FTSE trades flat, Tesco sees relief rally

FXStreet (Mumbai) - The London’s Ftse index trades flat on Wednesday, amid gains in Mining index and a relief rally in shares in Tesco.

Tesco posts record loss

Tesco reported worst results in its history with a pre-tax loss of GBP 6.4 billion for the year to the end of February. However, Tesco shares gained 1.86% as the stock has been suffering losses since the beginning of the month.

Other major gainers include Rolls-Royce, Travis Perkins, BT Group and Rio Tinto. Meanwhile, the losing side includes Ashtead, down 3.22%, followed by losses in Hargreaves Lansdown., Petrofac, Tullow Oil.

Investors await BOE minutes

Investors are eyeing the Bank of England (BOE) minutes from the April 9th meeting. This will be the last set of comments from the BOE members before the elections. The minutes are widely expected to show a unanimous 9-0 vote in favor of keeping monetary policy unchanged.

FTSE technical Levels

The index currently trades 7054.30 levels. The immediate support is seen at 7030 and 7000 levels. On the other hand, resistance is seen at 7100 and 7119.35 levels.