Spread Betting on UK Markets April - IG Index Comment

Spread Betting on UK Markets April

UK Market Comment, 9 Apr

Closing comments from Tim Hughes, Head of Sales Trading, IG Index:

Going into the last hour of trading, the UK market regained then lost its foothold on the psychological 6000 barrier following another poor session from the struggling banking sector.

The FTSE 100 fell some 23 points at this morning's opening, touching a low of 5947, as the City considered the gloomy IMF forecast for UK economic prospects. The FTSE then proceeded to march upwards until mid-morning when UK banks pulled the blue-chip index back down to 1.5% on the back of lingering credit concerns. HBOS shed 3.7%, while the Royal Bank of Scotland fell 1.5% and Lloyds TSB 0.4%. However, the markets rallied thanks largely to mining and commodity companies, while traders looking ahead to a potential Bank of England rate cut tomorrow kept midday trading high – hitting 6013.3 by lunchtime. Nevertheless, the FTSE tumbled again this afternoon, as the IMF's announcement and recent house price concerns weighed on investors.

The IMF's negative economic forecast is the latest sucker punch for the FTSE 100, which is still doing its best to bob around the 6000 level. Continuing credit concerns mean bankings' poor performance is like a safe tied around the legs of the market, continually weighing it down. However traders will be keen to see how HSBC's mortgage announcement, combined with the push through the 6000 barrier, will affect general optimism a help a possible run back to the late February highs in the 6100s.

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, 8 Apr

Closing comments from Anthony Grech, Market Analyst, IG Index:

Going into the last half hour of trading the UK market is down on the day, trading just off the lows.

It has been a day where the market has gradually drifted lower and this has been reflected by no real drastic moves amongst blue chip stocks. Traders focus was put back onto the broader economy, with the latest figures showing a monthly drop of 2.5% for UK house prices. The market was also cautious ahead of the Federal Reserve minutes due out after the European close.

Based on the strength seen over the past few weeks, today’s slide by the FTSE 100 is just a drop in the ocean for now, with the index simply giving up the gains made from yesterday. Many traders are viewing this as a pause for breath before another assault is attempted on the 6000 level. A move through here over the next couple of days – in the face of what continues to be a fairly gloomy news flow for the UK and wider economies – would bolster the confidence of many for a run back to the late February highs above 6100.

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.

Risk Warning: Financial Spread Trading and CFDs carry a high level of risk to your capital. You may lose more than your initial investment. They 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.

Article provided / approved by IG Index which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 114059.

'Spread Betting on UK Markets April' edited by TH, updated 09-Apr-08

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