FTSE 100 watch: Footsie jumps as China stimulus hopes buoy miners

NMC Health share price rallies as group lifts earnings guidance

FTSE 100 watch: Footsie jumps as China stimulus hopes buoy miners

The UK benchmark index has climbed higher in today’s session, with miners finding support in news about possible stimulus in China, the world’s top consumer of metals. NMC Health (LON:NMC) meanwhile has rallied to the top of the FTSE 100 leaderboard after lifting its earnings guidance.

FTSE 100 gains ground

As of 12:42 BST, the Footsie had added 63.21 points to stand 0.90 percent higher at 7,113.01. Miners have been in demand today, on the back of stimulus hopes from China. Reuters reported today that a central bank adviser had said in remarks published today that Beijing’s tax cuts next year could be worth more than one percent of gross domestic product. Fresnillo (LON:FRES) is currently leading the sector higher, having gained 3.52 percent to 918.80p.

Chris Beauchamp, market analyst at IG, commented that a daily close above 7,100 points for the FTSE 100 “would likely ignite a move towards” the 7,220-point level, while “a failure to break higher would suggest a return to the 6,900 support area”.

Individual movers  

In individual stock news, NMC Health has rallied after the group said that following positive developments in the second half of the year, it now anticipated an increase of two percent in revenue growth from 22 percent to 24 percent and an increased EBITDA guidance from $465 million to $480 million by year-end. NMC Health’s share price currently stands 9.17 percent higher at 3,308.00p.

AstraZeneca (LON:AZN), which posted positive results from a late-stage trial for its oncology treatment Lynparza, is also outperforming the market, having gained 1.03 percent to 5,995.00p.

The FTSE 100 was 0.89 percent up at 7,112.57 points as of 12:51 BST on Monday, 22 October 2018.

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