FTSE 100 Watch: Footsie Gains Ground

on Jul 18, 2013

iNVEZZ.com Thursday July 18th: The Footsie rose in morning trading today and at 12.15 GMT was 20.17 points or 0.31 percent higher at 6,592.10.

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**London Stock Exchange** led the rise in the blue-chip index with the shares surging by 5.20 percent to 1,557.00p after the company beat analysts’ forecasts with a 39 percent increase in first quarter revenue to ₤249.7 million. “We feel that the IMS [interim management statement] is supportive of our Buy case, that LSE is benefiting from becoming a more diversified business and has expanded into areas of potential growth,” commented Espirito Santo analyst Phil Dobbin. Turnover at LSE’s capital markets division, which earns fees from companies listing and raising further capital on its markets and contributes almost a third of LSE’s income, rose by nine percent on an adjusted basis.

**EasyJet’s** stock soared to its highest level since the budget airline listed its shares in London in November 2000. At 12.52 BST the stock was trading 3.85 percent higher at 1,402.00p.
**WPP**, the world’s biggest advertising agency, was another prominent gainer as traders read across from strong numbers from its French peer Publicis. WPP’s shares rose by 2.8 percent to ₤1,201.00p.

**Tate & Lyle**, a sugar and sweetener company, was the biggest faller on the FTSE 100 in the morning after a broker downgrade. The shares lost more than two percent to 835.50p after Societe Generale reduced its rating from “buy” to “hold”.
!m[LSE Leads Rise in Blue Chips on Upbeat Q1 Update](/uploads/story/4116/thumbs/pic1_inline.jpg)
According to data published today, UK retail sales rose in June by 0.2 percent on the month and 2.2 percent on the year. “We have had a pretty good spring and early summer, so…if you take a sweep of all the economic data we have had over the last few weeks, there is some evidence that the UK has had a reasonably strong quarter,” Peter Dixon, economist at Commerzbank, said as quoted by Reuters.

In a report published this week the International Monetary Fund said that Britain’s economic recovery continued to be “slow and fragile”. UK authorities need to do more to strengthen the banking system and increase lending to businesses, as the Bank of England’s monetary stimulus might have a limited effect, the IMF said.
Investors are now waiting further testimony to Congress by Federal Reserve Chairman Ben Bernanke, who said yesterday that the U.S. central bank would remain flexible on the pace and duration of its quantitative easing programme.
**The FTSE 100 was 37.85 points or 0.58 percent lower at 6,609.78 as of 18.07.2013, 13.28 BST.**


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