FTSE 100 watch: Stronger oil lends support to Footsie

Royal Mail shares head south after postal operator’s results

FTSE 100 watch: Stronger oil lends support to Footsie

The UK benchmark index has climbed marginally higher in today’s session, finding support in a rise in oil prices. Royal Mail (LON:RMG) meanwhile has fallen to the bottom of the FTSE 100 leaderboard after updating investors on its full-year performance.

FTSE 100 in positive territory

As of 12:21 BST, the Footsie had added 16.65 points to stand 0.22 percent higher at 7,750.85. The blue-chip index has found support in a rise in oil, with BP (LON:BP) and Royal Dutch Shell (LON:RDSA) having added 0.85 percent and 1.06 percent, respectively.

“The FTSE 100 drifted into trendline support overnight, with the recent uptrend remaining on track amid a turn higher in recent price action,” Joshua Mahoney, market analyst at IG, commented in a note, adding that the current turn higher pointed toward “a move back into the near-term resistance level of 7,752, above which we have the all-time high of 7,796”.

“A break below 7,685 would negate this bullish outlook,” the analyst said.

Individual blue-chip movers

Royal Mail has been today’s most notable Footsie faller after revealing a drop in its profits for the year ended March 25. The group’s shares are currently changing hands 6.36 percent in the red at 559.80p.

At the other end of the spectrum has been Experian (LON:EXPN), whose shares have been in demand after the company reported that its organic revenue had grown eight percent in the last quarter of its financial year and announced a new  net share repurchase programme of up to $400 million. Experian’s share price is 4.68 percent better off at 1,789.00p.

The FTSE 100 was 0.26 percent up at 7,754.64 points as of 12:46 BST on Thursday, 17 May 2018.

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