The FTSE 100 index rose for the third straight day as investors reacted to the ongoing UK and US earnings season. The Footsie rose to a high of £7,576, which was slightly below the year-to-date high of £7,692. It has risen by more than 12% above the lowest level this year.
The FTSE 100 index joined the other international benchmarks in a major rally. It rose by more than 0.40%. On the other hand, the DAX, CAC 40, and Stoxx 50 rose to more than 1.2% as investors cheered earnings by American companies like Apple and Meta Platforms.
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Several FTSE 100 companies published mixed results this week. For example, Barclays had a disappointing quarter as litigation and conduct charges continued. Its revenue rose by 10% to £6.5 billion while its net income crashed to £1.4 billion.
The situation was different at Lloyds Bank (LLOY) as its revenue and profitability were better than expected. The company also decided to upgrade its forward guidance. Lloyds share price have risen slightly after earnings.
Meanwhile, NatWest said that its profit for the quarter was over £841 million as interest rates rise. Other banks like HSBC and Standard Chartered warned that the Asian economy was slowing down. Standard Chartered also decided to exit some of its markets in Africa.
Unilever, the embattled consumer products company, excited investors as it published strong quarterly results. While its volume declined, the company made it up through product price hikes. The Unilever stock price has risen to the highest level since March.
Other fast-moving consumer goods (FCMG) companies also published strong results. Reckitt Benckiser said that its revenue rose by 5.6%, helped by a 20% increase in health and nutrition. Its hygiene division declined by 9%.
Other FTSE 100 companies that published mixed results were Glencore, Travis Perkins, and Sainsbury’s.
The daily chart shows that the FTSE 100 index has been in a strong bullish trend in the past few days. As a result, the index rose above the 25-day and 50-day moving averages while the Stochastic Oscillator moved above the neutral level of 50. It has also formed what looks like a cup and handle pattern.
Therefore, there is a likelihood that the index will keep rising as bulls target the important resistance level at £7,692.
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