FTSE 100 watch: Footsie steady as investors digest earnings and China data

on Feb 14, 2019
Updated: Mar 11, 2020
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The UK benchmark index has climbed higher in today’s session, finding support in company earnings and better-than-expected data out of China. Coca-Cola HBC (LON:CCH), however, is underperforming the FTSE 100 after posting its full-year results.

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FTSE 100 inches higher

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As of 12:37 GMT, the Footsie had added 31.42 points to stand 0.44 percent higher at 7,222.26. Sentiment has been upbeat following better-than-expected trade numbers out of China which have added to optimism for a trade deal between the Washington and Beijing. Investors are also eyeing another Brexit vote in the UK parliament later today.

“The fact that there will now be another meaningful vote on Feb. 27 has taken the pressure off today’s vote […] but Theresa May’s `my deal or no deal’ doesn’t look like it will make it into next month,” London Capital Group analyst Jasper Lawler said, as quoted by Reuters.

Individual Footsie movers

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A rise in Micro Focus (LON:MCRO) is also lending support to the Footsie after the tech company posted a smaller-than-expected drop in full-year revenue and said that it was extending its share buyback. The group’s shares are currently changing hands 13.34 percent higher at 1,720.00p.

AstraZeneca (LON:AZN) is also outperforming the broader market after announcing that it had returned to sales growth last year. The pharmco’s shares are 5.51 percent up at 6,036.00p.

Coca-Cola HBC, however, is underperforming the FTSE 100 warning in its full-year results statement that economic growth is forecast to slow down this year for a number of the company’s markets, “which is likely to negatively impact consumer spending in the Established and Developing segments”. Coca-Cola HBC’s share price is 5.94 percent worse off at 2,534.00p.

The FTSE 100 was 0.14 percent up at 7,200.91 points as of 13:57 GMT on Thursday, 14 February 2019.

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