FTSE 100 watch: Footsie steady despite downbeat US lead

Paddy Power Betfair share price up as group confirms talks with FanDuel

FTSE 100 watch: Footsie steady despite downbeat US lead

The UK benchmark index has climbed into positive territory in today’s session, with investors shrugging off a downbeat lead from the US. In individual stock news, Paddy Power Betfair (LON:PPB) has been one of today’s most prominent FTSE 100 risers after confirming tie-up talks with FanDuel.

FTSE 100 steady

As of 12:03 BST, the Footsie had added 13.24 points to stand 0.17 percent higher at 7,736.22, despite a downbeat lead from the US.

“The FTSE 100 continues its move higher, gaining ground after some consolidation over the past few days,” Chris Beauchamp, market analyst at IG, commented in a note, adding that the outlook remained bullish, with the 7,796-level still in sight, while a move below 7,543 points was needed to reverse the outlook.

Individual movers

Paddy Power Betfair has been one of today’s standout blue-chip risers after confirming press speculation that it was in discussions about a potential combination of its US business with FanDuel. Paddy Power Betfair’s share price is 6.25 percent up at 8,245.00p.

Micro Focus (LON:MCRO) meanwhile is rallying after announcing that its half-year revenues had received a boost from a $40-million licence deal.

“We see this as positive for sentiment, but only helping to reduce the extent to which H2 had to improve versus H1 to meet full-year guidance, rather than placing any upward pressure on numbers,” said Investec analysts, as quoted by Reuters. Micro Focus’ shares are currently changing hands 7.98 percent higher at 1,370.25p.

Burberry (LON:BRBY) has been another prominent FTSE 100 winner after posting a rise in full-year profits and announcing plans to return cash to shareholders via a buyback. Burberry’s shares are 2.69 percent better off at 1,852.00p.

The FTSE 100 was 0.13 percent up at 7,732.65 points as of 12:33 BST on Wednesday, 16 May 2018.

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