FTSE 100 Competition Results week 7
Barry consolidates his lead as everybody bar one gained this week
FTSE_100_WEEK_SEVEN_RESULTS.pdf
FTSE 100 opened week on 7,727
FTSE 100 closed week at 7,931
London’s top stock index had a very good week reaching an all time high of 7,960 during Friday. The market rose amidst expectations that the first rate cut will come in June and that there will be three rate cuts this year.
On Monday water companies – Severn Trent and United Utilities – proved unpopular as were BT and Phoenix Group, both of which had poor news that morning.
The FTSE 100 moved up on Tuesday with investors in good spirits ahead of an expected drop in the rate of UK inflation and a strong session for consumer goods giant Unilever after the company announced an overhaul which includes off loading its ice cream business and axing 7,500 jobs around the world.
In midweek pessimism struck Burberry shares as it blamed a drop in sales at its subsidiary Gucci. Thursday brought good news on interest rates sending the UK’s top stock market index soaring as investors across the globe were in high spirits amid hopes of interest rate cuts in the US and the UK.
The Bank of England opted to hold rates steady at 5.25%, but said things were “moving in the right direction” when it comes to being able to cut rates in the future. Markets were buoyed by the prospect of looming rate cuts and it turned out to be the best day for the blue-chip index for about six months.
The FTSE continued its upward trajectory on Friday edging closer to an all-time high. The index hit highs of 7,960 during the day, closing the week up 204 points at 7,930.92.
St James’s Place made up for recent lost ground as banking and finance stocks were among those helping to pull up the FTSE 100, as well as rebounding gains for consumer goods giant, Reckitt Benckiser.
This week’s best performers
Melrose Industries +8.84% (UBS ups target price on turnaround)
NatWest +8.70% (Expectation of higher demand after rate cuts)
Croda International +8.34% (broker upbeat on chemical group)
Next +8.12% (retailer releases strong trading update)
3i +8.06% (investment firm sees portfolio grow)
This week’s poorest performers
Burberry -6.77% (fears of slowing demand at fashion firm)
Centrica -4.04% (lower energy price cap edges closer)
Schroders -3.31% (talk of price war with rival asset manager)
Fresnillo -2.72% (Citigroup cuts price for metal miner)
B&M European Value Retail -2.44% (fears of consumer spending slowdown)
Fantasy FTSE Movers
Fiona Spriddle up 10 places to 19th while Dalgety47 gained 8 places to sit 11th. Going in the wrong direction were Sammy’s Granny down 14 to 31st despite a £566 gain on the week and Arewhy down 11 places to 27th.
Fantasy FTSE Positions
Only seven entrants are currently showing values below the £50,000 starting point. Everyone except Alastair Noble made gains this week, he drops to 52nd. Our leader, Barry, was top performer this week making a fine £2722 profit in the five days of trading! The top ten places are still occupied by the same entrants. The bottom four remain the same although Sarah Grieve in 54th place made a huge £2186 profit this week.
