FTSE 100 Index rose to new all-time highs on Wednesday, rising by 0.14% to hit 8364 points. The index has been on a strong uptrend since mid-April and is on course to register a fourth successive day of gains. AstraZeneca rose by 0.56 per cent on Tuesday and was up by 1.5 per cent Wednesday morning. This came as the pharmaceutical giant announced that it was moving to withdraw its Covid-19 vaccines as demand weakens.
The other major gainer on the Index was Barclays, whose shares rose by 3.95 per cent on Tuesday and added 0.17 per cent on Wednesday morning. Barclays shares have gained almost 40 per cent in 2024, underlining a good run for the multinational banking giant in a high-interest environment.
Meanwhile, BP Shares’ decline continued for the third straight session on Wednesday, losing 2.2 per cent at the time of writing as investors reacted to a decline in Q1 profits. The oil giant reported profits of $2.7 billion, a sharp decline of nearly 40 per cent from Q1 2023 profit. The share decline came despite the company committing to a $3.5 billion share buyback in the first half of 2024. Vodafone Group’s intraday losses also rose on Wednesday to 1 percent at the time of writing, adding to Tuesday’s loss of 0.76 per cent.
Notably, there was an element of inconsistency in the FTSE 100 index in the Tuesday and Wednesday sessions. Tuesday’s top gainers, Persimmon, Lloyds Banking Group, Flutter Entertainment and SSE were all in the red at the time of writing. Looking ahead, investors will have their attention on the Bank of England’s interest rate announcement expected on Thursday.
Technical analysis
The FTSE 100 Index currently pivots at 8346.94, and the momentum points to control by the buyers. They will likely remain in control if the action stays above the pivot point. The resulting momentum will likely propel movement past the first resistance at 8376.98 and potentially higher up to test 8400 in extension. On the other hand, a move below the pivot will signal a shift in control in favour of the sellers. That will likely result in the first support being established around 8315.12. A continuation of the momentum will likely breach the support and even test 8291.26, thereby negating the upside narrative.
