a significant boost from a weak pound of late,” Joshua Mahoney, market analyst at IG, commented in a note today.
Individual Footsie movers
With the earnings season underway, investors are also focusing on corporate updates. DS Smith has been one of today’s most prominent blue-chip risers after saying in a pre-closing trading update that its business had continued to perform in line with expectations and that it had seen ‘excellent’ volume growth in the US. The group further hiked its expectations for synergies related to the integration of Interstate. DS Smith’s share price is currently 2.53 percent up at 535.60p.
Just Eat (LON:JE) has been another standout FTSE 100 winner after reporting a strong start to the year. The group’s shares are currently changing hands 4.57 percent higher at 809.20p. BP (LON:BP) meanwhile is 1.67 percent up at 547.00p after reporting a surge in profits for the first three months of the year.
The FTSE 100 index was 0.42 percent up at 7,540.75 points as of 12:59 BST on Tuesday, 01 May 2018.