FTSE 100 INCHES DOWN AS DRUGMAKERS DROP; RETAIL SALES OUTPERFORM
FTSE 100 futures are currently trading at 7406-lower by 0.09% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.
In the cash markets, the blue-chip share index inched down 0.11% to 7,463.59 at the time of writing. The broad-market index fell today as downbeat euro-zone PMI data emerged and traders took profits before the Easter weekend.
The midcap index FTSE 250 was down 0.22% at the time of writing.
GlaxoSmithKline and AstraZeneca were among the top index losers, following a sell-off in U.S. healthcare shares over regulatory worries on Wednesday.
Supermarket chain Tesco fell 0.36% after it said its shoppers were not being put off by Brexit.
Financial shares exposed to Asia including HSBC, Prudential and Standard Chartered were trading around the flatline at the time of writing. Stocks fell earlier in the session after Asian stocks fell from their nine-month highs, tracking losses on Wall Street.
BAE Systems and Reckitt Benckiser, which were trading ex-dividend, fell more than 1% at the time of writing.
Index-member BP also fell along with oil prices, as strong U.S. crude oil production offset gains from OPEC-led supply cuts and a decline in U.S. crude inventories.
On the other hand, Unilever rose 2.75% after reporting better-than-expected quarterly underlying sales growth, helped by increased prices and volume.
The equipment-rental company Ashtead rose 1.96% after a U.S.-based counterpart, United Rentals, posted a better-than-expected first-quarter profit on Wednesday.
Official data released earlier today showed that British shoppers ignored worries about an impending Brexit deadline and spent heavily in March. Retail Sales (MoM) for March released earlier today came in at 1.1%. Sales growth was above the market expectation of a fall of 0.3%. Sales change for the previous month was revised to 0.6% from 0.4% reported earlier.
On the technical front, the RSI is currently at 67.66% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Buy at 7395. Take Profit at 7435. Stop Loss at 7375