FTSE Strong as Markets Wait for Service Sector News

The FTSE 100 got off to a strong start, as investors waited for the publication of the Markit Survey data, which implied that little had changed month on month for June.

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shareprices.com - Wednesday, July 05, 2017

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The FTSE 100 is looking strong, but there is some nervousness. Broadly, the mood in the markets is positive - most analysts expect that the Markit data will be positive, but the economic climate has been unstable in recent months so there is always the possibility of disappointing news.

The top performers of the day were Persimmon, who were up by 3.4 percent after an excellent set of first-half results, and peers Barratt Developments and Tailor Wimpey.

Meanwhile, GlaxoSmithKline struggled after Citi downgraded the company to a neutral raiting.

In the mid-caps, Mitchells & Butlers PLC and Dominos Pizza Group PLC both struggled following some downbeat broker commentary, while Ocado gained one percent on the back of some solid interims, and Booker Group PLC gained 2.8 percent. The strength of the cash and carry company helped to boost Tesco, since the supermarket giant is investigating the possibility of taking over Booker.

Mongolia-focused oil company Petro Matadad saw its share price skyrocket by 33 percent after it said that it would begin work on drilling a new high impact well in September.

North Korea’s military ambitions are a background threat for the markets at the moment, but not to the level that the recent news will cause any volatility in the global listings.

 

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