FTSE 100: IAG, BP and Shell guide index to cheery morning
The FTSE 100 put on gains in early trading today, up more than 0.6 per cent an hour into Friday morning.
Big gainers were BA-owner IAG, up more than 4 per cent after posting positive first quarter results this morning.
And oil majors BP and Shell were also both happily in the green, building off their respective results earlier this week and with traders perhaps pricing in no further moves to increase the windfall tax.
Laggards included IHG, which announced a change at the top this morning.
The more domestically focussed FTSE 250 is also up 0.4 per cent.
Analysts were positive but many will be looking stateside later today.
Victoria Scholar, Head of Investment, interactive investor said: “After slumping to a one-month low on Thursday, the FTSE 100 is trading higher lifted by British Airways’ parent company IAG which has taken to the skies following first quarter earnings.
“All eyes are on the US non-farm payrolls report on Friday with investors looking for further signs that the labour market is cooling stateside. The consensus is for 180,000 job additions in April, the smallest monthly gain since December 2019.”
Earlier this week the Fed raised rates for the tenth consecutive time, with fears that rate rises could choke off economic growth being put aside for now as inflation proves stickier than expected.