Flying Rolls Royce boosts London’s FTSE 100

posted on 28th June 2022 by Eddie Saunders
Flying Rolls Royce boosts London’s FTSE 100

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A positive analyst note sent aerospace engineer Rolls Royce flying in the City today, bumping London’s FTSE 100.

The capital’s premier index climbed 0.95 per cent to 7,327.07 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.09 per cent lower to 19,301.51 points.

Investment banking giant Morgan Stanley issued a note making the case for Rolls Royce being the best buying opportunity of all FTSE 100-listed stocks, sending its shares to the summit of the index and up 5.33 per cent.

Industrials continued their ascent of recent days off the back of analysts predicting commodity prices will remain elevated despite the likelihood of the world’s top economies tipping into recessions rising.

Miners Rio Tinto, Anglo American and Glencore all jumped 2.85 per cent.

Shares in payments provider and tech-darling Wise tumbled nearly six per cent, adding to yesterday’s losses. Its founder, Kristo Käärmann, is under investigation from the Financial Conduct Authority over a default on his tax bills, the watchdog announced yesterday.

FTSE 250-listed budget airline easyJet was among the biggest risers on the mid-cap index, gaining 2.43 per cent.

Yields on UK government debt advanced as investors recapture their risk appetite after weeks of bruising trading sessions. Yields and prices move in opposite directions.

The pound strengthened 0.1 per cent against the dollar to buy $1.2275.

Fresh consumer confidence data for Europe and the US published today are expected to show economic optimism in the world’s richest countries hitting record lows.