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FTSE 100 Stock Market Shows an Upward Trend

9/6/2022 3:16 PM

The leading index of the London Stock Exchange FTSE 100 shows local corrective dynamics, being at around 7268.0.

The key event, which continues to influence all segments of the UK market, remains the results of the elections for the post of Head of the Conservative Party and of the British government, which were won by Liz Truss, who until now held the position of Secretary of Foreign Affairs. She overtook her main opponent, former finance minister Rishi Sunak, with 81.326 thousand votes. The official will have a rather tense start to her post as the national economy is in dire need of support and the population is counting on additional subsidies to pay for skyrocketing electricity and heating bills. Incumbent officials resigned ahead of the formation of a new cabinet: Home Secretary Priti Patel, Government Minister of State Nigel Adams, Home Office deputy head for security Stephen McPartland and Culture Minister Nadine Dorries. It is still difficult to assess what innovations in domestic policy will be adopted, but experts are confident that Liz Truss will continue the course of the previous Prime Minister Boris Johnson and serious changes should not be expected.

In turn, the UK bond market is showing a steady uptrend. Thus, the yield on 10-year securities added 0.77%, the yield on conservative 20-year bonds rose by 0.80%, and on global 30-year ones it gained 0.50%.

The growth leaders in the index are Glencore Plc. (+4.03%), BAE Systems Plc. (+3.01%), JD Sports Fashion Plc. (+2.38%).

Among the leaders of the decline are Smurfit Kappa Group Plc. (-5.12%), Just Eat Takeaway (-4.70%), Polymetal International Plc. (-3.85%).


The index quotes are traded within the global side channel, approaching the lower border. Technical indicators are holding a sell signal, which has not weakened even against the background of the current upward correction: the range of the Alligator indicator EMAs fluctuations continues expanding and the histogram of the AO oscillator forms descending bars.

Support levels: 7177.0, 6994.0. | Resistance levels: 7335.0, 7565.0.



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