The UK benchmark index has gained ground this Wednesday, following an upbeat US lead, with investors continuing to digest company results amid the ongoing earnings season. In individual movers, Paddy Power Betfair (LON:PPB) has tumbled to the bottom of the FTSE 100 leaderboard after updating investors on its first-quarter performance.
As of 12:22 BST, the benchmark index had added 28.01 points to stand 0.37 percent higher at 7,548.37. The blue-chip index has built on the previous session’s gains following an upbeat lead from the US, holding steady ahead of the outcome of the Federal Reserve’s two-day policy meeting later today.
“Apple’s results have steadied the ship, and renewed bullish momentum is being seen across European markets,” Chris Beauchamp, market analyst at IG, commented in a note. “There seems little stopping the FTSE 100 at present, as it pushes through to levels last seen at the beginning of February.”
Paddy Power Betfair has been one of today’s biggest fallers after reporting a six percent drop in underlying earnings as well as flat revenue for the first three months of the year.
“Although the net effect suggests modest upside risk to consensus EPS we think the poor operating momentum will be taken badly,” said Citigroup, as quoted by the Financial Times. Paddy Power Betfair’s share price is 5.79 percent down at 6,835.00p.
Direct Line Group (LON:DLG) has been another prominent Footsie loser, having given up 3.24 percent to 364.10p so far today, after disclosing the impact of this year’s ‘Beast from the East’ on its first-quarter results. StanChart (LON:STAN) meanwhile is 1.34 percent down at 759.00p even as it posted a rise in quarterly profits.
The FTSE 100 index was 0.41 percent higher at 7,550.98 points as of 12:42 BST on Wednesday, 02 May 2018.