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FTSE 100 RISES ON JUST EAT GAIN, BREXIT IN FOCUS - Capital Street FX

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    • FTSE 100 RISES ON JUST EAT GAIN, BREXIT IN FOCUS
22-Oct
19:28 IST

FTSE 100 futures are currently trading at 7189.3-higher by 0.67% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the cash markets, the blue-chip share index added 0.67% to 7,210.26 at the time of writing.

The midcap index FTSE 250 was down 0.43% at the time of writing.

The benchmark index dropped earlier in the session as index component Reckitt Benckiser plunged 5% and fears that negotiations over the new Brexit deal could drag on weighed on domestic shares.

Reckitt Benckiser’s shares fell after the Durex condom maker cut its sales for the second time this year.

The pound dropped today after the European Commission President said the European Parliament could only clear the Brexit deal once British lawmakers approve it.

UK-exposed banks such as Lloyds, sensitive to Brexit updates, dropped as market participants looked to Westminster with reserved optimism for further clarity on the withdrawal process.

U.K.’s PM faces two pivotal votes in parliament today that could decide if he can deliver Brexit by 31st October.

Travel firm TUI was also among the biggest blue-chip losers, falling 5.91% after Morgan Stanley downgraded its ratings and also due to concerns that Boeing’s 737 MAX crisis will worsen.

Index-component Bunzl fell to its lowest level since February 2016 today after its quarterly report showed a continued slowdown in organic sales.

The broad-market index dropped around 3.5% in this month.

Stocks of mining giants were trading mixed on Tuesday. Antofagasta fell 1.37% while BHP added 0.67% at the time of writing.

On the other hand, Just Eat rose 24.87% after Dutch firm Prosus made a 710 pence-a-stock offer to buy the company.

On the data front, U.K. Public Sector Net Borrowing for September released earlier today came in at 8.73B. Net Borrowing was the better-than-the market expectation of 8.80B.

On the technical front, the RSI is currently at 49.43% 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 7187. Take Profit at 7222. Stop Loss at 7170

 

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