FTSE 100 watch: Footsie little changed as utilities weigh

ITV share price rises as JPMorgan lifts valuation

FTSE 100 watch: Footsie little changed as utilities weigh

The FTSE 100 index has been little changed in today’s session, held back by a fall in utilities. ITV (LON:ITV) is again outperforming the broader market after JPMorgan hiked its valuation on the stock in the wake of the broadcaster’s results yesterday.

FTSE 100 little changed

As of 12:13 BST, the Footsie had given up 5.11 points to stand 0.07 percent higher at 7,695.86. The index remains on track for a gain this week following gains earlier in the week on the back of stronger oil after US President Trump unveiled plans to pull the country out of Iran’s nuclear deal, and the Bank of England’s decision to keep rates unchanged.

Utilities, however, a proving a drag on the index today, with Severn Trent (LON:SVT) leading the sector lower, having given up 2.13 percent to 1,977.00p. Proactive Investors quoted Fiona Cincotta, Senior Market Analyst at City Index, as commenting that UK utilities were “generally not the best loved stocks on the London market,” and that sentiment had not been helped by a similar decline among such firms in European markets yesterday.

Individual Footsie movers

ITV (LON:ITV) has been one of today’s most notable risers after JPMorgan lifted its price target on the stock. Reuters quoted the analysts as saying that the broadcaster’s valuation was attractive and its viewing share was growing. ITV’s share price is 5.39 percent better off at 169.00p.

Next (LON:NXT) meanwhile has given up 1.72 percent to 5,472.00p following the previous session’s rise when the shares rallied as the retailer delivered a rise in sales and hiked its sales and profit forecasts for the financial year to January 2019.

The FTSE 100 was 0.05 percent down at 7,696.87 points as of 12:33 BST on Friday, 11 May 2018.

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