Mining Stocks Hold FTSE at 5635: Financial Spread Betting News
Financial Market Comments from Anthony Grech, Market Strategist, IG Index.
After yesterday’s 0.7% rise finally saw the FTSE ease away from the 5600 level, the FTSE is back in the red today, albeit off earlier lows.
Approaching 10am the FTSE had clawed back 20 points to be just four points off its starting level at 5634.9.
The main drag so far on the index is underperforming miners after metal prices declined: Fresnillo, Randgold Resources and Lonmin were between 1.7% and 2.5% weaker.
On the upside though, retailers have a healthier glow this morning after upbeat annual numbers from supermarket chain Morrisons, thanks to the opening of 45 new outlets, and department store John Lewis.
In addition, though Home Retail Group reported a fourth-quarter sales decline at Argos and Homebase, it raised its yearly estimate.
Once again investors are sitting on the fence, weighing up another batch of mixed economic data and company reports.
Though the FTSE did manage a modest rise yesterday, the index has generally taken its foot off the pedal following recent rises.
The situation is mirrored across the Atlantic, where the Dow is at a virtual standstill this week.
With continuing downbeat forecasts from economists, politicians and chief executives alike, we could be set for a minor correction before the next upward spurt.
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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.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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