FTSE Flatish Finish To A Strong Week

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On Friday, the FTSE 100 experienced a subdued trading session as gains in energy firms managed to offset losses in healthcare and mining stocks. Despite this, the index was on track for its most impressive weekly performance in nearly four months, thanks to promising signs of slowing inflation. 

The blue-chip FTSE 100 maintained a steady position throughout the day. Notably, the exporter-heavy FTSE 100 recorded a remarkable 3% increase for the week so far. This boost in sentiment was largely influenced by data indicating a more significant easing of domestic inflation than anticipated in June. Within the market, heavyweight energy stocks saw a modest rise of 0.2% due to an increase in crude prices. On the other hand, industrial metal miners experienced a slight setback of 0.7%, following a substantial 3% rise in the previous session. Glencore, in particular, faced an 0.8% dip in value after reporting a 10% decline in first-half copper production. Healthcare giant AstraZeneca slipped by 0.3% after experiencing gains over the past three sessions. Rate-sensitive home builders also faced a minor decline of 0.3% during the day. However, the sector remained on track to be the top performer for the entire week. Unfortunately, real estate and real estate investment trusts didn't fare as well, seeing declines of 0.7% and 0.8%, respectively. Adding to the overall concerns, the July GfK consumer confidence gauge experienced a sharp drop, falling below the lowest forecast from Reuters polls. This indicates that sentiment remains downbeat, especially in light of the expected weaker UK retail sales reading for June. On the positive side of the ledger and amidst the mixed market performance, investment platform Hargreaves Lansdown managed to stand out by gaining 1.5% after receiving a rating upgrade from "underperform" to "buy" by Jefferies.


FTSE Intraday Bullish Above Bearish below 7550

  • Below 7490 opens 7380
  • Primary supportis 7400
  • Primary objective 7700
  • 20 Day VWAP bearish, 5 Day VWAP bullish

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