FTSE 100 watch: Footsie little moved as BoE keeps rates unchanged

Investors continue to digest corporate results amid ongoing earnings season

FTSE 100 watch: Footsie little moved as BoE keeps rates unchanged

The UK benchmark index has been little changed on the first day of November, pressured by a stronger pound, and following the Bank of England’s (BoE) latest policy decision. Investors are also digesting corporate earnings, including results from Royal Dutch Shell (LON:RDSA) and BT Group (LON:BT.A).

FTSE 100 little changed

As of 12:19 BST, the Footsie had added 3.38 points to stand 0.05 percent higher at 7,131.48, pressured by a rise in sterling, with pound finding support in a report in The Times that the UK has secured a deal set to give its financial services firms continued access to European markets after the country leaves the European Union.

“The indices are starting to reverse upwards, with key levels having been broken,” Joshua Mahoney, market analyst at IG, commented in a note, adding, however, that there was “still some way before we can say that this is the beginning of a wider recovery or not”.

The BoE meanwhile maintained the bank rate at 0.75 percent, following the raise in August. The bank’s Monetary Policy Committee further voted unanimously to maintain the stock of corporate bond purchases and UK government bond purchases.

Individual Footsie movers

Investors are also digesting a string of corporate releases, including Royal Dutch Shell’s third-quarter results which fell short of analyst expectations and sent the oil major’s shares 2.08 percent down to 2,448.50p.

BT meanwhile has rallied 10.14 percent to 264.95p after noting that it expects its full-year earnings to come in at the upper end of its guidance. Reuters reports that Bernstein had called the telco’s figures ‘stellar’.

Just Eat (LON:JE) has been another prominent FTSE 100 riser after posting higher revenues for the third quarter of the year. The group’s shares are changing hands 5.33 percent higher at 640.00p.

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