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FTSE 100 futures are currently trading at 7068-higher by 0.22% as compared to the previous closing. The index futures closed in negative territory in the last trading session.
In the cash markets, the index was up 0.88% at the time of writing. UK equities rose today as Wall Street’s rally spread across Europe after the Fed Chief suggested it may be nearing an end to its tightening cycle, boosting market appetite for assets considered riskier.
The midcap index FTSE 250 was up 0.075% at the time of writing.
The Bank of England said on Wednesday that “disorderly” departure from the EU, would put the U.K. economy under severe pressure and could be more painful for the U.K. than the global financial crisis was. The news kept investors on the sidelines.
Also, a positive report following the central bank’s latest stress test of seven British banks pushed the banking stocks higher today. The report indicated that banks could withstand a disorderly Brexit without having to curb lending. Index-member Lloyds and RBS were up 0.3% and 0.9% respectively at the time of writing.
Copper miner Antofagasta topped the benchmark, gaining 5.31% (at the time of writing), on worries about Copper supplies.
Investors bought building materials shares after the dovish Federal Reserve comments, on hopes that slower-than-expected rate hikes may boost the flagging U.S. housing sector. The sector.FTNMX2350, which includes index constituents CRH and Melrose Industries was up 3.1% at the time of writing. The sector was also on track for its best day since April 2017.
FTSE-member Ashtead Group got an extra boost, rising 5.2%, after news its Chief Executive Geoff Drabble will step down next year.
Other top gainers in the FTSE 100 include- Fresnillo (up 3.6%), Glencore (up 3.32%) and Rolls-Royce (up 2.5%) at the time of writing.
On the technical front, the RSI is currently at 51.61% 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 tight Stop Loss and Profit targets.
Trade Suggestion- Limit Buy at 7060. Take Profit at 7110. Stop Loss at 7035