The FTSE 100 has delivered a remarkable performance, notching its twelfth consecutive day of gains and closing up 0.6% at 8,460. This winning streak is the longest since January 2017 and stands out in a global market that has recently seen plenty of turbulence. The FTSE 250 also joined the rally, chalking up its fifth straight day higher, marking its best stretch since last August.
Today proved pivotal for traders and investors, with earnings from some of the index’s largest companies driving much of the market action. BP weighed heavily on the FTSE after disappointing with a reduced share buyback and weaker profits. The oil major’s net profit tumbled by 48% to $1.4 billion, hampered by lower refining margins, a decline in gas trading, and a drop in crude oil prices. BP’s share price slipped, and the company’s rising debt, now close to $27 billion, has raised big questions about its financial health and strategy.
Another drag came from Associated British Foods, whose shares lagged after the company downgraded its profit guidance for its sugar unit. In contrast, AstraZeneca provided support to the index by reversing an earlier drop in its shares. While AstraZeneca’s results beat expectations on earnings, its revenue figures disappointed, reflecting the complex backdrop in both the healthcare and energy sectors.
On the positive side, HSBC’s better-than-expected results and a $3 billion share buyback helped buoy sentiment in the banking sector, and other notable risers included Howden Joinery and Entain, which both impressed with robust trading updates.
Outside the blue chips, broader market sentiment remains cautiously optimistic. The pound hovered around $1.34 as the dollar strengthened slightly, and gilt yields edged lower, signaling modest demand for UK government bonds. Meanwhile, UK grocery retailers reported a 4% uptick in sales over Easter, defying persistent inflation. Rental price growth in the housing market appears to be cooling, offering some relief on the cost-of-living front.
For stock traders and investors, the FTSE 100’s resilience offers a compelling narrative amid global uncertainties. Even as international markets respond to shifting US tariff policies and mixed macroeconomic signals, the UK’s leading equities have managed to outperform European peers like the Stoxx 600 and Germany’s DAX. However, today’s sector rotation—energy and consumer staples lagging, while banks and select industrials lead—reinforces the need for active portfolio management.
With global recession risks still looming and the impact of US tariffs yet to fully play out, investors should be cautious not to chase momentum blindly. Yet, the FTSE 100’s current rally highlights that opportunities persist for those who remain vigilant and responsive to fast-changing corporate and macro developments. As earnings season rolls on, the direction of UK stocks will continue to set the tone for market sentiment in the weeks ahead.
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