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FTSE 100 watch: Footsie extends rally as investors digest earnings

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The UK benchmark index has climbed higher in today’s session, building on Wednesday’s gains, with investors focusing on corporate results. Coca-Cola HBC (LON:CCH) as surged to the top of the FTSE 100 leaderboard after updating investors on its third-quarter performance.

FTSE 100 builds on gains

As of 12:33 GMT, the Footsie had added 28.04 points to stand 0.39 percent higher at 7,145.32. Sentiment has been upbeat today following upbeat leads from the US and Asia where investors continued to digest the results from the US mid-term elections which saw Democrats take control of the House of Representatives.

“Midterm elections and the change in the USA’s political landscape hogged the limelight today but concerns that the stock market would fall out of bed if President Trump lost the support of both US legislative Houses proved unfounded,” said Fiona Cincotta at City Index, as quoted by Proactive Investors.

Individual Footsie movers

Coca-Cola HBC has been one of today’s most prominent Footsie risers after reporting that 4.5-percent revenue growth for the third quarter of the year, and a 4.2-percent rise in volumes,  with strong delivery in the Developing markets and the Emerging markets. Coca-Cola HBC’s share price is currently 4.42 percent better off at 2,360.00p.

AstraZeneca (LON:AZN) has been another notable riser, as it delivered third-quarter sales growth. The pharmco’s shares are 1.59 percent up at 5,950.00p. Shares in J Sainsbury (LON:SBRY) meanwhile are trading 0.22 percent higher at 319.80p, having given up some of their earlier gains, as the blue-chip grocer posted a rise in sales, while revealing a drop in profits.

The FTSE 100 index was 0.49 percent up at 7,151.92 points as of 12:59 GMT on Thursday, 08 November 2018.

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