FTSE Ends Week on a High Note

The FTSE 100 closed higher on Friday, with oil prices bouncing back, and boosting oil companies as investors showed optimism in expectation of a market-friendly outcome to the French presidential elections.

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shareprices.com - Saturday, May 06, 2017

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The FTSE 100 is highly sensitive to commodity prices, and the index closed up by 0.7 percent, the highest finish since mid-April, after opening lower because of concerns about weak crude prices. During the early hours of trading, crude prices had fallen by almost one percent, but they staged a recovery later in the day, and this helped BP and Royal Dutch Shell to make some gains. Around 14 percent of the FTSE 100’s weighting comes from Royal Dutch Shell’s A and B shares, and they were up by 2.7 percent.

The US jobs report also helped to boost the markets. London-listed shares showed some strong gains, and suggested that the world’s largest economy is still on track to grow - boding well for global expectations.

The US markets have been reticent over the last couple of weeks, but the non-farms payrolls being ahead of forecasts will go a long way towards reversing many of the markets concerns.

The trading week was shorter than normal because of the Monday bank holiday, but the FTSE 100 still finished up by 1.3 percent. Next week will see the Bank of England announce its plans for interest rates, and the current expectation is that the key interest rate will remain fixed at 0.25 percent for the time being.

 

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