FTSE 100 watch: Footsie surges despite US selloff

Johnson Matthey share price soars after group’s interims

FTSE 100 watch: Footsie surges despite US selloff

The UK benchmark index has climbed higher, recouping some of the previous sessions’ losses, with investors shrugging off last night’s selloff on the other side of the Atlantic. Johnson Matthey (LON:JMAT) is also lending some support to the FTSE 100 after updating investors on its half-year performance.

FTSE 100 gains ground

As of 12:47 GMT, the Footsie had added 67.61 points to stand 0.97 percent higher at 7,015.53, with sentiment recovering despite a selloff in the US. Proactive investors quoted Neil Wilson, analyst at Markets.com, as commenting that the major western indexes were now starting look ‘oversold’.

“With the markets giving up their 2018 gains we are seeing clear signs that this selloff is building some momentum of its own,” the analyst pointed out. “We may see more downward pressure than upwards for a little while yet. And yet there are signs that the market is looking oversold, although dip buyers have been burnt a couple of times already this year and may not want to get hit a third time just yet.”

Individual blue-chip movers

Investors are also digesting a string of company reports, including Johnson Matthey’s interims which revealed a 10-percent rise in revenue and a 19-percent surge in operating profit. Johnson Matthey’s share price is currently 10.12 percent better off at 3,058.00p.

Kingfisher (LON:KGF) meanwhile has been one of the session’s most notable fallers, as it posted a drop in sales for the third quarter of its financial year, pressured by continued poor performance in France. The DIY retailer’s shares are currently changing hands 1.91 percent in the red at 241.60p.

The FTSE 100 index was 1.06 percent higher at 7,021.44 points as of 12:55 GMT on Wednesday, 21 November 2018.

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