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British Stock Market Continues to Rise

2/20/2023 12:41 PM

The leading index of the London Stock Exchange FTSE 100 is showing corrective dynamics and is now at 8024.0.

The British stock market continues its upward movement supported by corporate reporting, as well as by a positive macroeconomic background. According to the UK Office for National Statistics (ONS), Retail Sales rose 0.5% in January after falling 1.2% a month earlier, while the annual rate slowed the decline from -6.1% to -5.1%. In turn, the Core Retail Sales Index on a monthly basis was 0.4% after -1.4% in December, while the annual rate was -5.3% after -6.5% a month earlier.

The day before, financial conglomerate Standard Chartered Plc. published its results: revenue was 3.47 billion pounds, after 4.32 billion pounds in the previous quarter, and earnings per share amounted to 0.039 pounds, significantly less than 0.33 pounds, recorded in the previous period. In turn, the consulting company Relx Plc. reported earnings of 4.58 billion pounds, beating analysts' estimates of 4.47 billion pounds, and earnings per share of 0.45 pounds, up from 0.39 pounds in the previous quarter.

The growth leaders in the index are Segro Plc. (+3.59%), Imperial Brands Plc. (+2.96%), Flutter Entertainment Plc. (+2.61%).

Among the leaders of the decline are NatWest Group Plc. (-6.87%), Lloyds Banking Group Plc. (-3.83%), Rightmove Plc. (-2.14%).

On the daily chart, the index quotes continue their corrective growth, rising in the direction of the resistance line.

Technical indicators are holding a buy signal, continuing to strengthen it. The range of EMA fluctuations on the Alligator indicator remains quite wide, and the AO histogram forms new rising bars, being in the buy zone.

Support levels: 7925.0, 7714.0. | Resistance levels: 8055.0, 8250.0.

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