FTSE 100 watch: Footsie little changed as earnings come into focus

InterContinental shares sold off as group posts third-quarter results

FTSE 100 watch: Footsie little changed as earnings come into focus

The UK benchmark index has inched marginally higher in London in today’s session, with investors starting to focus on company releases amid the ongoing earnings season. InterContinental Hotels Group (LON:IHG) has been one of today’s biggest FTSE 100 fallers as its third-quarter revenue disappointed investors.

FTSE 100 little changed

As of 12:08 BST, the Footsie had added 9.86 points to stand 0.14 percent higher at 7,036.85. The blue-chip index has been trading in positive territory despite a downbeat lead from the US where shares retreated on the back of interest rate worries and concerns over the ongoing trade tensions between Washington and Beijing.

“There is a strong chance that we will be looking at a potential bullish breakout for this index unless we see a move back below 6,922,” Joshua Mahoney, market analyst at IG, commented in a note, adding that “the key to gaining confidence that this market is set for a bullish surge would be a rally through the 7,078 swing high”.

Individual blue-chip risers

In individual stock news, InterContinental has fallen deep into the red after reporting that its global third-quarter revenue per available room had grown one percent. The group’s shares are currently changing hands 5.34 percent in the red at 3,992.00p, even as the Holiday Inn and Crowne Plaza owner said that it would return  $500 million to shareholders.

London Stock Exchange Group (LON:LSE) meanwhile is outperforming the broader market after posting a rise in rise in third-quarter revenue and announcing that it had increased its holding in clearing house LCH. LSE’s shares are 1.28 percent better off at 4,341.00p.

The FTSE 100 was 0.56 percent up at 7,066.22 points as of 12:47 BST on Friday, 19 October 2018.

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