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The FTSE 100, the UK's leading stock index, saw a slight increase on Wednesday following positive economic data showing growth in the beginning of 2024. This was further supported by strong corporate earnings. The FTSE 100, which is heavily influenced by exports, rose by 0.1%, after achieving its highest closing level in over nine months on Tuesday. Additionally, the FTSE 250 index, composed of mid-cap companies, also experienced a nearly 0.2% increase. The growth in British gross domestic product (GDP) in January, matching economists' expectations, was attributed to a resurgence in retail and housing construction. These figures provided some relief for Prime Minister Rishi Sunak ahead of an upcoming election, following a period of economic downturn in the latter half of 2023.

News that Entain has enlisted the services of Oakvale Capital to seek out potential buyers for PartyPoker, a former major player in the online poker industry, according to sources from Sky News. The FTSE-100 gambling company is looking to sell off PartyPoker which has led to continued positive investor sentiment today with shares up over 2% on the session. Entain were pipped to the top spot on the blue chip index by Glencore as Tribeca, an activist investor, is demanding that Glencore retain its coal unit and relocate its main listing to Sydney, according to the Financial Times., this news has led to a spike in share above 5% on the day.

On the negative side of the ledger InterContinental Hotels saw a decrease in its stock value due to a downgrade from 'buy' to 'hold' by Jefferies. The bank stated that the consensus for 2024/25 looks strong, but the valuation is high and the weak core US growth has led them to take a more cautious approach. JD Sports sits at the bottom of the blue chip index (-3.56%) after news that TFG (TFGJ.J) announced on Wednesday that it has signed a franchise agreement to be the exclusive retail partner for British sportswear giant JD Sports Fashion (JD.L) in South Africa. The demand for casual and sportswear has remained steady in South Africa, even after the COVID-19 pandemic, as more people work from home and seek comfortable footwear and leggings.

FTSE Bias: Bullish Above Bearish below 7700

• Below 7590 opens 7550
• Primary support 7635
• Primary objective 7860
• 5 Day VWAP bullish
• 20 Day VWAP bullish

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