FTSE 100 Giving Back Early Gains As US Softness Weighs
The FTSE 100 is trading with modest gains 0.15% on the session after trading higher at the open, late weakness can be attributed to further weakness Stateside with US benchmarks trading with a softer tone. The session opened with further gains for household and personal care provider Haleon Plc, the name saw further upside on yesterday’s upgrade from Bernstein who initiated coverage with an outperform rating suggesting the business will benefit from the category considered to be one of those best placed to perform in economic downturns, the shares added over 3% in the finals hour of trade at the LSE. AstraZeneca also saw a decent uptick as a UK court ruled that its rival GSK’s Tesaro owed royalties to AstraZeneca for sales of its ovarian cancer medication Zejula, according to company filings sales for the drug topped £460 million in 2022, AstraZeneca shares traded with a 3% gain on the news. On the negative side of the ledger RS Group sank to the bottom of the table as the blue chip reported a significant slowdown in fourth quarter sales momentum, Q4 like for like growth came in at 1% a steep decline form the 8% in Q3, investors shed the company shares at pace leaving them trading down by over 6%, the company added that their American exposure meant that destocking and a general softer market weighed on performance.
FTSE Bias: Intraday Bullish Above Bearish below 7590
Primary support is 7570
Primary objective 7713
Below 7500 opens 7400
20 Day VWAP bullish, 5 Day VWAP bullish
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!