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Bargain hunters buoy FTSE

by LLB Reporter
7th Oct 21 10:39 am

Bargain hunters have emerged after Wednesday’s heavy selling, encouraged by strong trading in Asia overnight and apparent progress in the US on an extension to the debt ceiling.

AJ Bell investment director Russ Mould said: “Some of the heat was taken out of the gas market after an intervention by Russian premier Vladimir Putin yesterday, cooling inflationary fears for the time being.

“However, even if energy prices fall from here, they’ve gone up so much in recent weeks that they will still have a large impact on inflation numbers in the coming months. So, while the FTSE 100 was making solid progress on Thursday morning, further volatility cannot be ruled out.

“Elsewhere, Pendragon became the latest car retailer to upgrade expectations, suggesting strong demand remains intact.

“How much longer the sector can continue to race ahead remains in question given the impact shortages of key components and supply chain issues are having on auto manufacturers.”

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