FTSE 100 watch: Footsie little changed as trade optimism fizzles out

Tesco shares in demand as investors cheer Christmas update

FTSE 100 watch: Footsie little changed as trade optimism fizzles out

The UK benchmark index has been little changed today, following downbeat data from China, and with optimism over Beijing’s relations with Washington fading. Tesco (LON:TSCO) meanwhile is outperforming the FTSE 100 after updating investors on its third-quarter and Christmas performance.

FTSE 100 slips lower

As of 11:02 GMT, the Footsie had given up 9.47 points to stand 0.14 percent lower at 6,897.16 Sentiment has been subdued today with investors digesting the latest US-China trade developments. CNBC reports that the Chinese foreign ministry had said that there had been progress in talks with the US, including over forced technology transfers and intellectual property rights.

Reuters meanwhile reports that US President Donald Trump had stormed out of talks with Democratic congressional leaders over funding for a border wall with Mexico and reopening the government.

“The FTSE 100 has been drifting lower after a break through the 6,910 resistance level earlier in the week,” Joshua Mahoney, market analyst at IG, commented in a note. “There is a strong chance we could see another move higher from here, with a break below 6,776 required to negate the uptrend that has been in play.”

Individual movers

In individual blue-chip movers, shares in Tesco have been in demand after Britain’s biggest supermarket said in its latest update that its sales had surged both in the third quarter and over the crucial Christmas period, outperforming the market. The grocer’s shares are currently changing hands 1.89 percent higher at 215.80p.

Marks & Spencer (LON:MKS) is outperforming the broader London market even after the high street retailer posted a fall in sales for the third quarter of its financial year. The company, however, said that its ongoing transformation plan remained on track. The retailer’s shares are 1.91 percent better off at 283.00p.   

The FTSE 100 was 0.02 percent up at 6,907.80 points as of 13:06 GMT on Thursday, 10 January 2019.

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