FTSE 100 Competition Results week 2
Mac Scot9 still leads the way in a week where some wise entrants gained over £2000
It was a good week on the Footsie with the 100 index closing up 1.8% at 7712 on strong bank profits and retail figures. Only 16 of the 100 lost ground this week and every one of our competitors made gains this week. Two entrants gained over £2000 in the last seven days - Eilidh Giudice and Jim Aitken - and 45 entrants are in positive funds since the start of our fantasy contest.
It wasn’t all plain sailing though with Monday’s step up in London tempered in the face of bad reviews for AstraZeneca. Their shares fell to their lowest level in nearly two years, after the pharmaceutical giant faced rating downgrades from analysts following the release of its full-year financial results the previous week.
On Tuesday concerns over persistent inflation caused the FTSE 100 to drop to its lowest point this month after hotter-than-expected US Consumer Price Index inflation figures. Next day however, shares in London soared when official UK inflation figures were lower than economists had expected, increasing the chance of a Bank of England rate cut in the months to come. The UK’s inflation rate was 4% in January, the same as the month before but traders celebrated because economists had expected a rise to 4.2%.
Then on Thursday there was news that the UK economy slid into recession in the latter half of last year. The gloomy announcement made little impact since it appears the market is more focused on when the first interest rate cut will come, and a recession makes that more likely to be sooner rather than later.
Positive UK retail sales data – which showed a 3.4% increase in January - boosted positivity on Friday and led to the market closing at its highest level for more than a month.
Biggest Risers this week
Coca Cola +12.4% (profit surge boosted drinks company)
NatWest Group +8.9% (Bank revealed highest profits since 2007)
Antofagasta +8.7% (Investors backed miner’s emission targets)
Rentokil Initial +7.9% (Fresh investment in pest controller)
JD Sports Fashion +7.8% (Retailer looks cheap after recent fall)
Biggest Fallers this week
Entain -7.6% (Super Bowl rush ends at gambling giant)
Airtel Africa -5.8% (Boss’ retirement edges closer)
Imperial Brands Group -2.0% (Tobacco group goes ex dividend)
Barratt Developments plc - 1.9% (Shareholders wary of firm’s takeover plan)
Pershing Square Holdings -1.8% (Investors cash out of fund after good run)
Mac Scot9 still leads our competition and marginally increased his lead at the top over Spider. Eilidh Giudice is the mover of the week up 27 places to 12th.
At the other end Veronica Mackay dropped 18 places to 30th but Dolphin Square dropped to 57th place is now supporting everyone else.
