FTSE 100 clocks best winning streak since December 2020; Entain shines (updated)
18/04/2023 09:28
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Feb wage earnings up 6.6% vs est of 6.2%
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Entain shoots to FTSE 100 top on higher Q1 revenue
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Easyjet rises on upbeat forecast
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AstraZeneca rises on new COVID antibody
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FTSE 100 up 0.4%, FTSE 250 adds 0.1%
(Adds comment; updates prices, details)
By Shristi Achar A and Johann M Cherian
April 18 (Reuters) - Britain's commodity-heavy index
rose on Tuesday, boosted by a surge in miners after upbeat China
data, while gambling firm Entain logged its best performance in
more than a year-and-a-half after reporting strong quarterly
results.
Entain Plc ENT.L surged 7.2% after the Ladbrokes owner
reported higher quarterly net gaming revenues, helped by
acquisitions and robust demand in its retail shops.
The FTSE 350 travel and leisure sector .FTNMX405010 rose
2.2%, also boosted by easyJet Plc EZJ.L , which added 1.6%
after the airline forecast 2023 profit above market
expectations.
"One might imagine that in a weaker economic environment
sectors like leisure would suffer," said Richard Flax, chief
investment officer at Moneyfarm.
"But there still seems to be decent pricing power in
developed markets due to pent-up demand from COVID."
The FTSE 100 .FTSE increased 0.4%, rising for the eighth
straight day and clocking its longest run of gains in about 29
months. The mid-cap FTSE 250 .FTMC was up 0.1%.
Precious metal miners .FTNMX551030 jumped 2.4% as data
showed China's economy grew at a faster-than-expected pace of
4.5% in the first quarter, lifting bullion prices. GOL/
The FTSE 100 has gained 3.6% so far this month, more than
recovering its March losses.
All the component sectors of the UK indexes are on course
for gains for April, with commodity-linked stocks and defensives
among top performers.
Meanwhile, data showed February pay growth rose faster than
anticipated, boosting chances of a 25 basis point interest rate
hike next month.
Among other moves, AstraZeneca Plc climbed 1.8% after the
vaccine maker said it was confident that its new version of
COVID antibody treatment could protect immunocompromised
patients against all known virus variants.
Cineworld CINE.L jumped 61.5% after the embattled cinema
chain operator abandoned the planned sale of its businesses in
Eastern Europe and Israel.
(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Sonia Cheema, Savio D'Souza and Alex
Richardson)
((Shristi.AcharA@thomsonreuters.com;))
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