The FTSE Finish Line – May 8 – 2024FTSE Powers Higher Delivering New Record HighsOn Wednesday, the FTSE 100 stock index in London reached a new all-time high, with AstraZeneca leading, AstraZeneca saw a 1.6% increase in its stock value following the company’s announcement of a global recall of its COVID-19 vaccine due to an excess supply of updated vaccines. The pharmaceutical sector has been gaining favour among investors for several months, with many thematic investors looking towards healthcare and pharmaceuticals as significant investment themes. Investors were also anticipating the Bank of England’s decision on interest rates. The focus will be on the BOE’s interest rate decision on Thursday, with widespread anticipation of no change in rates. Nevertheless, there has been an increase in bearish predictions, as markets are now pricing in the possibility of a rate cut in August. In April, UK homebuilders saw a 1.6% increase in their shares as British house prices rose slightly by 0.1%, marking a 1.1% increase from the previous year, according to data from mortgage lender Halifax. This slight uptick in house prices follows a 0.9% decline in March, which was the first decrease since September. The increase in house prices comes despite high interest rates, as reported by Halifax, following a surprising 0.4% drop in April prices reported by rival mortgage lender Nationwide the previous week. Informa Plc, a British events organiser, has emerged as the top gainer on the FTSE 100 index with a 3.5% rise in its stock. The company has expressed optimism about its annual revenue and adjusted operating profit, expecting them to be at the higher end of its previous forecast range. Additionally, Informa has decided to increase its share buyback programme by 160 million pounds to a total of 500 million pounds. The London-listed firm is anticipating its 2024 revenue to be at the upper end of the 3.45 billion pounds to 3.50 billion pounds range forecasted in March, and its adjusted operating profit to be at the higher end of the 950 million pounds to 970 million pounds bracket. With these positive developments, the stock has seen a year-to-date increase of approximately 10%. FTSE Bias: Bullish Above Bearish below 8300

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