The FTSE 100 initially opened higher on Friday, with the potential for its most significant weekly gains in seven weeks. However, as the trading session progressed, early gains began to fade. The blue-chip index appeared to be heading for a weekly loss of 0.81% as some investors chose to lock in profits ahead of the weekend. Shell plc managed to deliver a commendable performance in the third quarter, despite turbulent market conditions, according to CEO Wael Sawan. During a conference call in London on Thursday alongside CFO Sinead Gorman, the CEO provided an overview of the company’s performance for the quarter. While the company experienced a decrease in gas and oil production volumes compared to the previous year, it achieved strong results as the world’s leading LNG trader. Today’s pullback in oil prices and investors’ concerns around gas and oil production volumes saw the energy giant slump to the bottom of the blue chip index shedding 4.59% on the session.On the positive side of the ledger, Ocado’s stock has experienced remarkable growth this week, consistently topping the FTSE 100’s list of best-performing companies over multiple trading sessions. On Friday, Ocado’s share price led the way once more, surging by over 8%. Sainsbury’s recent earnings update likely provided a positive catalyst for Ocado’s investors. Sainsbury’s, considered one of the leading supermarket chains, achieved sales growth by offering lower-priced groceries and implementing promotional strategies to attract shoppers. Shareholders in Ocado are likely optimistic that the company’s efforts to lure customers and boost their shopping cart sizes through competitive pricing and special offers will produce similar results. Recent data from Kantar revealed that the joint venture between Marks & Spencer and Ocado witnessed a 9.6% surge in sales during the four weeks ending on October 1st, along with an increase in market share from 1.6% to 1.7%, BT added another 5.4% continuing its upward trajectory, building on the significant surge it experienced on Thursday following the release of its stellar half-year results.
FTSE Bias: Bullish Above Bearish below 7300
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