FTSE 100 stocks surge over three percent, inching towards all-time high, positive.

From Yahoo Finance.: 2024-07-29 10:47:45

FTSE 100 stocks have surged over three percent in the last three days, raising hopes of a new record high. Analysts anticipate the index could replicate its success from May when it hit an all-time high. Despite a temporary dip, the FTSE remained up from its opening level.

Only 13 FTSE 100 stocks were down this morning, with Reckitt plummeting over nine percent due to US litigation fears. Entain and Pearson also fell over one percent post disappointing earnings reports. However, market open saw 18 stocks jump at least 1.5 percent.

Key contributor to the FTSE’s recent success has been oil stocks, especially Shell and BP, as oil prices stabilize at $81.21 per barrel. FTSE 250 also reported positive gains, with betting odds favoring a Bank of England interest rate cut from 45 to 60 percent.

Markets are split on the possibility of a Bank of England interest rate cut this week, with some advocating for a wait till September due to incoming data. The FTSE’s positive trend is widely attributed to oil stocks’ contribution and broad-based growth among various sectors.



Read more at Yahoo Finance.: London inches towards all-time high as markets anticipate rate call