FTSE Rises Following BP and Apple News: Financial Spread Betting
Financial Market Comments from Anthony Grech, Head of Research, IG Index.
The UK’s leading index is higher this morning, with oils and miners in demand, and expectations of positive news out of the US.
Troubled oil major BP is on the upswing this morning following news that it has agreed a $7 billion asset sale to fund the cleanup operation in the Gulf of Mexico, helping the company’s share price jump to 402p a share (+3.85%).
Other oil majors helping the FTSE respond to its recent malaise are Royal Dutch Shell (+0.9%) and BG Group (+0.76%).
Elsewhere, miners responded with gains across the board following one-week highs for copper prices. Rio Tinto (+2.47%) and Antofagasta (+4.01) were both up on the day, while Kazakhmys leads the pack (+5.32%).
Currently the FTSE 100 is trading at 5224 points (+1.64%).
In general there is a sense of excitement on the trading floors of the major markets ahead of today’s congressional testimony from Ben Bernanke.
Speculation is mounting that the Fed chairman is prepared to tell the Senate Banking Committee that the Fed is willing to act to assist the economic recovery.
With the likes of Apple unveiling profit figures exceeding Wall Street forecasts, it looks like we may be in for a good day’s trading once the US markets open up.
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.
0 comments
There are currently no comments. Please start by filling out the form below.
You must log in to post a comment.