FTSE Flatlining Into The Close, Holding Big Weekly Gains

On Friday, the UK's FTSE 100 traded flat, with a slight decline of 0.16%. The index saw gains in energy sector shares due to rising crude oil prices, which helped offset concerns about the future path of U.S. interest rates. Despite the day's lacklustre performance, the FTSE 100 was poised to record its most substantial weekly gains in four weeks. Global equities faced pressure following Thursday's release of U.S. consumer price data, which exceeded expectations, reinforcing the argument for the Federal Reserve to implement further monetary policy tightening. Shares of major oil companies Shell and BP saw increases of 1% and 1.4%, respectively, in line with the upward trajectory of crude oil prices. However, the standout performers on the day within the blue-chip index were Fresnillo, with a 3.3% increase, and Endeavour Mining, which rose by 3.28%, benefiting from the uptick in precious metal prices.

On the negative side of the ledger, shares of the British asset manager St James's Place plunged by 19%, making it the top percentage loser on the FTSE 100 index. The decline followed reports of regulatory pressure on the company to revamp its fee structures. St James's Place acknowledged the recent media speculation concerning its fees and charges for clients and stated that it would continue to build upon the work it had undertaken for consumer duty. This work included evaluating its fees and charging models. The company is reportedly facing pressure from regulators to revise its fee structure to ensure compliance with the UK's new consumer duty. Year-to-date, the stock has experienced a 25% decline as of the last closing.

FTSE Bias: Bullish Above Bearish below 7600

• Below 7600 opens 7530
• Primary support is 7385
• Primary objective 7858
• 20 Day VWAP bullish, 5 Day VWAP bullish

(Click on image to enlarge)

More By This Author:

Daily Market Outlook - Friday, Oct. 13
FTSE Boosted By Weaker GBP, BP Performs Post Upbeat Investor Event
Tesla Set Ups For Another Run At $300