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On Thursday, London's FTSE 100, primarily composed of export-oriented companies, faced challenges in rebounding from a three-day decline fueled by worries about delayed interest rate cuts. The index opened flat, remaining close to the seven-week low recorded in the previous session. A combination of economic data and hawkish statements from central bank policymakers had initially dampened investor sentiment. However, as the trading session progressed, bargain hunters seemed to have entered the market, helping the index reverse early losses and trade up by 0.38%.

Supporting the reversal in sentiment was Flutter, a betting firm, performing well after experiencing a significant increase in revenue during the fourth quarter. Shares in Flutter rose by over 15%, making it the top performer on London's blue chip index. The online betting giant reported a 15% rise in Q4 revenue. However, it noted that the growth of 26% in its Fanduel U.S. business fell below expectations. Despite this, revenue growth in its three other main divisions was in line with guidance. The stock is on track to record its best day since August 12, 2022. Additionally, competitor Entain saw an increase of over 5%, while FLTRF gained over 23% in 2023.

On the negative side of the ledger, Admiral was the top percentage loser on the day down over 2% as Bank of America Merrill Lynch warned of potential disappointment as profits return to normal levels. Analysts at the bank stated "We anticipate continued improvement in margins throughout the second half of 2023, and we also expect a resurgence in the UK motor sector due to the company's disciplined approach during difficult market conditions," adding that "Nevertheless, we maintain our belief that the consensus earnings outlook is overly optimistic, as we predict a return to normal levels of profitability rather than excessive profits in the years ahead."

FTSE Bias: Bullish Above Bearish below 7500

• Below 7375 opens 7320
• Primary support at 7382
• Primary objective 7827
• 20 Day VWAP bearish 5 Day VWAP bearish

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