FTSE 100 watch: Upbeat corporate releases prop up Footsie
The UK benchmark index has inched higher in today’s trading, with the market digesting a string of encouraging corporate results, including Whitbread’s (LON:WTB) full-year update which has been welcomed by investors and analysts. Gains in the FTSE 100, however, remain capped amid caution ahead of the US Federal Reserve’s policy meeting.
As of 12:24 BST, the Footsie had added 19.33 points to stand 0.31 percent higher at 6,280.25. Corporate news have been in focus today, with Costa Coffee and Premier Inn owner Whitbread posting a rise in full-year profits.
“Today’s prelims were much as expected given the early March trading statement. The stage is now clear for new chief executive, Alison Brittain, to deliver her vision of how to achieve 2020 targets and beyond,” analysts at Canaccord commented, as quoted by the Guardian. “We remain buyers in light of the 27-percent fall in the stock over the last 12 months, excellent underlying free cash flow and strong balance sheet which gives it significant optionality.” Whitbread’s share price is 1.45 percent better off at 3,923.00p.
BP (LON:BP) has been another prominent blue-chip riser, having added 4.13 percent to 375.25p after its first-quarter results were better than analysts had feared.
“Overall it’s a good set of figures as it looks like BP is getting costs under control,” Joe Rundle, head of trading at ETX Capital, told Reuters.
Standard Chartered (LON:STAN) meanwhile has spiked 11.14 percent to 578.60p, with investors welcoming signs of turnaround at the Asia-focused lender.
Mining stocks, however, have been sold off with metals prices retreating. Glencore (LON:GLEN) is leading the sector lower, having shed 1.68 percent to 152.40p so far today.
**The FTSE 100 was 0.28 percent up at 6,278.58 points as of 12:43 BST on April 26, 2016.**