FTSE Consolidates Gains as BP Rises: Index Spreads Report
Financial Market Comments from Will Hedden, Sales Trader, IG Index.
In mid morning trading there is little change to the FTSE 100 as most shares remain broadly flat on the day.
Shares in London have made a quiet start as the index consolidates the strong gains seen last week.
There is little change to most blue chips for the day so far with BP the only notable exception.
BP’s shares are up by 6% as efforts to stem the oil leak in the Gulf seem to be proceeding to plan and there is news that BP is in talks to sell some assets to US oil company Apache.
This continued strength has pushed the BP share price back to its best levels in almost a month with no apparent waning in the investors’ appetite to keep on buying.
Looking ahead to the US open, there is little in the way of earnings data due out and it is a quiet one on the broader economic calendar.
At the moment we are expecting the Dow Jones to start off around 55 points lower than Friday’s close.
Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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