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FTSE 100 futures are currently trading at 5414-higher by 0.17% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.
In the cash markets, FTSE 100 inched up 0.51% at the time of writing.
The broad-market index rose today as the US stimulus package and evidence of measures taken by companies to combat the economic fallout from the China-linked virus crisis offset the impact on markets of an increase in coronavirus cases in the UK.
London’s main index posted its best day on the previous day since the swings of the financial crisis. Gains in the stocks of banks, oil & gas companies and drugmakers also lifted the index on Wednesday.
U.S. government reached an agreement on a $2 trillion package earlier today. It includes $500 billion in liquidity assistance and $500 billion in direct payments to people.
London’s main index rallied around 15% since touching an eight-year low last week as the UK’s Central bank lowered interest rates a record low and the government introduced various stimulus measures
The midcap index FTSE 250 was up 1.71% at the time of writing. The index has gained about 20% since last week’s low.
The number of pneumonia-causing virus deaths in Britain rose on Tuesday.
Businesses listed more damage; with index component, Persimmon (up 6.68%) began an orderly shutdown of its construction sites.
Other Housebuilders were also trading in positive territory on Wednesday. Taylor Wimpey and Barratt Developments added 6.72% and 2.91% respectively at the time of writing.
Stocks of Rentokil Initial Plc. fell today as it withdrew its current year outlook and suspended dividend payments.
On the economic front, U.K. CPI (YoY) for February released earlier today came in at 1.7%. The index change was in line with market expectations.
In addition, U.K. PPI Input (MoM) for February also released earlier today came in at -1.2%. The index change was better-than-the consensus estimates of a fall of 2.0%.
On the technical front, the RSI is currently at 39.79% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but 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 5400. Take Profit at 5470. Stop Loss at 5365