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FTSE flat despite surge in big name updates

by LLB Editor
27th Apr 21 11:26 am

BP did its best to lift the FTSE 100, but the index struggled with headwinds from Aveva, where CEO Craig Hayman has quit, and various mining stocks.

The UK index was flat at 6,966, albeit still giving investors hope that it will soon break through the 7,000 level again.

“We’re now in a very busy week for companies updating on earnings and trading in the UK and US, which means investors are likely to be rearranging their portfolios in reaction to the news. This could result in heightened trading volumes and mean markets are principally driven this week by company fundamentals rather than politics and macroeconomics,” comments Russ Mould, investment director at AJ Bell.

“Tesla’s shares look like they are in for a bad day when US markets open on Tuesday, with investors flabbergasted that cash generation is coming from the sale of regulatory credits and profit driven by trading bitcoin, rather than its principal activity of making and selling electric vehicles.

“It’s somewhat ironic that these results follow the news that Tesla CEO Elon Musk will host the comedy TV show Saturday Night Live. He likes to be in the spotlight and investors may soon ask if the vehicle interests are simply becoming a sideshow.”

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