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The FTSE100 experienced a slight recovery in risk sentiment on Thursday, following a positive shift in global risk appetite. The blue-chip index saw a modest increase as investors felt relieved by the successful passage of the U.S. debt ceiling bill in the House of Representatives. Additionally, hopes of the Federal Reserve potentially pausing rate hikes further contributed to a more positive market sentiment.

B&M European Retail, the discount retailer, saw its shares advance on yesterday's stellar gains adding a further 4.5%+ after yesterday's rise by over 7.5%, making it once again the top percentage gainer on the blue-chip index driven by its upbeat outlook, forecasting higher core profit for 2024.

On the negative side of the ledger Auto Trader, the UK-based online car marketplace, experienced a decline in its stock as operating costs soared, shares shed as much as 3.5%, positioning the company among the top losers on the day. Auto Trader reported an 8% increase in operating costs, amounting to 142.6 million GBP ($176.9 million), resulting in a net debt position at the end of the year. The slight decline in retailer numbers was primarily attributed to the full-year impact of the disposal of Webzone Limited. Despite this, the company achieved a 16% increase in full-year group revenue, amounting to 500.2 million pounds. Auto Trader expects its profit margins to remain consistent year-on-year at 70%, despite ongoing investments in product development and inflationary pressures. In other news, the company appointed Matt Davies as chair-designate and non-executive director, with current chair Ed Williams stepping down. Despite the recent decline, Auto Trader's stock is still up by 21.30% year-to-date as of the last close. National Grid is sitting at the bottom of the index today after Berenberg Bank issued a “Hold” recommendation on the UK energy heavyweight leading investors to take profits as the stock slid over 4.3% after its recent run up from October 2022.

The British Land Company PLC has lost its position in the FTSE 100, marking the end of its 21-year tenure in London's prestigious blue-chip index. The company's value has been negatively impacted by the combination of rising interest rates and the disruptions caused by last year's mini-budget. British Land has experienced the impact of soaring interest rates, which have adversely affected the UK commercial property market. Additionally, the shift towards remote working has added further challenges for the company. As a result, its shares have declined by 13% year-to-date.

FTSE Bias: Intraday Bullish Above Bearish below 7550

• Below 7467 opens 7388
• Primary resistanceis 7660
• Primary objective 7388
• 20 Day VWAP bearish, 5 Day VWAP bearish

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