The FTSE 100 is holding near its opening level as energy companies, banks and insurers support the index, offsetting profit-taking in mining stocks.
The FTSE 100 is currently trading at around 10,859 points, broadly holding its opening level. The UK benchmark is benefiting from a number of positive analyst comments on individual stocks, as well as continued investor demand for energy companies. Financials, banks and insurers are also providing support to the index on Tuesday.
By contrast, profit-taking is weighing on precious and base metal stocks. After posting solid gains at the start of the week, investors are locking in some of those profits today.
Overall market sentiment remains constructive for the time being. At the same time, investors are adopting a wait-and-see approach ahead of Nvidia’s quarterly earnings and the Jackson Hole central bankers’ symposium. So far, however, this caution has not translated into any significant selling pressure across the broader UK equity market.
