FTSE Holds Steady on Quiet Trading Day: Spread Betting News
Financial Market Comments from Yusuf Heusen, Senior Sales Trader, IG Index.
In mid-morning trade, shares in London have made an indecisive start to the week, with the FTSE little changed.
With a lack of economic news out today and US markets closed for a public holiday, it always had the potential to be a quiet day and so far that is how it is turning out.
After an initial burst of volatility the FTSE 100 index has settled around Friday’s close with honours fairly evenly split between blue-chip losers and gainers.
Oil company BP is one of the day’s biggest risers so far, up by around 2.5%. This is following on from press reports at the weekend that it is looking for sizeable investors, possibly a sovereign wealth fund, to take a strategic investment in the company and act as a white knight to fend off any unwanted hostile takeover.
Marks and Spencer is the other British household name benefiting from a little surge ahead of Wednesday’s results.
Over the last 12 months or so, the 320p/340p area has tempted in the value buyers for M&S. Investors will be hoping that the latest numbers show the retailer is making steady progress, albeit against the backdrop of a fragile consumer recovery.
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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.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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