FTSE 100 watch: Upbeat PMIs lift Footsie ahead of election

on May 6, 2015
Listen

Britain’s blue-chip index has inched higher in today’s session, finding support in upbeat economic data ahead of tomorrow’s general election in the UK. In individual movers, J Sainsbury (LON:SBRY) has slumped to the bottom of the FTSE 100 leaderboard after updating investors on its annual performance.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

As of 12:15 BST, the Footsie had added 22.08 points to stand 0.32 percent higher at 6,949.66. While market sentiment has been subdued this week ahead of the general election tomorrow, the index received a boost with the Markit/CIPS UK services purchasing managers’ index (PMI) climbing to an eight-month high in April, while the composite eurozone PMI rose to 53.9 above a flash estimate of 53.5.
“In the UK and in Europe, the service sector PMIs were just better than expected and that’s what’s helping lift sentiment,” Jasper Lawler, analyst at CMC Markets, said, as quoted by Reuters. “Looking at the market, I don’t think we can point to any massive fears over this election.”
The Sage Group Plc (LON:SGE) has been the biggest blue-chip riser in percentage terms after posting organic revenue growth of eight percent for the six-month period ended March 31, in line with management expectations. Sage’s share price currently stands 5.84 percent higher at 526.00p.
Shares in Imperial Tobacco Group (LON:IMT) have been in demand after the company reiterated its full-year guidance. Imperial Tobacco’s share price has added 3.24 percent to 3,221.00p.
At the other end of the spectrum has been Sainsbury’s which today posted a £72 million loss on a statutory basis for the 52 weeks to March 14. The grocer’s shares are 3.54 percent worse off at 265.26p.
**The FTSE 100 was 0.24 percent up at 6,944.52 points as of 12:34 BST on May 6, 2015.**

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Food & Beverage Indices Manufacturing Retail Services Stock Market Tech