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FTSE 100 FALLS ON INSURERS LOSSES; GDP AWAITED -

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    • FTSE 100 FALLS ON INSURERS LOSSES; GDP AWAITED
08-Apr
22:38 IST

FTSE 100 futures are currently trading at 5666.9-higher by 0.91% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.

In the cash markets, FTSE 100 dropped 0.47% at the time of writing.

The broad-market index fell today as increasing global deaths doused hopes that the China-linked virus crisis was slowing, while stocks of insurers dropped after halts in dividend payments.

The FTSE 100 closed at about two-week high on the previous day. The benchmark gained about 3.6% so far this week.

Stocks of RSA, Aviva and Direct Line dropped today after companies announced they were canceling 2019 investor payouts.

Legal & General which announced last week that it remained committed to distributing its own dividend fell 4.71% at the time of writing.

Retailer Tesco dropped after it forecast costs from the pandemic of up to 925 million pounds. The retailer also said it was unable to give a profit forecast for this financial year.

Other retailers Morrison’s and Sainsbury also fell today.

Market players also awaited updates as the UK PM spent a second night in ICU.

The midcap index FTSE 250 was up 1.89% at the time of writing.

Housebuilders were trading higher on Wednesday. Taylor Wimpey and Barratt Developments rose 2.03% and 3.14% respectively.

On the data front, the UK GDP for February is scheduled to be released on Thursday. GDP is expected to rise by 0.1% on a month-on-month basis.

On the technical front, the RSI is currently at 47.97% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Buy at 5660. Take Profit at 5730. Stop Loss at 5625

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