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FTSE 100 RISES ON OPTIMISM OVER EASING VIRUS RESTRICTIONS -

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    • FTSE 100 RISES ON OPTIMISM OVER EASING VIRUS RESTRICTIONS
05-May
21:38 IST

FTSE 100 futures are currently trading at 5833.9-higher by 0.79% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the cash markets, the FTSE 100 added 1.66% at the time of writing. The index rose today as traders counted on a revival in economic activity with several nations lifting virus-related restrictions.

Energy shares tracked a rise in crude prices today. Royal Dutch Shell Plc. (up 5.69%) and BP (up 6.40%) provided the biggest boost to the index.

The index was also on track to snap a three-day losing streak.

The UK PM is expected to review a nationwide shutdown this week.

London’s main index has recovered around 19% from an eight-year low touched in March due to historic global fiscal and monetary stimulus.

Official data released earlier today showed that UK new car sales fell by about 97% in the last month to the lowest level of any month since February 1946.

Other top gainers in the FTSE 100 include Informa (up 4.71%), Compass Group (up 4.40%), and Melrose Industries plc. (up 4.33%) at the time of writing.

The midcap index FTSE 250 was up 0.94% at the time of writing.

Housebuilders were trading lower on Tuesday. Taylor Wimpey and Barratt Developments lost 0.72% and 2.79% respectively at the time of writing.

On the data front, UK Composite PMI for April released earlier today came in at 13.8. The PMI reading was above the consensus estimates of 12.9.

In addition, UK Services PMI for April released earlier today came in at 13.4. The PMI reading was above the market expectation of 12.2.

The Bank of England’s interest rate decision for May is scheduled to be released on Thursday. No change in policy is expected and Interest rates are expected to hold at 0.10%.

On the technical front, the RSI is currently at 51.21% and suggests that the market can move in the upward direction. The current price is below 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 5830. Take Profit at 5900. Stop Loss at 5800

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