FTSE 100: Here are The Top-Performing Footsie Companies in August

The FTSE 100 index had a relatively mixed month in August. The index initially rose to £7,240, the index erased those gains and crashed to £6,980 as the number of Covid cases jumped. The Footsie is now trading at £7,142, which is about 2.2% above the lowest level in August. Let us look at some of the best performing FTSE index constituent companies in August.

FTSE index best and worst performers in August

The Rolls-Royce share price was the best performer in the FTSE 100 index in August this year. This happened as investors remained optimistic about the aviation industry even as the number of Covid cases continued rising. The company also announced strong half-year results. As we wrote earlier, Rolls-Royce Holdings biggest investor is callig for the company to sell its power busines.

The Prudential share price rose by more than 13% in August. This growth was mostly because of the company’s plans to boost shareholder value. For example, the company recently sold itrs Korea and Taiwan business for about $4.2 billion. It also decided to sell the full-service retirement business and incrdaseed its share repurchases by about $500 million. The firm is returning about $11 billion to its shareholders in the next two years.

The Flutter Entertainment share price rise by more than 12.95% in August, becoming the third best performer in the FTSE 100 index. This performance was mostly because of the company’s strong quarterly and half-year results as sports betting and gambling activities increased. 

Other top performers in the FTSE index were JD Sports, Informa, and Sainsbury, whose shares rose by more than 10% in August. On the other hand, the top laggards in August were Rio Tinto, Burberry, Weir Group, and Smith & Nephew.

FTSE 100 analysis

The FTSE 100 index has bounced back in the past few weeks. A closer look at tbe four-hour chart shows that it has formed a rising wedge pattern. In price action analysis, a rising wedge pattern is usually a bearish sign. The index has also moved slightly above the 25-day and 50-day moving averages while the price is slightly above the 23.6% retracement level. 

Therefore, the index will likely pullback in August because of the rising wedge pattern. On the flip side, a move above £7,240 will invalidate the bearish view.

FTSE 100