FTSE 100 watch: Footsie gains ground even as trade worries persist

Bunzl share price heads south following trading statement

FTSE 100 watch: Footsie gains ground even as trade worries persist

The UK benchmark index has climbed marginally higher in early afternoon trade, after a downbeat morning, with investors continuing to focus on the ongoing tension between the US and China. Bunzl (LON:BNZL) meanwhile has been one of today’s biggest FTSE 100 fallers after updating investors on its recent trading.

FTSE 100 inches higher

As of 12:30 BST, the Footsie had added 23.18 points to stand 0.31 percent higher at 7,561.10. The blue-chip index has found support in oil majors, with BP (LON:BP) and Royal Dutch Shell (LON:RDSA) having gained 1.47 percent and 0.93 percent, respectively. Broader market sentiment, however, remains subdued, amid ongoing trade war worries after the US House of Representatives passed a bill yesterday to tighten foreign investment rules.

“It’s certainly not risk-on,” Mike van Dulken, head of research at Accendo Markets, commented, as quoted by Reuters. “The trade thing remains probably the biggest cloud – how much of a cloud remains to be seen and that’s where markets remain uncertain.”

Individual stock movers

In individual stock news, shares in Bunzl have been sold off after the company updated investors on its recent performance, reporting that currency translation movements are expected to have reduced the constant exchange revenue growth by approximately six percent. Bunzl’s share price is 1.70 percent worse off at 2,253.00p.

Whitbread (LON:WTB) meanwhile is outperforming the broader market after the group reported that its sales had grown in the first quarter of its financial year and that it was making ‘good progress’ in preparing the demerger of its Costa Coffee business. The group’s shares are currently changing hands 2.72 percent higher at 3,999.00p.

The FTSE 100 index was 0.82 percent up at 7,599.80 points as of 12:50 BST on Wednesday, 27 June 2018.

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