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On Thursday, London's FTSE 100 extended its decline for the third consecutive day, as Britain made arrangements for a general election on July 4th and data revealed a significant slowdown in business growth in May. The FTSE 100 index, which represents top UK companies, decreased by 0.3%, while the pound gained strength against the dollar. Nvidia's positive quarterly earnings report was overshadowed by Prime Minister Rishi Sunak's unexpected announcement of a general election, causing concern among investors. This led to a strategic repositioning as they assessed the potential outcomes. As a result, utility shares fell to the lowest position on the sectoral charts, while defensive stocks like Unilever, BAE Systems, and GSK saw gains.

National Grid, the UK's utility firm, experiences a setback following a $9 billion capital raise. At 09:18, the company's shares plummeted by 7%, making it the top percentage loser on the FTSE 100 index. The company plans to raise approximately 7 billion pounds ($8.90 billion) through a fully underwritten rights issue of 1.09 billion new shares. Furthermore, the full-year pretax profit from continuing operations dropped by 15% to 3.05 billion pounds. Despite this, the company's shares have seen a 6.5% increase year-to-date as of the last close.

Unilever's stock rose by 1.1% to 4,321 pence, reaching a high of 4,356 pence, following a double upgrade by J.P. Morgan. The consumer goods group was upgraded from "underweight" to "overweight" due to expectations of volume recovery in FY 2024. J.P. Morgan also increased the price target to 5,100 pence from 3,600 pence, representing approximately a 19% upside from the previous close. The analysis indicates that Unilever is on track to deliver a strong year, despite uncertainties about the impact of its Action plan. J.P. Morgan's forecast for Unilever's volume/mix in FY24 has been revised upwards to 2.9% from the previous forecast of 1.7%. The stock has seen a 12.5% increase so far this year.

FTSE Bias: Bullish Above Bearish below 8389

• Below 8300 opens 8280
• Primary support 8200
• Primary objective 8573
• 5 Day VWAP bullish
• 20 Day VWAP bullish

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