FTSE 100 watch: Footsie soars as global risk-on mood continues

on Feb 5, 2019
Updated: Mar 11, 2020
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The UK benchmark index has climbed higher in today’s session, following strong US and Asia leads amid ongoing upbeat sentiment. A rise in BP (LON:BP) is also lending support to the FTSE 100 as the blue-chip oil major posted a surge in full-year profits.

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FTSE 100 gains ground

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As of 10:34 GMT, the Footsie had added 79.06 points to stand 1.12 percent higher at 7,113.19, building on the previous session’s gains. Sentiment around the world has been upbeat this week following better-than-expected jobs data at the end of last week in the US, and optimism about the trade relations between Washington and Beijing. In Brexit news, Reuters reports that Prime Minister Theresa May headed to Northern Ireland, promising to find a solution to the border issue at the centre of her Brexit headaches.

“We have been mercifully free of any Brexit discussion so far but the clock is ticking on that […] I am not sure they see either side giving way which would make life a lot more difficult in the near term,” said Chris Beauchamp, analyst at IG, as quoted by Reuters. “I think we are having a calm before the storm which could easily start from next week.”

Individual movers

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BP has been one of today’s most prominent Footsie risers after reporting that it had more than doubled its underlying replacement cost profit for full year 2018. The group’s shares are changing hands 4.17 percent higher at 541.80p.

Ocado (LON:OCDO) is also outperforming the broader market, having gained 2.03 percent to 1,012.72p, as it reported a rise in retail revenue for last year.

The FTSE 100 was 1.25 percent up at 7,121.74 points as of 13:13 GMT on Tuesday, 05 February 2019.

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