FTSE 100 watch: Footsie steady amid ongoing political turmoil

Sky share price jumps on Fox bid expectations

FTSE 100 watch: Footsie steady amid ongoing political turmoil

The UK benchmark index has climbed higher in today’s session, with politics staying in focus Brexit Minister David Davis and Foreign Secretary Boris Johnson resigned yesterday. In individual movers, Sky (LON:SKY) is outperforming the FTSE 100 amid expectations that 21st Century Fox is preparing a new bid for the pay-TV provider.

FTSE 100 builds on gains

As of 12:40 BST, the Footsie had added 16.82 points to stand 0.22 percent higher at 7,704.81, with investors continuing to digest the political turmoil in the UK.

“Our expectation is that the PM will survive this, and push ahead with her vision for Brexit,” strategists and economists at UBS wealth management said, as quoted by Reuters, adding that UK stocks had “performed relatively well as their international exposure and high weighting to commodities has boosted earnings”.

“We expect these trends to persist for some time yet,” the broker pointed out.

Individual Footsie movers

Sky has been one of today’s prominent blue-chip risers following a report in the Financial Times which suggested that Fox is preparing a new offer for the FTSE 100 group to outbid Comcast. Sky’s share price is currently 2.01 percent better off at 1,498.00p.

Shares in Ocado (LON:OCDO) have been volatile in today’s session after the online grocer reported that it had made a loss in the first half of its financial year, while reassuring investors that it was ‘confident’ in achieving revenue growth in its Retail business of between 10 percent and 15 percent this year. Ocado’s shares are 6.48 percent up at 1,077.00p, having traded more than two percent lower earlier in the session.

The FTSE 100 was 0.17 percent up at 7,701.38 points as of 12:52 BST on Tuesday, 10 July 2018.

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