FTSE Reverse Early Geopolitical Driven Losses To Close Green -

FTSE Reverse Early Geopolitical Driven Losses To Close Green

Apr 05, 2024Jeremy ParkinsonFinance, No picture0

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On Friday, British stocks fell by 1% in early tradedue to increased tensions in the Middle East, as investors prepared for the release of important economic data from the US and UK. Losses reversed later in the session as US jobs data supported risk sentiment across the pond leading to an uptick in bid activity in the blue chip index. On the positive side of the ledger Insurer Admiral saw an increase in its stock price after BNPP Exane resumed coverage of the shares with an ‘outperform’ rating and a price target of 3,348p. Meanwhile, oil and gas company Shell edged up as it raised its short-term production forecasts and anticipated higher margins in its updated first quarter guidance.UK homebuilders are experiencing a decline in response to disappointing house price data. The UK housebuilders index has dropped by approximately 1.6%. In March, British house prices fell by 1.0% compared to February, marking the first decrease since September 2023, according to figures from mortgage lender Halifax. Despite this, prices remain 0.3% higher than the previous year. Economists surveyed by Reuters had predicted a monthly increase of 0.1% and an annual rise of 1.45%. Midcap homebuilder Crest Nicholson is the top percentage loser in the sector index, with a decline of 2.3%, while its peer Vistry has also fallen by more than 2%. Additionally, FTSE 100 quartet Barratt, Persimmon, Taylor Wimpey, and Berkeley have all experienced losses ranging from 1.0% to 1.7%. Travel stocks listed in London are showing a decline due to increasing tensions in the Middle East. The statement made by Israeli Prime Minister Benjamin Netanyahu, threatening to harm those who harm or plan to harm Israel, has raised concerns about a potential broader conflict. As a result, shares of British Airways-owner IAG and TUI have fallen by 2.1% each, while Wizz Air and Easyjet have experienced drops of 2.8% and 2.5% respectively.
FTSE Bias: Bullish Above Bearish below 7900