Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

FTSE finishes above 7,000, FX steady ahead of Fed

EconomyJul 28, 2021 16:35
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Key Points

  • FTSE 100 closing price of 7,019, +0.33%
  • Strong earnings lift FTSE
  • Wizz Air results, changing Covid restrictions supports travel sector
  • Meggitt higher on M&A rumours
  • FX markets steady ahead of Fed
  • Oil prices higher, inventory builds help
  • Bitcoin jumps, hits $40,000 again

By Samuel Indyk

Investing.com – The FTSE 100 closed back above 7,000 on Wednesday, supported by a slew of strong earnings results from companies across different sectors.

Silver and gold producer Fresnillo (LON:FRES) was the best performing stock in the blue-chip index after reporting a 17.9% quarter-on-quarter increase in silver production, while confirming they expect to meet 2021 full year guidance.

Financials were also performing well with St. James’s Place (LON:SJP) shares hitting a record high as funds under management climbed 11% to a record £143.77 billion. Barclays (LON:BARC) shares soared after the banking group posted a £5 billion profit and released £700 million of the money it put aside for provisions last year when Covid concerns were at their highest.

Wizz Air (LON:WIZZ) shares jumped after the budget airline said they expect capacity to hit 90% of 2019 levels in July and 100% in August. The whole sector was trading higher after England said they would allow fully vaccinated travellers from the US and EU to arrive without needing to quarantine from 2nd August.

“A big sigh of relief has rippled through the travel and aviation sector with the confirmation from the UK Transport Secretary that double jabbed arrivals from the US and the European Union will no longer have to isolate,” said Hargreaves Lansdown (LON:HRGV) Senior Investment and Markets Analyst Susannah Streeter.

IAG (LON:ICAG), EasyJet (LON:EZJ) and Rolls-Royce (LON:RR) were all among some of the biggest risers in the FTSE 350.

Shares in Aerospace & Defense company Meggitt (LON:MGGT) closed higher after a report in the Times highlighted rumours that a PE firm has made a bid for the company. The newspaper also reported that US-based engineering company Woodward (NASDAQ:WWD) was considering an offer.

FX markets were trading relatively steady ahead of the latest Fed interest rate decision at 19:00BST. GBP/USD was relatively flat after breaking above the 20DMA on Tuesday but still traded at its highest level since 15th July before finding resistance ahead of 1.3900.

WTI and Brent crude futures were eking out gains following the latest inventory report from the Energy Information Administration. The EIA said crude inventories fell 4.089 million barrels in the latest week, more than the expected drawdown of 2.928 million barrels. Distillate and gasoline stockpiles also fell in the latest week.

Bitcoin briefly traded back above $40,000 but again found resistance at the 100 day moving average around $40,500 before pulling back.

“Cryptos have had a hard time since the heights they reached in April but something tells me that's changed,” said OANDA Senior Market Analyst Craig Erlam in an emailed note.

“Elon saved the day, disclosing things that almost everyone would have assumed to be true anyway and now the floor at $30,000 looks more solid than ever.

“If Bitcoin can break the late May/mid June highs, it could take off once more.”

------------------------------------------------------------

Subscribe to Investing.com UK here

------------------------------------------------------------

FTSE finishes above 7,000, FX steady ahead of Fed
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email