08.05.2020 FTSE 100 Daily Analysis

08.05.2020 FTSE 100 Daily Analysis

According to the Executive Branch of the EU in its economic predictions, there is going to be a 7.4% contraction in the Euro zone's economy this year as a result of the covid-19 pandemic. The FTSE 100, however, is putting up a fight. and despite strong warnings from the Bank of England regarding the same issue of contraction and possible recession went ahead and made gains in Thursday's trading sessions. On Thursday's trading session the Index went ahead and even briefly broke through the 5898 points before going back. At the end of the trading session, the index closed at 5939.02 and making gains of 82.22 points Overall the gains come as the oil prices keep going up and boosting the energy sector which has some of the biggest names in the "Footsie".