Essar Energy Shares Rebound After Plummeting on Indian Tax Decision
UK Market Comment, 18 January 2012
Closing comments from Will Hedden, Sales Trader, IG Index:
Once again the FTSE 100 is playing a hard-fought game with the 5700 level.
Winners slightly outnumber losers today in the top tier, but heavyweight oil stocks are anchoring gains to single figures. The elusive close above 5700 remains a possibility.
Today’s leader board is filled with rebound stocks. Essar Energy have regained 8% after being obliterated yesterday by the sales tax decision in India.
Hedge found Man Group, who had a torrid autumn, have rallied 6.5% despite reporting further fund outflows.
Finally, Carnival (+2.7%), not likely to be far from the news for some time yet, regained some ground lost since the weekend.
The Goldman Sachs street-smashing results have not boosted banking stocks as much as some would like, and I think we will require a more sustained leg up from banking stocks to break the top of this range.
Further US bank earnings this week could help with this, although Citigroup yesterday showed that there is still room to disappoint.
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
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UK Market Comment, 17 January 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
As US markets rejoin their cousins in Europe, the FTSE looks set to end the day up 20 points, having failed to hold on to the highs of the day.
After a strong morning, the FTSE has eased back somewhat, moving back into the well-worn and somewhat tedious trading range that has been its lot since 2011 gave way to 2012.
US markets have been emboldened by yet more improvement in economic data, with the Empire manufacturing index rebounding strongly in January.
This, combined with this morning’s China news, has helped the US to catch up with Europe and Asia after its day off yesterday.
Poorer results from Citigroup, which saw profit fall 11% for the final quarter of 2011, were offset by a better performance from Wells Fargo.
However, as I suggested yesterday, comments from Eurozone politicians have helped to unnerve markets.
Finland declared that it would not be increasing its guarantees to the rescue fund, while the Dutch finance minister weighed in with the observation that no more aid would be forthcoming for Greece if its debts were unsustainable.
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
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'Essar Energy Shares Rebound After Plummeting on Indian Tax Decision' edited by AG, updated 18-Jan-12
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