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On Tuesday, London's FTSE 100 index, which is made up of top blue-chip companies, reached its lowest level in a month. This was due to cautious trading in Asia and Europe, as well as comments from central bankers that leaned towards a more aggressive monetary policy stance. Despite positive UK wages data, the FTSE 100 experienced a decline of 0.31%

On the negative side of the ledger leading the blue chip index lower Rightmove Plc, the largest property portal in the UK, saw its shares fall by 4.57% following a downgrade from brokerage JP Morgan. The stock was the top percentage loser on the FTSE 100 index. JP Morgan reduced the target price for Rightmove to 493p from 585p and also downgraded its rating to 'Underweight' from 'Neutral'. This downgrade was attributed to potential competition in the UK property classifieds market, leading to a cautious stance on the investments required by Rightmove to maintain its market lead. According to LSEG data, 8 out of 19 analysts rate the stock as a 'Buy', with a median price target of 623p. Despite a 12.6% gain in 2023, the brokerage downgrade has led to a decline in Rightmove's shares.

On the positive side of the ledger Experian Plc sits at the top of the FTSE, the UK-based credit data firm, saw a 1.8% increase in its stock price, following a strong third quarter revenue growth of 9%. The company attributed this growth to the high demand for its new products and successful business acquisitions, particularly in Latin America. In addition, Experian reported a 13% organic revenue growth from Latin America in the December quarter. The company now anticipates a 5-6% organic revenue growth for FY24, an increase from its previous forecast of 4-6%, despite challenges in the lending markets in the US and UK. Hargreaves Lansdown noted that the third quarter growth surpassed expectations despite market slowdowns. Experian's shares had already increased by approximately 14% in 2023.

FTSE Bias: Bullish Above Bearish below 7600

• Below 7550 opens 7480
• Primary support at 7382
• Primary objective 7827
• 20 Day VWAP bearish 5 Day VWAP bearish

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