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On Wednesday, the UK's leading stock index saw an increase, the FTSE 100 gained 0.36% driven by gains in stocks with exposure to China, following the central bank's actions to support the economy. Mining companies Anglo American, Endeavour Mining, and Glencore all saw gains ranging from 2.1% to 3.3% , Wth AntoFagasta outperforming as the top percentage gainer on the day nothing up a healthy 5% uptick on the day, after China's central bank announced plans to reduce the reserve requirements for banks starting from Feb. 5, in an effort to strengthen a fragile economic recovery. Prudential, an insurer with interests in Asia, saw a 1.4% increase, while luxury brand Burberry saw a 2.3% rise in their stock value.

Fresnillo Plc, a London-listed company, saw a 4.6% increase in its stock to 503p as it emerged as one of the top percentage gainers on the FTSE 100 index. The Mexican precious metals miner reported a 4.7% growth in Q4 silver production, attributed to the ramp-up of the Juanicipio project and higher ore grade at San Julián Veins. The company anticipates an attributable silver production of 55.0 to 62.0 moz for 2024, aligning with its projections. If the trend continues, the stock is on track to have its best day since November 29, 2023. In 2023, the shares had experienced a decrease of over 34% in value.

On the negative side of the ledger Haleon sits at the bottom of the blue chip index shedding 2.2% on the session. This comes in the aftermath of Cooper Investors Global Equities Fund mentioning in its Q4 2023 investor letter that they exited Haleon plc, a spin-off and low-risk turnaround. They invested in Haleon in September 2022 at around £2.80 and the position yielded close to a 40% return, which was roughly double the index return. The return was achieved through earnings growth and a rerating from around 14 to around 18 times forward earnings. This reflects a reversionary-type return in a short period for what is really an underlying stalwart business.

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 bullish

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