FTSE 100 watch: Energy stocks keep Footsie steady

Paddy Power Betfair share price slides after group’s half-year report

FTSE 100 watch: Energy stocks keep Footsie steady

The UK benchmark index has climbed higher in today’s session, continuing to find support in the energy sector. Investors are also digesting a string of company reports, including Paddy Power Betfair’s (LON:PPB) half-year results which have sent the group’s shares to the bottom of the FTSE 100 leaderboard.

Footsie holds steady

As of 12:09 BST, the FTSE 100 had added 65.08 points to stand 0.84 percent higher at 7,783 points. BP (LON:BP) and Royal Dutch Shell (LON:RDSA) are outperforming the broader market, having added 0.82 percent and 1.12 percent, respectively, benefitting from stronger crude prices.

“With Iranian oil exports down seven percent in July, for a third consecutive month of declines, and after the US decision to impose further sanctions on Iran’s oil industry, this would (provide) yet further evidence of a tight global oil market which could move both barrel prices and FTSE Energy names,” Accendo Markets’ Mike van Dulken and Artjom Hatsaturjants said in a note, as quoted by Reuters.

Individual movers

Shares in Paddy Power Betfair have been sold off after the company trimmed its full-year earnings outlook, pointing to the introduction of additional taxes in Australia and the inclusion of losses from the FanDuel daily fantasy sports business. Paddy Power Betfair’s share price has given up 5.11 percent to 7,705.00p so far today.

Prudential (LON:PRU) meanwhile is outperforming the broader UK market, after reporting a rise in half-year profits, having benefitted from strong performance in Asia. The group’s shares are currently changing hands 2.59 percent higher at 1,803.00p. Standard Life Aberdeen (LON:SLA) has extended the previous session’s gains, having added 2.30 percent to 328.70p.

The FTSE 100 index 0.79 percent up at 7,779.53 points as of 12:45 BST on Wednesday, 08 August 2018.

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