FTSE 100 watch: Footsie claws back losses after selloff

Mondi share price rallies as group delivers higher earnings

FTSE 100 watch: Footsie claws back losses after selloff

The UK benchmark index has climbed higher in today’s session, recouping some of the losses posted yesterday, despite ongoing trade worries. The FTSE 100 has found support in Mondi (LON:MNDI), whose shares have been in demand on the back of higher earnings, and Royal Bank of Scotland (LON:RBS) which unveiled plans to restore its payout to shareholders.

FTSE 100 recoups losses

As of 12:18 BST, the Footsie had added 61.32 points to stand 0.81 percent higher at 7,637.25. The blue-chip index has recovered some of the losses posted yesterday when investors shunned equities amid worries over the trade war between the US and China and as the Bank of England moved to hike interest rates.

Trade “is certainly a concern among other concerns around the world. It’s not one a global investor can particularly do much about – we’re already seeing the impact in a number of companies’ earnings,” said James Clarke, portfolio manager at Brandywine Global, as quoted by Reuters. “Is that an opportunity or not? We’re listening very carefully to this quarter’s conference calls to see what is actually happening in these businesses.”

Individual blue-chip movers

Mondi has been one of today’s most notable risers after announcing that its underlying earnings had jumped 17 percent in the six months to June 30. Mondi’s share price is currently 6.76 percent higher at 2,212.00p.

RBS has been another prominent Footsie riser, having gained 3.68 percent to 259.30p, after announcing plays to pay an interim dividend of 2p per ordinary share, marking the lender’s first payout to shareholders since the group’s taxpayer-funded rescue during the financial crisis.

At the other end of the spectrum has been British Airways parent IAG (LON:IAG), whose shares have given up 2.89 percent to 665.20p, as the company revealed the impact of French air control strikes on its half-year performance.

The FTSE 100 was 0.89 percent up at 7,643.05 points as of 12:26 BST on Friday, 03 August 2018.

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