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In a reversal of early week fortunes the FTSE100 has rebounded into the close Friday supported by some encouraging data indicating that the UK has once again successfully avoided entering a recession during the initial three months of 2023, The Office for National Statistics unveiled that the UK economy performed in line with expectations, with a growth of 0.1% in the first quarter of 2023, despite a monthly contraction of 0.3% in March. This news contributed to an uptick in the shares of insurance company Beazley, reaching a one-month high, thanks to decent quarterly results. Beazley Plc witnessed a notable rise of 3%+ after announcing a significant surge in net premiums during the first quarter, which in turn boosted the nonlife insurance sector by 1.6%. Another noteworthy development was the 2.4% lift in Pearson Plc's shares following a bullish outlook from Morgan Stanley on the company's stock.

On the negative side of the ledger THG Plc bucked the overall positive market mood, taking a substantial decline of 13.1% at the open after revealing the termination of its negotiations with Apollo Global Management for a potential buyout deal. Sitting at the bottom of the index today is Diageo on a downgrade from Jefferies, who have taken the stock from a buy-to-hold rating and taken down their price target to £38.00 from the previous £40.00

FTSE Bias: Intraday Bullish Above Bearish below 7700

• Below 7700 opens 7660
• Primary supportis 7635
• Primary objective 8030
• 20 Day VWAP bearish, 5 Day VWAP bearish

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(Click on image to enlarge)

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