Spread Bettor News 21-22 July 2008
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UK Market Comment, 22 Jul
Closing comments from David Jones, Chief Market Strategist, IG Index:
Going into the last few minutes of trading the UK market is weak but off earlier lows, with the FTSE trading around the 5340 area.
London was expected to open lower on Tuesday morning after poor numbers from American Express disappointed US investors after the close on Monday, but a surprisingly downbeat update by Vodafone added to the negative sentiment first thing. The telecoms company, seldom the most exciting stock in terms of daily movement, is off around 13% so far, putting it at the bottom of blue chip performers. Vodafone said that full year revenues will come in at the bottom end of analysts’ expectations, citing economic weakness as one of the contributing factors. While this can hardly be described as surprising because there is no reason why mobile phone companies should be able to dodge the effects of the slowdown, many traders were taken aback by the sheer size of Tuesday’s fall in the share price. This means Vodafone is down around 30% on the year so far leaving some eyeing a possible return to the 2006 lows around 110p.
Enterprise Inns was another FTSE 100 company sharply hit on the day, with the general economy again shouldering the blame for the ongoing decline in beer sales which all helped to pile the pressure on the FTSE 100. After a couple of days break, Tuesday has seen a return to the more pessimistic view of things but so far at least the market has held up reasonably well. For many the 5200 area is still the big one for the FTSE and as long as any weakness does not probe below here, hopes remain for further recoveries over the days to come.
How and where to spread bet on:
Vodafone where to find free Vodafone charts, live pricing etc >> Vodaphone
Enterprise Inns where to find free charts, live pricing etc >> Enterprise Inns
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.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
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UK Market Comment, 21 Jul
Closing comments from Anthony Grech, Market Strategist, IG Index:
Going into the last few minutes of trading, it has been another positive day for the UK market with the FTSE 100 trading around the 5400 mark.
Although some gains have been given up during the day, earlier trading saw the blue-chip index back near the heady heights of 5450, not seen for over a week. Although today has been a little muted, the fact that the market has once again pushed higher will be seen by some as further confirmation that the near-5,000 level hit last week marked an interim low for the UK and a shift in sentiment.
Corporate and economic news was a bit thin on the ground on Monday with the main focus on HBOS, when it was revealed that only around 8% of shareholders chose to take part in its rights issue. With the underwriters left with a chunky amount of stock after this, many traders are taking the view that it is difficult to see that much upside in the short-term until this overhang is cleared. It could point to some rocky trading sessions ahead for the bank. In terms of the FTSE, the 5500 mark could prove to be the next big target, ending up as something of a crunch level. The test will be, if we get there, whether the market can push higher or if it turns out to be the end of this bear market rally.
How and where to spread bet on:
HBOS and where to find free HBOS charts, live prices etc >> HBOS Spread Betting
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.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
24 hour spread betting ..." » read
IG Index review.
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'Spread Bettor News 21-22 July 2008' edited by DJ, updated 22-Jul-08
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Daily Closing Market Comments Index
Index of UK financial market trading articles - the regular closing market comments from IG Index...see Index.
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