At the end of a tumultuous week, the FTSE 100 has managed to recover from all the weakness and is on track to end the five-day session marginally ahead. Less than a couple of hours into the morning session the FTSE 100 is up by 0.76% to 7,021, having opened the week at 7008.9.
“Investors who panicked when global markets took a dive on Monday may now be regretting their decisions to dump holdings,” said Russ Mould, investment director at AJ Bell.
“Commodity producers helped to drive up the FTSE 100 on Friday, supported by several unloved stocks starting to regain favour with investors including BT and Rolls-Royce.”
Up next week is the latest meeting from the Federal Open Markets Committee. The market will be eagerly watching for any signs of a change to US central bank policy. “Investors are worried that economic growth could be losing momentum, but equally inflation is affecting us all. The Fed is unlikely to make any major changes to its current stance, but the market will look for every little sign of what the central bank could do next,” Mould said.
FTSE 100 Top Movers
Heading up the FTSE 100 on Friday is Rolls-Royce (3.06%), Melrose Industries (2.59%) and Natwest (2.48%).
At the other end, Royal Mail (-0.79%), Avast (-0.72%) and Flutter Entertainment (-0.50%), are the bottom three companies on the UK index, albeit with narrow falls.
Vodafone said its sales increased during the last quarter as its consumer and business operations saw improvements.
While the telecommunications company is not yet at pre-Covid levels, it made €11.1bn during Q1.
Upon the update by the company, the the FTSE 100 company’s share price is up by 2.2% during the morning session on Friday.