FTSE 100 watch: Footsie soars as investors digest upbeat earnings

StanChart and GSK shares in demand after results

FTSE 100 watch: Footsie soars as investors digest upbeat earnings

The UK benchmark index has soared in today’s session, rebounding at the end of a volatile month, with investors continuing to digest corporate results. Standard Chartered (LON:STAN) and GlaxoSmithKline (LON:GSK) are lending support to the FTSE 100 following their respective third-quarter updates.

FTSE 100 gains ground

As of 13:55 GMT, the Footsie had gained 107.57 points to stand 1.53 percent higher at 7,143.42. Sentiment has recovered during the last trading day of the month, which was marked by geopolitical tensions and worries over the trade relations between the US and China. Reuters reports that this October has put the market on track for its worst month since August 2015.

“The boards have turned green across markets this morning, as a nascent rebound gathers strength,” Chris Beauchamp at IG commented in a note, adding that the Footsie had gained almost four percent from Friday’s lows, and was testing the area around 7,110 points. 

“If it can maintain its hold around here, then intraday dips become buying opportunities,” the analyst pointed out.

Individual blue-chip movers

Standard Chartered has been one of today’s most prominent FTSE 100 risers after the Asia-focused delivered a rise in profits for the third-quarter of the year, ahead of analysts’ forecasts. The group’s shares are changing hands 4.26 percent higher at 555.40p.

GSK has been another notable Footsie riser as it posted a surge in sales and earnings for the third-quarter of the year, and narrowed its full-year earnings guidance toward the upper end of previous expectations amid strong demand for its new shingles vaccine. The pharmco’s shares are currently 0.92 percent better off at 1,551.80p, having jumped more than two percent immediately following the results.

The FTSE 100 index was 1.57 percent up at 7,146.56 points as of 14:06 GMT on Wednesday, 31 October 2018.

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