The FTSE Finish Line - September 10 - 2024
The FTSE Finish Line - September 10 - 2024
FTSE Fledgling Recovery Stalls, Pharma Giant Weighs On Sentiment
The FTSE 100 in London experienced a slight decline on Tuesday, as a result of a broad decline in the market. AstraZeneca's performance weighed on the benchmark index, and the UK's sluggish wage growth solidified expectations for additional interest rate cuts by the Bank of England. After experiencing its most successful day in over a month on Monday, the blue-chip FTSE 100 experienced a 0.6% decline. Similarly, the mid-cap FTSE 250 was also negative on the session.
AstraZeneca's shares experienced a 5.3% decline to 12,030 pence, placing them at the bottom of the FTSE 100 index. AstraZeneca's major lung cancer trial demonstrated that its experimental precision drug did not substantially enhance the overall survival outcomes of the patients. According to AstraZeneca, the overall survival in the TROPION-Lung01 trial did not achieve statistical significance.
On the positive side of the ledger Centamin, a gold miner that concentrates on Egypt, experiences a 23.4% increase in its stock price to 147.5 pence, the greatest level since October 2020. AngloGold Ashanti, a global miner listed in the United States, has reached an agreement to acquire Centamin in a $2.5 billion stock and cash transaction. This transaction will enable the company to expand its operations in Africa. The implied offer price of 163 pence per share is approximately 36% higher than Centamin's most recent closing price of 119.5 pence. As of the most recent close, Centamin's shares have increased by 20.4% year-to-date.
Investors will now focus on the United States' key inflation figures and Britain's gross domestic product numbers this week to gain additional insight into the central banks' policy easing trajectory in anticipation of their meetings later this month.
Technical & Trade View
FTSE Bias: Bullish Above Bearish below 8225
Primary resistance 8400
Primary objective 8600
Daily VWAP Bearish
Weekly VWAP Bearish