FTSE 100 watch: Footsie steady after latest batch of results

Hefty fall in Vodafone weighs on index

FTSE 100 watch: Footsie steady after latest batch of results

The UK benchmark index has climbed marginally higher in London in today’s session, with investors digesting the latest batch of corporate earnings. A fall in heavyweight Vodafone (LON:VOD) meanwhile is pressuring the FTSE 100 as the company disclosed that its chief executive is leaving the company later this year.

FTSE 100 steady

As of 11:56 BST, the benchmark index had added 22.97 points to stand 0.30 percent higher at 7,733.95.

“The FTSE 100 has been moving higher for over a month now, and with the price consolidating yesterday, there is a strong chance we will see a surge higher before long,” Joshua Mahoney, market analyst at IG, commented in a note.

Vodafone weighs

In individual movers, shares in Vodafone have been sold off after the telecoms group said that its chief executive will be leaving the company later this year, to be succeeded by the group’s finance chief. The telco further updated investors on its full-year performance, posting a rise in profits.

“With positive results across the board, one would expect markets to react by buying the shares, and yet investors are clearly taking a dimmer view about the company’s prospects with the CEO of 10 years on his way out”, said Accendo Markets analyst Artjom Hatsaturjants, as quoted by Reuters, adding that following “10 years of stability under Colao, Vodafone is potentially setting sail into uncharted waters”. Vodafone’s shares are currently changing hands 3.26 percent in the red at 200.45p.

easyJet (LON:EZJ) meanwhile has surged 1.87 percent to 1,716.50p after unveiling that its half-year losses narrowed, with the low-cost carrier having benefitted from the industry turbulence.

The FTSE 100 was 0.26 percent up at 7,730.85 points as of 12:13 BST on Tuesday, 15 May 2018.

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