Financial Market Comments from Philip Gillett, Sales Trader, IG Index.

The FTSE has moved modestly ahead after a flat beginning to trading on Wednesday.

After more than a week of falls, from a fleeting appearance above 5500 down to 5146, the UK’s blue-chip index looks set to record a fourth successive session of gains.

At 10.30am the FTSE was 18 points up at 5301, with financials notably performing well. Standard Life, Barclays and Lloyds headed the day’s early leader board, all adding in excess of 3%.

Holding the index back, though, was the pharmaceutical sector, after Swiss firm Roche’s annual numbers disappointed analysts. AstraZeneca was the biggest faller, losing 3.1% to 2839p.

US stock index futures are currently pointing to a positive opening across the pond, with the Dow Jones set to start around 0.2% higher.

Last night the Dow added 1.1%, with better-than-expected homes sales data for December soothing investor sentiment after recent market falls.

The current trend shows both the FTSE and Dow are tentatively rebounding, and upbeat earnings data from News Corp, coupled with an upgrade for McDonalds, is sure to boost confidence.

Further positive figures from this afternoon’s US unemployment and service sector data could aid the FTSE’s recovery back towards the 5400 level.

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Good Luck!

DB

The above comments do not constitute investment advice Clean Financial accepts no responsibility for any use that may be made of them.

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