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FTSE 100 futures are currently trading at 7158-higher by 0.42% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.
In the cash markets, the blue-chip share index inched up 0.39% to 7207.29 at the time of writing. The broad-market index rose today as Lloyds gained after promising to return cash to shareholders and optimism prevailed around the U.S.-China trade talks.
The midcap index FTSE 250 was up 0.18% at the time of writing.
Index-member Glencore inched up 0.38% after announcing a $2 billion share buyback and an 8% rise in full-year adjusted core earnings.
Lloyds Banking Group shares surged 5.41% and were among the biggest gainers. The British biggest mortgage lender raised its dividend and announced a share buyback, despite weaker-than-expected annual profit growth.
Miners, which hit an 8-month high, and financials boosted the broad-market index. Traders were also betting on a breakthrough in the U.S.-China trade talks, as U.S. President Donald Trump said he was open to extending their 1st March deadline.
On the other hand, shares of Sainsbury crashed more than 15% after Britain’s competition regulator said its deal with Walmart-owned Asda should either be blocked entirely or require the sale of a significant number of stores and possibly one of the brands.
Sainsbury’s stocks were on track for their worst day since October 2008 and had given up all the gains accumulated since the deal was announced in April 2018.
Rival Morrisons also fell around 6% at the time of writing.
A survey from the Confederation of British Industry showed today that British factory orders picked up this month after dipping in January, and output is expected to be solid as Britain leaves the European Union. The CBI Industrial Trends Orders for February released earlier today came in at 6. Orders were above the market expectation of -5.
On the technical front, the RSI is currently at 65.13% and suggests that the market can move in the upward direction. The current price is below the MA5 (7161). 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 7155. Take Profit at 7195. Stop Loss at 7135