FTSE 100 futures trading higher after index ends week in positive territory
FTSE 100 futures are trading higher after market close on Friday, after the blue-chip index ends the week in positive territory with BT and William Hill leading the pack.
FTSE 100 futures are trading higher after market close on Friday, after the UK equities ended the week in positive territory with standout performances by telecoms company BT and bookmaker William Hill.
William Hill saw its share price climb 8% to close at 115p per share on Friday after it reported better-than-expected earnings, with the overall impact of a world without sport not damaging the bookmakers bottom line as much as analysts predicted.
BT also helped lift the FTSE 100, with the stock closing out the week 5% higher to close at 107p per share, with investors excited by rumours that the telco is lining up potential buyers looking to buy a chunk of its Openreach business.
The FTSE 100 closed out the week 1% higher at 5799 points, but overall the index fell more than 2% over the last five trading sessions as the economic fallout from the Covid-19 crisis continues.
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UK stocks stage a recovery
Having staged a bounce from the lows yesterday it will be interesting to see if the FTSE 100 can maintain this move and push higher. However, we have seen lower highs since Wednesday, at 5950 and 5890, and if the bounce from yesterday’s lows fails to recover 5900 then further losses may be in store, according to Chris Beauchamp, chief market analyst at IG.
‘These declines will head towards 5660, and below this a lower low is created, ’ Beauchamp added.
‘However, the index has now bounced from 5660 twice in a month, so this is a key level for both sides to watch.’
US factory output hits 23-year low amid Covid-19
US stocks opened lower on Friday, but remained relatively resilient considering that investors were met with bleak industrial production data.
‘Manufacturing output has fallen to the levels last seen in 1997. Excess supply will undoubtedly hurt capital expenditure in coming quarters with more significant job losses expected,’ James Knightley, chief international economist at ING said.
‘We are hoping that May should post a better manufacturing outcome with a number of production facilities restarting, but it is likely to be slow,’ he added.
US factory output fell 11.2% in April – the largest monthly fall since records began.
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