FTSE Gains Thanks to Lloyds Strength

London’s leading shares inched higher on Wednesday, thanks in part to a strong performance from Lloyds bank. By lunch time, Lloyds had gained 3.6 percent, after announcing that it had seen profits for last year increase by 158 percent. The profits were helped by a reduction in the provisions that the bank was making for payment protection insurance.

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shareprices.com - Thursday, February 23, 2017

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Overall, the benchmark FTSE 100 was up by 4.45 points, a gain of 0.06%, with housebuilder Barratt being another company that helped the index. The company gained two percent after announcing an 8.8 percent increase in half-year profits. The announcement helped the whole housebuilder’s sector, with Taylor Wimpey adding 0.9 percent, and Persimmon adding 0.5 percent respectively.

Meanwhile, in the currency markets, the pound slipped by 0.3 percent against the dollar, and held steady against the Euro. In the mid-caps, the FTSE 250 closed up by 0.1 percent.

The short term trend for the FTSE 100 appears to be weakening, but the overall mood remains bullish, with investors hoping that the index is simply consolidating its position in preparation for another move upwards. The fundamentals, right now, are being dominated by anticipation of Article 50 being triggered, and also by a ‘wait and see’ stance toward’s Trumps plans to stimulate the US economy. Until those big news pieces are worked out, we can’t expect to see much of a change in appetite for stocks, or for risk. This means that it’s likely the index will hover between support and resistance levels around the 7,200 - 7,250 mark for the foreseeable future.

 

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