Profit Taking Weighs on FTSE 100: Financial Spread Betting News
Financial Market Comments from Anthony Grech, Market Strategist, IG Index.
In early trading the UK’s leading index is trading just below yesterday’s close at 5637 (10am London time).
It appears that an element of profit taking has overcome investors this morning as the previously buoyant mining and bank sectors have found themselves raided.
Bankers RBS (-2.48%), Lloyds Banking Group (-1.38%) and Barclays (-1.67%) have all experienced the effects, while miners Eurasian (-1.78%) and Xstrata (-0.98%) both felt the pinch.
Among the early winners are pharmaceuticals which find themselves in demand as investors flock to defensive stocks.
GlaxoSmithKline leads the way, gaining around 33p (+2.74%) to 1258p, with rival AstraZeneca not far behind, up 30p (+1.05%) to trade at 2926p.
There was good news for the beleaguered British Airways, which has endured a pretty rotten time of late.
The UK flag carrier managed to claw back some of its share price which now stands at 243.50p (+1.12%).
This follows last night’s news that the airline will be able to increase the number of flights available during the three-day strike, as more staff volunteered to work during the period.
Investors generally seem content to bank recent gains for now and, with little movement in either direction.
All eyes will now turn to the US to see if markets there can continue the advancements made over the past few days.
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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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