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FTSE 100 watch: Footsie gains ground as investors digest earnings

The UK benchmark index has climbed higher in today’s session, with investors digesting a string of company releases. Rightmove (LON:RMV) meanwhile has fallen deep into the red after updating investors on its half-year performance.

FTSE 100 index rises

As of 12:23 BST, the Footsie had added 36.65 points to stand 0.48 percent higher at 7,699.82, with investors digesting the latest batch of corporate results amid the ongoing earnings season. A rise in Reckitt Benckiser (LON:RB) is helping the benchmark index, as the consumer goods giant lifted its full-year sales forecast on the back of strong performance of its infant-formula business. 

“Today’s results suggest to us a recovery is well underway,” Ameet Patel, senior analyst for Northern Trust Capital Markets, told Reuters. “While many European ‘quality’ stocks are trading at eye-watering valuations, this is one that investors can still buy at a compelling valuation – we think today signals a return to form which could drive a sustained re-rating.” The group’s shares are changing hands 8.91 percent higher at 6,873.00p.

Blue-chip fallers

At the other end of the spectrum has been Rightmove, whose shares have been sold off even as the company posted a rise in half-year revenue and profits. Proactive Investors quoted analysts at Liberum as pointing to the group’s management comment about “muted sentiment towards the UK property market,” even as they maintained their ‘hold’ rating on the stock. Rightmove’s share price currently stands 1.92 percent lower at 4,994.00p.

BP (LON:BP) meanwhile has lost 0.28 percent to 562.93p, underperforming the market after announcing that it had bought BHP Billiton’s (LON:BLT) shale oil and gas assets in the US for $10.5 billion.

The FTSE 100 was 0.42 percent up at 7,695.55 points as of 12:40 BST on Friday, 27 July 2018.

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