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FTSE 100 Futures point to lower opening on Thursday

IG’s FTSE 100 pre-market data indicates that the benchmark could start lower on Thursday (22 July 2021).

  • FTSE 100 Futures were trading as low as 6,930 on Thursday (22 July)
  • This is down nearly 1% from the previous day’s closing of 6,998
  • The Footsie ended higher for a second straight day on Wednesday to post its best day in five months, led by travel and aviation stocks
  • Monday’s ‘sudden drop looks more and more like a sudden air pocket’, says IG analyst Chris Beaucham
  • Interested to go long or short on the FTSE 100 index? Open an account with us today.

FTSE 100 Futures: what’s the latest?

UK blue-chip equity benchmark FTSE 100 index is down in overnight trading, IG data indicates.

IG's live FTSE 100 Futures price estimates showed the index trading at a median level of around 6,940 as at 05:30 GMT+1 on Thursday. Earlier, the index had hit as low as 6,930.

Why did the FTSE 100 close higher on Wednesday?

This represents a 0.8% decrease from the previous day’s gains, when the Footsie had posted its best day in five months to close 117 points higher at 6,998.

The rally was led by travel and aviation stocks, including aircraft engine maker Rolls-Royce, which recorded the largest increase of the day, up 7.7%.

This was closely followed by fashion retailer Next, whose share price rose 7.5%, after reporting strong sales and raising its profit forecasts in its latest financial results.

Meanwhile, travel and hospitality firms, including Premier Inns operator Whitbread (+6.1%), catering firm Compass Group (+5.6%), and British Airways parent company IAG (+5.6%), were the next biggest gainers.

This is a stark contrast from Monday’s performance, when the FTSE 100 had sunk 2.3% to a two-month low amid a rising number of coronavirus cases in the UK.

‘Tuesday’s rally has extended into a second day, and Monday’s sudden drop looks more and more like a sudden air pocket that produced excitement but little lasting impact,’ said IG chief market analyst, Chris Beauchamp.

What’s the FTSE 100 outlook?

Beauchamp believes that the bull market will get back on track again, ‘if Monday does turn out to have been a sudden summer squall’.

He added that the overall bullishness ‘will also bolster the ongoing parallels with 2013 and 2017, which both followed on the heels of volatile years but were themselves examples of quiet but relentless equity market rallies’.

IG’s client sentiment data shows that 73% of retail traders are net-long as of 22 July. On Tuesday (20 July), the number of traders on net-long hit 86.77%, the highest since 28 February this year.

What’s your view of the FTSE 100? Take a long or short position now.

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This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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