FTSE 100 preview: Index called higher as investors eye earnings

on Apr 22, 2015
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The FTSE 100 index is expected to open marginally higher this morning with investors focusing on company earnings. The main event in today’s corporate calendar are Tesco’s (LON:TSCO) annual results, with Britain’s biggest supermarket expected to post a hefty loss for its 2014/15 financial year.

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CNBC reports that the UK benchmark index is seen opening eight points higher at 7,070. US stocks were mixed yesterday with investors digesting earnings reports of major companies.
“I think investors are conflicted with the earnings picture better on the earnings front, a little weaker on the revenue front, without hard economic data to quake them,” Mark Luschini, chief investment strategist at Janney Montgomery Scott, told CNBC. “We have insufficient energy to break through to new highs.”
Asia-Pacific shares were mostly higher this morning as the Nikkei 225 hit the 20,000-point mark, finding support in upbeat March exports numbers.
The Footsie inched higher in yesterday’s session, adding 10.80 points to close 0.15 percent higher at 7,062.93. Sky (LON:SKY) and ARM Holdings (LON:ARM) posted the biggest gains in percentage terms with investors cheering their respective earnings reports. Sky’s share price closed 5.04 percent higher at 1,105.00p while shares in ARM added 3.91 percent to close at 1,195.00p.
Today’s macroeconomic calendar includes minutes from the Bank of England’s latest policy meeting due out at 09:30 BST. On the corporate front, Tesco is scheduled to update investors on its full-year performance. Sky News reported last night, without quoting any sources, that the troubled supermarket was due to post an annual loss of well over £5 billion, one of the biggest ever reported by a UK company.

Other blue-chip companies scheduled to report today include Travis Perkins (LON:TPK) and Reed Elsevier (LON:REL). Anglo-Australian miner BHP Billiton (LON:BLT) this morning unveiled a nine-percent rise in group production for the nine months ended March.

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