By Patrick Munnelly, Market Analyst, Tickmill
The FTSE 100 closed out the week in the green, rallying ahead of an extended holiday weekend in celebration of the King’s coronation. The index finished Friday’s session up 75 points at 7778.38
FTSE-100 biggest movers
Markets were in a fairly buoyant mood as traders headed for the exit. BP LON:BP. sat at the top of the deck as we finally saw some relief for oil prices. It has been a trying week for oil bulls as crude oil prices tested demand below $70 a barrel but we are starting to see some improvement in risk appetite as demand develops. With another stellar jobs report in the US, crude is trading up over 4.5% on the day leading to a lift in BP shares which closed up over 3.3% on the day. Shell was another beneficiary, also in the green by 1.9%.
IAG LON:IAG, British Airways owner, also came out of the gates with solid gains following better than expected earnings and a trading announcement in which it lifted 2023 profit forecasts on robust summer travel demand. However, with the uptick in oil prices, the stock has surrendered some of its early 5.5% gain to trade up a more modest 2.3% on the day.
On the negative side of the ledger Endeavour Mining [LON:EDV] sits at the bottom of the index as Gold prices have taken a 2% tumble on the session, weighing on the gold miner as it nurses losses of just over 3.3%. In stock specific news, Intercontinental Hotels Group LON:IHG are in the red today (-1.9%) on news that Chief Executive Officer Keith Barr is to stand aside effective June 30th. The Americas Chief Elle Maalouf will take the reins from July 1. Speaking of reigns “God Save The King!”
