FTSE 100 To Extend Rally to 15 Days as Earnings Come in Strong

The FTSE 100 index is on the rise again today, up 1% into the afternoon session, and set to make its 15th consecutive daily increase. The rally has extended to 12% off the April 9 lows, and has pulled the UK's bluechip index back into green territory (+3.93%) on a YTD basis.

Strong earnings reports from Shell and NatWest, along with strength from Haleon and Glencore have helped push the index on today, as signs of improving US-China trade relations have also contributed to underlying sentiment. Glencore, and Rio Tinto, both benefited from rising commodity prices, with holders of RIO also voting to maintain the dual listed share structure. in a boost to the London Stock Exchange.

Shell's share price (LON: SHEL) is up 2.83%, as first-quarter earnings exceeded market expectations by 12%, with profits amounting to $5.6 billion. This solid performance supports Shell's announcement of a $3.5 billion share buyback, further elevating bullish sentiment.

NatWest also posted better-than-expected results for the first quarter, which led to an 8.7p increase in the bank's share price (LON: NWG), for a gain of 1.83%. The bank's total income rose by 14.5%, and the operating pre-tax profit surged by 36.2% to £1.81 billion, surpassing projections.

Also reporting on the day were Standard Chartered, with profit increasing by 8%, reaching $2.3 billion, although the bank faced a higher credit impairment charge. The stock currently trades up 0.41% on the day, and 11.8% on the YTD.

At the other end of the plus/minus divide on the day are the supermarket names of Ocado (-2.2%), Marks and Spencer (-1.71%), and J Sainsbury's (-1.34%).

As the impressive rally in the Footsie appears likely to extend to 15 consecutive days, bulls may be eyeing the 8,700 level as the next step on the road back towards ATHs in the week to come.