BT Shares Move Swiftly Upwards
Financial Market Comments from Will Hedden, Sales Trader, IG Index.
In mid-morning trading the FTSE 100 is a little weaker than yesterday’s close, but only by a few points.
It has been a quiet start to the final day of trading this week with the FTSE dipping back slightly but still trading around the 5100 mark.
The majority of stocks that make up the FTSE 100 index are trading negative on the day but strength in the heavyweight miners is mitigating most of this.
UK producer price data has shown its first drop in 18 months – which was something of a surprise – and this will be good news for those of us starting to worry that inflation was stubbornly refusing to edge lower.
The share price of telecoms business BT has caught a move in the last hour as the company and unions agree a pay deal, avoiding the risk of a strike.
After a very weak start to the year on pension deficit concerns, BT seems to have found its feet in recent months. With the industrial dispute seemingly resolved it could well become a popular defensive and yield play in the face of what is still an unsure outlook for shares in the months ahead.
Looking ahead to the US open, we are expecting the Dow Jones to start off around 10 points weaker than last night’s close.
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Good Luck!
DB
The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.
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July 9, 2010 No Comments