- FTSE100 gains on the day, thanks to Standard Chartered and Whitebread Plc.
- Standard Chartered rose 14.25%, while Whitebread Plc rose 3%.
Opening at 7,480.00, the FTSE 100 index gained 54.39 points, or 0.73 percent. As the blue-chip FTSE 100 index gained more than a percent on Thursday, the UK stock market remained buoyant.
Strong gains from Standard Chartered Plc and Whitbread Plc contributed to the index’s growth. However, the Sainsbury’s Index bottomed after the company warned shareholders that earnings could be impacted by rising costs of living and declining disposable income.
The shares of Whitbread Plc (LON: WTB), a British hotel and restaurant firm, rose more than 3% to a new intraday high of £2,890.00. The company reported a pre-tax profit of £58.2m in fy 2021, compared to a loss of £1bn in fiscal 2021. In addition to paying dividends to shareholders, the company surpassed its pre-pandemic levels in its UK hotels’ leisure and business segments.
Standard Chartered Plc (LON: STAN), a multinational financial services company, climbed 14.25% to an intraday high of £561.60. The bank reported higher-than-expected profits and said revenue exceeded expectations this year.
A daily low of 222.60 was reached by J Sainsbury plc (LON: SBRY), the UK’s second-largest supermarket chain. From £730m in the last 12 months, underlying earnings are expected to fall from £630m to £690m.
FTSE100 technical analysis:
The FTSE100 index gained the as the 20-period SMA and 200-period SMA formed a bullish crossover on the 4-hour chart. The rally, however, seems to pause around the 50-period SMA. The 100-period SMA around 7550 may also be the key resistance level. On the flip side, the index may retreat towards the 07430-7450 (congestion of 20 and 50 SMAs).
