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FTSE 100 Market Rises Above 6500 Despite Mixed Mining Results

In mid-morning trading, the FTSE is up five points at 6505.

This morning, the FTSE 100 is still holding onto the 6500 level, and traders are neither taking their money off the table nor snapping up more stocks.

Yesterday the FTSE 100 closed above 6500 for the first time since December 2007, and investors are generally wondering how much higher it can go.

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Nobody wants to get off the gravy train too soon, but on the other hand no one wants to commit to buying a season ticket.

The worse-than-expected UK manufacturing numbers actually helped the market in a strange way, as it increased the chances of more QE from the BoE.

If we focus on stocks, the mining sector is a mixed bag today.

Fresnillo is in the red after reporting a drop in full-year profits, while Antofagasta is up 4% on the back of higher revenue and increased dividend.

Meanwhile in Europe, with both Cyprus and Greece back on the agenda, traders will be keeping an eye out for the appearance of any cracks in the Eurozone; if they think they see weakness, a rash of profit-taking seems likely.

Looking at the US index futures, we predict that the Dow will open down 25 points at 14,420.

 

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Financial Market Comments from David Madden, Market Analyst, IG Index.

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

Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.

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