FTSE 100 watch: Earnings and weaker pound lift Footsie

Barclays shares in demand after group’s quarterly results

FTSE 100 watch: Earnings and weaker pound lift Footsie

The UK benchmark index has climbed higher this Wednesday, benefitting from a drop in the pound and with investors digesting corporate earnings. Barclays (LON:BARC) has been one of today’s most notable FTSE 100 risers after updating investors on its third-quarter and nine-month performance.

FTSE 100 gains ground

As of 12:22 BST, the Footsie had added 65.61 points to stand 0.94 percent higher at 7,020.82. The blue-chip index has recouped some of the hefty losses posted in the previous session, benefitting from a fall in sterling which is helping FTSE 100 stocks with international exposure.

“After a frightful sell-off in the previous session, equities are on the rebound today,” said Jasper Lawler of London Capital Group, as quoted by Proactive Investors, adding that sentiment was “clearly very fragile at the moment meaning that this is unlikely to be the last erratic session”.

Individual movers

Barclays has been one of today’s most prominent Footsie risers even as it reported that litigation and conduct charges had pressured its profits in the first nine months of the year. The group’s shares are currently changing hands 3.05 percent higher at 170.82p.

At the other end of the spectrum has been Fresnillo (LON:FRES) which revised down its silver production guidance due to continued challenges at its Saucito and Fresnillo mines. Fresnillo’s share price is 1.17 percent worse off at 965.80p.

Reuters meanwhile reports that shares in Burberry (LON:BRBY) have benefitted from upbeat results by French luxury goods company and owner of the Gucci brand Kering. Burberry’s share price is 3.02 percent better off at 1,721.00p.

The FTSE 100 was 1.17 percent up at 7,036.82 points as of 12:53 BST on Wednesday, 24 October 2018.

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