The FTSE 100 rebounded on Thursday after a five-day losing streak, driven by gains in oil-related and defensive stocks. Positive sentiment surrounding Nvidia’s strong revenue outlook also contributed to the upward momentum. However, weakness in precious metal miners and specific stocks like Vodafone and Diageo limited overall gains.
- The FTSE 100 climbed more than 0.5%.
- Oil-linked names (BP and Shell) and the defensive sector (Rolls-Royce and BAE Systems) led the gains.
- Halma surged over 10% after raising guidance due to strong first-half trading.
- Fresnillo and Endeavour, precious metal miners, experienced losses.
- Vodafone and Diageo weighed on the index.
- JD Sports guided full-year profit to the lower end of expectations, impacting its stock price.
- Positive sentiment was influenced by Nvidia’s stronger-than-expected revenue outlook.
The market’s performance suggests a shift towards energy and defensive sectors, indicating a possible risk-off sentiment among investors. Halma’s strong performance signals positive growth within its specific sector, while the decline in precious metal miners and certain consumer-related stocks suggests potential concerns about those areas. Furthermore, technology sector sentiment is seen as crucial to overall market direction.