FTSE 100 watch: Footsie starts March on front foot

on Mar 1, 2019
Updated: Mar 11, 2020
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The UK benchmark index has climbed higher in today’s session, with investors shrugging off mixed leads from the US and Asia. WPP (LON:WPP) meanwhile has rallied to the top of the FTSE 100 leaderboard after updating investors on its full-year performance.

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FTSE 100 climbs higher

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As of 12:49 GMT, the Footsie had added 35.53 points to stand 0.50 percent higher at 7,110.26. Sentiment has been upbeat today, with investors shrugging off mixed leads from the US and Asia, as well as downbeat manufacturing data at home.

“Global stocks have surged higher, following on from a bullish Asian session. Meanwhile, a decline in the UK manufacturing PMI and core eurozone CPI figures have seen European currencies continue their overnight losses,” said IG Group’s Joshua Mahony, as quoted by Proactive Investors.

Individual Footsie movers

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In individual Footsie movers, WPP has surged after reporting that its 2018 performance had come in at the upper end of its guidance. The group’s shares are currently changing hands 7.24 percent higher at 885.60p.

“2018 results were slightly better than expected but the focus was always going to be on what WPP said on 2019 and there the commentary was more positive than would have been expected,” Liberum analysts pointed out, as quoted by Proactive Investors. The broker reaffirmed its ‘buy’ rating on the ad giant.

Rightmove (LON:RMV), however, is underperforming the index after posting a 12-percent rise in underlying basic earnings per share. Reuters noted in its coverage of the news that the result marked the group’s slowest annual earnings growth in nine years. Rightmove’s share price is 4.85 percent worse off at 458.70p.

The FTSE 100 index was 0.57 percent up at 7,115.31 points as of 13:15 GMT on Friday, 01 March 2019.

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