FTSE 100 watch: Footsie trades higher despite downbeat leads

Micro Focus shares in demand after group’s update

FTSE 100 watch: Footsie trades higher despite downbeat leads

The UK benchmark index has climbed higher in today’s session, with investors shrugging off downbeat leads from the US and Asia. In individual FTSE 100 movers, Micro Focus (LON:MCRO) is rallying after updating investors on its performance and announcing a new chief finance officer.

FTSE 100 climbs higher

As of 12:30 GMT, the Footsie had climbed 31.09 points to stand 0.44 percent higher at 7,125.21, despite downbeat leads from the US and Asia.

“European markets are moderately higher this morning, despite a session of sharp losses overnight,” Josh Mahony, market analyst at IG, commented, as quoted by Reuters. Proactive Investors meanwhile quoted Craig Erlam at Oanda as noting that the mid-term elections in the US “may generate more volatility in the middle of the week as we see the knee-jerk reactions to the result but at this stage it’s tough to judge how markets would respond”.

Individual blue-chip movers

In individual stock news, Micro Focus has rallied as it signalled that it expects its full-year revenue to be at the upper end of its guidance. The company further announced the appointment of a new finance chief. Micro Focus’ shares are currently 5.72 percent higher at 1,302.00p.

Shares in Lloyds (LON:LLOY) have been under pressure, having given up 0.97 percent to 58.91p. It emerged late on Friday that the lender was one of the worst performers in an EU-wide banking stress test, along FTSE 100 peer Barclays (LON:BARC), whose shares, however, are changing hands 0.02 percent higher at 175.76p.

“The UK banks fared the worst in the test due to macro risks associated with Brexit, but the results do not inform their capital requirements with the BoE (Bank of England) publishing its stress test results on 5 Dec,” Jefferies said in a research note, as reported by CNBC.

The FTSE 100 was 0.45 percent higher at 7,125.78  points as of 12:56 GMT on Monday, 05 November 2018.

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