FTSE Looks Set To Close Higher For Fifth Successive Session

FTSE Looks Set To Close Higher For Fifth Successive Session

With the mood fairly upbeat yet again, the U.K. market trades notably higher on Wednesday and looks headed for its fifth successive close in positive territory.

The positive trend across Europe is due largely to some buoyant corporate earnings reports. The US Federal Reserve’s monetary policy is due for release later in the day, but for now, traders seem keen on picking up stocks, betting on hopes corporates would continue to reel out impressive numbers.

The benchmark FTSE 100 is up 34.72 points or 0.47 percent at 7555.10.

Mining stocks are among the prominent gainers, thanks to higher metal prices.

Tui, the top gainer in the index, is up 3.5 percent. Fresnillo, Capita, Antofagasta, Ashtead Group, Babcock International, CRH, DCC and Sage Group are gaining 2 to 2.5 percent.

Rio Tinto, BHP Billiton, British American Tobacco, Hargreaves Lansdown, Smiths Group, Carnival and EasyJet are also notably higher.

In economic news, construction activity in the U.K. saw a moderate recovery in April. In the preceding month, disruptions due to weather had pushed the pace of growth in construction activity to a 20-month low.

The purchasing managers? index came in a 52.5 in April, compared with a forecast of 50.5. In March, the reading had slumped to 47.0.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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