FTSE 100 watch: Footsie little changed as results stay in focus

BP shares rally as group’s profits more than double

FTSE 100 watch: Footsie little changed as results stay in focus

The UK benchmark index has been little changed in today’s session, following mixed leads from the US and Asia and with investors focusing on corporate releases amid the ongoing earnings season. BP (LON:BP) has been one of today’s most prominent FTSE 100 risers after posting a surge in third-quarter profits.

FTSE 100 inches higher

As of 12:29 BST, the Footsie had added 9.87 points to stand 0.14 percent higher at 7,036.19.

“Short-term upside for the indices does little to boost long-term prospects, for now,” Joshua Mahoney, market analyst at IG, commented in a note, adding that for the FTSE 100, a break through the 7,115-point level “would provide a substantially more confident bullish view, yet for now we are seeing a short-term bullish pattern playing out”.

Individual blue-chip movers

BP meanwhile is lending some support to the blue-chip index after revealing that its profits had more than doubled in the third quarter of the year and hiking its payout to shareholders.

“We’re a bit cautious to use the words ‘blow out’ when talking about BP, but today’s results are just that,” Bernstein analysts said in a note, as quoted by Reuters. “With gearing nudging down and execution on track, the first three quarters are the start of a new positive trend for BP.” The energy group’s shares are 3.29 percent up at 552.80p.

At the other end of the spectrum has been Reckitt Benckiser (LON:RB), whose shares have been sold off after the group reported that a manufacturing disruption had hurt its third-quarter performance. The consumer goods group’s shares are changing hands 5.11 percent in the red at 6,273.00p.

The FTSE 100 was 0.04 percent down at 7,023.56 points as of 12:47 GMT on Tuesday, 30 October 2018.

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