FTSE 100 Competition Results wk 4
We have a new leader after suggestion that the economic picture may not be as dire as had been predicted
The FTSE 100 started the week on 7878.66 and finished at 7,947.11. Better-than-expected economic reports helped to create a mood that the economic picture may not be as dire as had been predicted at the start of the year.
On Monday Rishi Sunak hailed his “decisive breakthrough” on post-Brexit rules and confirmed trade borders in the Irish Sea have been removed. This provided some light relief for investors.
Tuesday saw the FTSE 100 dragged down by grocer Ocado, which reported plunging losses amid reports shoppers have been switching to cheaper brands in the face of cost pressures. Despite rallying on Friday Ocado turned out to be the worst holding of the week, losing 10%.
Next day shares jumped back into positive territory after the Bank of England governor Andrew Bailey’s comments that UK interest rates might not need to keep rising boosted the FTSE 100.
EU Consumer Price Index (CPI) inflation surpassed expectations, creating caution among traders, but a number of positive earning updates meant the FTSE 100 made gains.
Consumer healthcare firm Haleon dropped in value despite handing shareholders an inaugural dividend after its spin-off from GSK last year.
The top performers this week were CRH plc an Irish based construction company that posted a jump in earnings. Rolls Royce gained another 10% and that was matched by Abrdn plc. Mining companies quietly made progress this week with four in the best eight.
Best performers this week:-
CRH plc +10.4%
Abrdn plc +10.0%
Rolls Royce Holdings plc +10.0%
Weir Group +9.1%
Rio Tinto plc +8.4%
Antofagasta +8.4%
Poorest performers this week:-
Ocado Group -10.0%
Persimmon plc -8.0%
Beazley plc -4.8%
Intertek Group -4.5%
Admiral Group -3.8%
Haleon plc -3.3%
In our competition both Spider and Ross Grieve gained nine places but they were out done by Shark who climbed 13 places but still sits 30th. Slipping most this week was Midge down ten places to 35th.
22 of our entrants are currently in positive positions with the leader currency up £4742!
On our leaderboard first and second have changed places with Robbeath hitting the top for the first time. Spider has slipped up to fourth place in a top twelve that shows precious little movement. At the wrong end Jennifer Grieve is once again holding up the others with Comrie Colliery for the time being, relieved of that weight.
