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FTSE 100 LIVE: Stocks set to rally as Rolls Royce beats forecasts, Lloyds profits drop

Published 22/02/2024, 07:54
Updated 22/02/2024, 07:54
© Reuters.  FTSE 100 LIVE: Stocks set to rally as Rolls Royce beats forecasts, Lloyds profits drop

Proactive Investors - The FTSE 100 is being tipped to bounce back on Thursday morning after its biggest fall in a week and a half, helped by an upturn on Wall Street overnight.

London's blue-chip benchmark dropped 56.7 points yesterday, or 0.73%, to close at 7,662.51, it second down day in a row after five positive sessions.

Overnight, the S&P 500 and Dow Jones both clambered out of the red just before the closing bell, both up 0.13%, while the tech-powered Nasday was unable to get its head back above water, finishing 0.32% lower.

In Asia, Japan's Nikkei 225 has set a new all-time closing high, beating a record set 34 years ago, with tech stocks leading the way after a boost from NVIDIA (NASDAQ:NVDA) Inc earnings after the New York closing bell.

The much-anticipated results from the chipmaker saw another massive beat on earnings as revenue also came in higher than expected, with its data centre business the catalyst with a 400% leap in sales.

"Nvidia reasserted its place in the Magnificent 7 with another blowout quarter showing that AI use cases are exploding, and the AI boom is showing no signs of slowing down," said eToro analyst Josh Gilbert.

Today in London, Lloyds Banking Group PLC (LON:LLOY) and Rolls-Royce Holdings PLC (LON:RR) are the big names, two of the most popular stocks for private investors.

A quick look at results shows the UK’s largest high street lender made a £450 million provision to cover the potential costs of a motor finance probe, and though underlying pre-tax profits slipped to £1.7 billion in the fourth quarter, this was in line with City forecasts.

Rolls-Royce meanwhile reported annual profits more than doubling, beating consensus forecasts.

Read more on Proactive Investors UK

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