FTSE 100 watch: Footsie little changed as attention turns to earnings

Royal Mail shares in demand after postal operator’s Q1 update

FTSE 100 watch: Footsie little changed as attention turns to earnings

The UK benchmark index has been little changed in today’s session, following lacklustre leads from the US and Asia, and with investor attention turning to the summer earnings season. Royal Mail Group (LON:RMG) has been one of today’s most prominent FTSE 100 risers after posting a small rise in total revenues for the first three months of its financial year.

FTSE 100 little changed

As of 12:15 BST, the Footsie had given up 15.15 points to stand 0.20 percent lower at 7,585.30. The blue-chip index has extended the previous session’s losses when shares were sold off on the back of weak data out of China and a rise in sterling.

Investors have been focused on company earnings today, and are further awaiting remarks  by Federal Reserve Chairman Jerome Powell.

Individual blue-chip movers

Royal Mail has been one of today’s most prominent blue-chip risers, after reporting that its group revenue had inched two percent higher in the three months ended June 24. Proactive Investors quoted Russ Mould, the investment director at AJ Bell, as commenting that ‘life rarely moves fast’ at the privatised postal operator and warning against drawing too many conclusion from a trading update covering only a three-month period. Royal Mail’s shares are 2.31 percent better off at 491.90p.

At the other end of the spectrum has been Paddy Power Betfair (LON:PPB), whose shares have been sold off as Investec lowered its rating on the company to ‘sell’.

“While Paddy Power Betfair has significant first mover advantage in the US, we caution that, especially post the recent re-rating, it is very much a long-term value driven strategy,” the analysts pointed out, as quoted by Reuters. Paddy Power Betfair’s share price is 2.29 percent down at 8,305.00p.

The FTSE 100 was 0.11 percent down at 7,592.34 points as of 12:37 BST on Tuesday, 17 July 2018.

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